Washington, D.C.’s rental market saw a mix of stability and shifting dynamics in Q4 2024. Listing counts for some property types declined, rental prices remained relatively steady or decreased, and days on market increased. Concessions also rose, though they remained below the national average.
We asked property managers in the Washington, D.C. area for insights into the market.
Key Takeaway: The Washington, D.C. rental market is stable, with 93% of property managers expecting rents to remain unchanged over the next six months.
Data Summary:
Data Summary:
Deeper Diver: Washington, D.C.’s rental market appears to be in a period of stability, with 93% of property managers expecting rents to stay the same over the next six months, reflecting a lack of upward or downward pricing pressure. While leasing demand is generally stable, 75% of property managers report no change in applicant volume, indicating steady market conditions. However, 23% are experiencing fewer applicants, which may suggest a slight softening of demand, possibly tied to broader economic factors or seasonal trends.
Key Takeaway: Rental concessions in Washington, D.C. rose to 22% in Q4 2024 but remain below the national average of 28%.
Data Summary:
Deeper Dive: While Washington, D.C. landlords are offering more incentives than in previous quarters, they are still doing so at a lower rate than the national average. This suggests that demand remains relatively strong compared to other markets.
Key Takeaway: Washington, D.C. saw an increase in days on market in Q4 2024, surpassing the national average for single-family rentals.
Data Summary:
Deeper Dive: The increase in days on market for single-family rentals suggests reduced demand or a slower leasing cycle. Multifamily properties, however, remain competitive, leasing faster than the national average.
Key Takeaway: Rental prices in Washington, D.C. saw minimal fluctuations, with only slight adjustments across property types.
Data Summary:
Deeper Dive: After modest rent increases earlier in the year, prices have stabilized or slightly declined. Single-family rentals saw the most significant drop, aligning with the sharp decline in available listings.
Key Takeaway: Listing availability in Washington, D.C. saw a slight contraction in Q4 2024, particularly for single-family homes and larger units.
Data Summary:
Deeper Dive: The decline in single-family rental listings suggests a tightening market for this property type, possibly due to owners choosing to sell rather than rent. Meanwhile, the availability of multifamily units remained stable, signaling steady demand in this segment.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals are considered to be properties with 4 or fewer units. Multifamily is more than 4 doors. Unless otherwise noted, our analysis uses the Washington-Arlington-Alexandria, DC-VA-MD-WV, metropolitan statistical area (MSA) as the geographical unit.
Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q4 2024 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution. ©2025 by Rental Beast
