ARLINGTON, Va. (FOX 5 DC) - Many of the most expensive housing markets in the country are seeing a drastic drop in the cost to rent.
The pandemic is helping fuel the price drop nationwide and in the Washington, D.C. metropolitan area.
Arlington is filled with leasing communities and one woman we spoke with says her rent is down hundreds of dollars.
It boils down to supply and demand.
Ultimately, unemployment and underemployment caused by closures and cutbacks due to the coronavirus pandemic is reportedly impacting demand which is leading to a decrease in rent costs.
(Photo by Justin Sullivan/Getty Images)
Arlington ranks seventh with a 14.8 percent rent decline since March.
Meanwhile, D.C. ranks fifth with a 15.3 percent rent decline since March.
ApartmentList.com Housing Economist Chris Salviati talked with FOX 5’s Tisha Lewis about what's driving the decrease.
"I think a lot of folks are facing new and sudden hardships," said Salviati.
The average cost to rent a two-bedroom apartment in Arlington is around $2,000 — that’s even down by about two and a half percent compared to a month ago.