107 Cheap Apartments for rent in Rockville, MD
June 2020 Rockville Rent Report
Welcome to the June 2020 Rockville Rent Report. Rockville rents declined over the past month. In this report, we'll evaluate trends in the Rockville rental market, including comparisons to cities throughout the metro, state, and nation.
June 2020 Rockville Rent Report
Welcome to the June 2020 Rockville Rent Report. Rockville rents declined over the past month. In this report, we'll evaluate trends in the Rockville rental market, including comparisons to cities throughout the metro, state, and nation.
Rockville rents decline sharply over the past month
Rockville rents have declined 1.0% over the past month, and have decreased significantly by 2.3% in comparison to the same time last year. Currently, median rents in Rockville stand at $1,738 for a one-bedroom apartment and $2,007 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in March. Rockville's year-over-year rent growth lags the state average of 0.0%, as well as the national average of 0.8%.
Rents rising across the DC Metro
While rent prices have decreased in Rockville over the past year, the rest of the metro is seeing the opposite trend. Rents have risen in 6 of the largest 10 cities in the DC metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.
- Over the past year, Waldorf has seen the biggest rent drop in the metro, with a decline of 6.6%. Median two-bedrooms there cost $1,897, while one-bedrooms go for $1,642.
- Frederick has seen the fastest rent growth in the metro, with a year-over-year increase of 2.3%. The median two-bedroom there costs $1,612, while one-bedrooms go for $1,395.
- DC proper has the least expensive rents in the DC metro, with a two-bedroom median of $1,574; rents fell 0.4% over the past month but rose 0.5% over the past year.
- Bethesda has the most expensive rents of the largest cities in the DC metro, with a two-bedroom median of $2,405; rents fell 0.3% over the past month and 2.8% over the past year.
Many large cities nationwide show more affordable rents compared to Rockville
As rents have fallen significantly in Rockville, many large cities nationwide have seen prices increase, in some cases substantially. Compared to most large cities across the country, Rockville is less affordable for renters.
- Other cities across the state have seen rents increase, with Maryland as a whole logging rent growth of -0.0% over the past year. For example, rents have grown by 0.0% in Baltimore.
- Rockville's median two-bedroom rent of $2,007 is above the national average of $1,194. Nationwide, rents have grown by 0.8% over the past year compared to the 2.3% decline in Rockville.
- While rents in Rockville fell significantly over the past year, many cities nationwide saw increases, including Austin (+1.3%), Seattle (+1.2%), and Chicago (+0.8%).
- Renters will generally find more expensive prices in Rockville than most large cities. For example, Philadelphia has a median 2BR rent of $1,181, where Rockville is more than one-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.