Maybe you can’t entirely blame the Height Act for D.C.’s expensive rents after all…
A new report out from real-estate company Trulia today ranks the D.C. region (which includes Arlington and Alexandria) as the sixth most competitive rental market among U.S. metro areas. Although the District’s zoning and other development restrictions aren’t mentioned, the analysis notes it’s more than a lack of housing that accounts for prospective tenants having to elbow their way into the region’s finite supply of units: Almost one-quarter of area renters have an “excellent” credit score (meaning between 720 and 850 points) and more than one-fifth make $100,000 or more per year. Those findings are based on data Trulia gathered from Jan. 31 through July 12 via its “Rental Resume” tool, which users can fill out to provide personal and financial information to landlords. Seven metrics contributed to area scores.
Here’s a look at the top 10 most competitive rental markets among U.S. metros, led by San Francisco and Oakland.
“Income ranges and credit score ranges that prospective tenants belong to are the most statistically significant variables that impact the likelihood that they will hear back from a landlord,” the report concludes. “We [also] found that those who specified a move-in time frame as being one week away were able to find a place sooner than those whose move-in time frame was 30 days away.”
The least most competitive metro rental market, according to Trulia? Atlanta, Georgia.