Residential rental expenses in D.C. rose 33 percent between 2007 and 2012, the third-fastest growth figure for apartment costs in the nation, according to personal finance site NerdWallet.
NerdWallet used U.S. Census survey data to determine median rents as defined by monthly out-of-pocket expense per survey participant. By that measure, the median rental expense in D.C. in 2007 was $871 a month. By 2012, that figure had climbed to $1,158.
The figure includes participants who may be sharing rent with one or more roommates, and therefore the median rent amount is significantly lower than average overall apartment rental rates in the District.
The median rent for a two-bedroom apartment in the Washington area is $3,110, according to comparison site apartmentlist.com.
McKinney, Texas, ranked No. 1 on the NerdWallet list, with a 42.6 percent jump in median rent between 2007 and 2012. El Paso, Texas, was No. 2, at 33.5 percent.
Biggest five-year increase in median rent, according to NerdWallet:
- McKinney, Texas: +42.5%
- El Paso, Texas: +33.5%
- District of Columbia: +33.0%
- Brownsville, Texas: +28.5%
- Fort Collins, Colo.: $28.3%
- San Francisco, Calif.: +28.9%
- Chattanooga, Tenn: +25.5%
- Cedar Rapids, Iowa: +24.9%
- Pittsburgh, Penn.: +22.7%
- New York City: +21.8%
© 2014 American City Business Journals, Inc.