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Survey Says District Seeing Record Rent Growth

WASHINGTON, DC-Local area rents are continuing to rise despite new apartment buildings opening throughout the area. DC apartment rentals average $1,028 with Bethesda/Chevy Chase topping at $1,400 and Prince Georges' County at the low of $792.

By Diane Cook | Updated on January 15, 2001

WASHINGTON, DC-Like the pink bunny with the drums, apartment rents in the District keep going, and going, and going. According to M/PF’s Metro Washington Apartment Report fourth quarter 2000 survey, monthly rents in metro Washington average $1,028.

Tenants in the the Bethesda/Chevy Chase area are paying the highest rates which top out at a norm of $1,490. In North Arlington County and Central Fairfax County, typical pricing registers between $1,300 and $1,400 monthly. Bargain rates can be found in Prince George’s County, where monthly rates average $792, the survey says.

Vacant apartments were hard to find in 2000. The metroplitan area’s occupancy rate averaged 98%, up 1 point since 1999. It now surpasses 97% in every neighborhood. According to M/PF Research estimates, the area’s net apartment move-ins totaled 10,330 units in 2000. Reston/Herndon opened up 1,100 new units and still had a 97.8% occupancy rate. Rockville/Gaithursburg and Loudoun County also had strong demand.

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