Georgetown has been identified as the most expensive area to rent in our nation’s capital, according to the Washington Post‘s breakdown of rent in each neighborhood. D.C. already ranks in the top ten of the nation’s most expensive cities to rent an apartment, and Georgetown’s zip code has rent rates ($3,385.64) that far exceed that of the other areas including Capitol Hill ($2,157.22) and Adams Morgan ($2,312.60).
According to the article, the rent for apartment properties in Georgetown command a household income of over $75,000. Due to Georgetown’s proximity to some of DC’s best shops, bars, and restaurants, many affluent, young professionals prefer to live in the area. In other parts of the District, like Adams Morgan, Woodley Park, and Rosslyn, occupancy rates remain extremely high at roughly 96%, indicating that these areas are still in high demand.
The average monthly apartment rent of nearly $1,600 requires that households have at least $65,000 in annual income. And in the Washington region, as in most other major metropolitan areas, premier housing in the crème de la crème locations are able to command significantly more than the average apartment.
If “Beverly Hills 90210” helped crystallize the notion that addresses do matter, stratifying the Washington area to analyze average apartment rent at the zip code level illuminates that fact. More than one dozen zip codes in the metro area host apartment properties that command more than $2,000 per month in monthly rent, requiring a $75,000 household income or 43 percent more than the median renter household income in the region.
For Hoyas, searching for affordable housing off-campus is no easy feat. Below is the breakdown of each neighborhood, as well as the average rent rates.
WaPo infographic Wapo website, Photo by Flickr user Tiger Pixel