Will appartment rental prices come down after Sept. 1?

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Topic: Will appartment rental prices come down after Sept. 1?

Real Estate July 23, 2012 at 1:03 pm

Will appartment rental prices come down after Sept. 1?

I’m looking to move out of my basement unit in Shaw where I’ve lived for the past two years and it seems impossible to find a 2 or 3 bedroom, metro accessible unit south of Petworth in Northwest for less than $1,200 a month per person. Do affordable rentals — in the $1,000 perperson or less range — not exist in Northwest any more outisde of massive group houses? Anyone know if prices will come down after the Sept. 1 move-in rush?

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don’t have an answer for you re: after sept 1, but yes, the housing/rental market has changed significantly in a very short time.  good luck – i looked for months and couldn’t find anything lower than $1000/person.  speaking of, i’d be interested in where you’re moving OUT of…i’m still looking.


Rents are not going to come down. DC is a very strong job market in an otherwise down economy. Combine that with the area’s extremely low vacancy rate and there’s no incentive for prices to drop. The type of place your looking for (if you can find one) wouldn’t last longer than a few hours in this market. Urban Turf had an article about buildings that allowed tenants to subdivied apartments by erecting temporary walls – that may be something you want to consider if you can’t shoulder more than 1,200/person. http://dc.urbanturf.com/articles/blog/putting_up_walls_to_bring_down_the_rent/5728

Rents are unlikely to come down but after the normal moving season (Spring-early Fall), you might be able to find better deals or negotiate more on a lease.  I moved into my current place in February and every place I looked were offered big deals (I secured two months free rent among other things) primarily because very people were moving at that time.  If you can wait until the winter, it might be worth it.  

I just had this conversation with a realtor today.  She said that some more options may open up after Sept 1 as some landlords are more hesitant to lease to the student population.  As for price, I have been looking for a few months and havent been able to find NW places under $1200 tho my price point is $1250 per person, so I have been able to look at a few places within my range.  She confirmed that $1200 and up is just where the market is at.

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