D.C. Neighborhood Named Priciest Place to Rent
Think the rent in your D.C. neighborhood is the highest in the city? You might have to think again.
The once barren rental landscapes of Logan Circle, Chinatown and U Street all have seen rents skyrockets in the last few years as they have become the city’s trendiest places to live with high rents to match.
It seems, though, an older and more established neighborhood tops the list as the city's priciest place to rent, according to Marketwatch.com.
And it’s not even Georgetown or Dupont Circle.
The pricey title belongs to the Foggy Bottom and West End neighborhoods around George Washington University where monthly rent for a one-bedroom apartment costs an average of $2,662.
It's Still Not New York Prices
It’s not cheap, but it’s a steal compared to the highest-in-the-nation rents found in New York City's Penn Plaza and Garment District neighborhoods. One-bedroom apartments there command an average of $4,440 per month.
Foggy Bottom — home to the Kennedy Center, Watergate complex and the State Department — ranked 12th nationally on the list.
The survey takes into account not only rent, but also the area's median income and cost of living.
Generally, it’s recommended that renters try to keep their rental costs below 30 percent of their monthly take-home pay.
Good luck trying to do that in some of D.C.'s hottest neighborhoods and the close-in communities of Arlington, Virginia and Chevy Chase, Maryland.
Whether money is the main concern or no object in your local apartment search, there are other factors to consider when looking for a rental property. Highly rated real estate professionals can help you weigh the pros and cons of renting versus buying in today's ever-shifting housing market.
Here are four things to consider before signing that lease, regardless of the capital region neighborhood you choose to call home.
What are your transportation needs?
Proximity to major roads, bus routes and subways can make your commute much simpler. Car owners should take note of an apartment's parking situation.
A designated space is typically more desirable than on-street parking.
How much space do you need?
Knowing if roommates are a necessity or even a possibility can be a major factor when it comes to choosing space. If you're sharing the apartment, you may want more than one bathroom.
Get a sense of the minimum square footage you will need, but know that with a little imagination, even the tiniest of spaces are livable.
What extra perks would be nice?
When you know what your basic needs are, consider what additional amenities you'd like, such as a balcony or porch, fitness room, swimming pool, paid utilities and security.
Do you have good credit?
A part of the apartment rental process requires property managers or landlords to run a credit check to ensure you’ve got the funds to pay the rent.
If you don’t know what your credit score is, you may want to obtain a copy of your credit report ahead of time so you can fix any discrepancies.