Topics For Buyers

Playbook: Own a Condo for DC’s Average $1,875/Mo. 1 Bedroom Rent

This should make you wonder why you’re not receiving holiday best wishes, cards and gift baskets from your landlord.  Recent data released by Trulia show that 37.8% of 1 bedroom residences in DC rent for more than $2,000 per month.  The median in DC for a one bedroom is slightly lower at $1,875 per month.

“That rent number will continue to raise both here in DC and nationally as landlords, apartment companies and property management firms go through their annual increases and adjustments,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “You may not get hit with it on January 1, but you’ll see it when your lease renews.”

Here’s some statistics again for DC. Your own rental situation may vary.

  • 37.8% of 1 bedrooms in DC rent for more than $2,000 monthly
  • 13.1% of 1 bedrooms rent for more than $2,500 monthly
  • 4.8% of 1 bedrooms rent for more than $3,000 monthly
  • Median rent for a 1 bedroom is $1,875 per month

The usual neighborhoods force the numbers up. Downtown, Logan Circle, Shaw and other parts of NW all skew the rent numbers upwards somewhat.

“There’s no real need to rent in DC right now,” said DiRuggiero. “While everyone has different credit, income and employment situations, you can afford to become a condo owner if you can afford to pay $1,875 per month for a 1 bedroom. If you’re paying over $2,000, there’s really no excuse. There’s well-funded city Down Payment programs that pay your down payment for you for incomes up to $125,580 per year with a minimum credit score of 660.”

There’s no tricks to using $0 Down or other low down payment programs. You have to have stable employment, fair to good credit and you have to have enough income to qualify for the monthly payment. You also have to control your expectations on how much to spend. “You do not just go out and buy a home that is an $1,875/month mortgage payment. You’ll be paying a lot more than the $1,875 when you add in property taxes, any required mortgage insurance and any condo fees,” commented DiRuggiero. “This is what we teach you in our free Buyer Workshops – one of the secrets is to lower the amount you spend on that first home.”

Are you paying around $1,875/mo. for a 1 bedroom and want to make a big move? Here’s the playbook:

  • Check with us on our next Free Home Buyer Workshop. They’re usually Tuesday nights at 5:30pm and Saturday mornings at 10am. Check dates &RSVP.
  • Come to the Workshop! You’ll learn useful tips plus how to use $0 Down. It’s a very popular Workshop we do over 100 times per year for the public.
  • Our Agents will help you in the Workshop!
  • If you want to Pre-Enroll for help with DC Open Doors, you can do it here. Our lenders simulate your borrowing profile without an inquiry showing on your credit report!
  • Using the $1,875/mo. example, our Workshops team would tell you to keep your home search to a 1 bedroom around $250,000. Check out these homes and condos now available in the $235,000 – $265,000 range.


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