NoMa, Capitol Riverfront District's hottest rental spots

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Local,DC,Liz Farmer

A new report says the District's hottest (read: largest price increases) rental markets are in the fast-growing Capitol Riverfront and NoMa/H Street neighborhoods. According to Delta Associates' mid-year report, released Tuesday, rents there have grown by 10.3 percent and 9.0 percent, respectively.

Meanwhile, overall rents in the District increased 6.8 percent over the last year.

The increase is chiefly the result of high demand in those areas, the report says. Rental vacancies are below the citywide average of 2.5 percent, the report says.

So who can afford to live in these swinging places?

"Young professionals because it's not cheap to live there," said Delta Associates CEO Greg Leisch, adding that some were probably reverse commuting to tech jobs in Maryland or Virginia.

Meanwhile, a citywide vacancy rate of 2.5 percent is nothing to sneeze at. It's a big reason rents overall have increased 6 percent, a higher jump than in the suburbs. But the Delta report says renters will get a reprieve over the next few years as more apartments become available.

"So we're coming through a period where we've overproduced [apartments] so when that happens, the price tends to ease back or decline," Leisch said.

lfarmer@washingtonexaminer.com

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