While rents have remained flat over the past month, they are up 0.9 percent year over year. Median rents in Fredericksburg stand at $1,400 for a one-bedroom apartment and $1,620 for a two-bedroom. Fredericksburg’s rent growth lags the state average of 1.4 percent, as well as the national average of 2.3 percent.
Some cities in the D.C. metro region have seen decreases in rent while others had increases.
Bethesda, Md., has the most expensive rents, with a two-bedroom median of $2,370; yet the city has also seen rents fall by 1.1 percent over the past year, the biggest drop in the metro.
Frederick, Md., has the least expensive rents in the region, with a two-bedroom median of $1,480; additionally, the city has seen rent growth of 1.6 percent over the past month, the fastest in the metro.
Compared to most large cities across the country, Fredericksburg is less affordable for renters.
Fredericksburg’s median two-bedroom rent of $1,620 is above the national average of $1,160. Nationwide, rents have grown by 2.3 percent over the past year compared to the 0.9 percent rise in Fredericksburg. Many cities nationwide also saw increases, including Los Angeles (+3.8 percent), Boston (+2.7 percent), and Seattle (+2.1 percent).
Renters will generally find more expensive prices in Fredericksburg than most large cities. For example, Norfolk has a median two-bedroom rent of $950. Fredericksburg is more than one-and-a-half times that price.
Compiled by housing economist Chris Salviati, the full report may be accessed on the website of Apartment List, https://www.apartmentlist.com/rentonomics/rental-data/, a rental marketplace based in California.
Emily Jennings: 540/735-1975 email@example.com