Silver Spring, MD Rental Market Trends

Silver Spring Rent Report: March 2024

Welcome to the Apartment List March 2024 Rent Report for Silver Spring, MD. Currently, the overall median rent in the city stands at $2,009, after rising 0.8% last month. Prices and are now up 4.3% year-over-year. Read on to learn more about what’s been happening in the Silver Spring rental market and how it compares to trends throughout the broader Washington metro area and the nation as a whole.

Silver Spring rents are up 0.8% month-over-month and up 4.3% year-over-year

The median rent in Silver Spring rose by 0.8% over the course of February, and has now increased by a total of 4.3% over the past 12 months. Silver Spring’s rent growth over the past year has has outpaced both state (2.3%) and national (-1.0%) averages.

Silver Spring rent growth in 2024 pacing similar last year

Two months into the year, rents in Silver Spring have risen 0.8%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to February 2023 rents had increased 1.1%.

Silver Spring rents are 4.1% lower than the metro-wide median

If we expand our view to the wider Washington metro area, the median rent is $2,095 meaning that the median price in Silver Spring ($2,009) is 4.1% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 3.4%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 29 cities in the Washington metro area that are included in our database. Among them, Tysons Corner is currently the most expensive, with a median rent of $2,495. Glassmanor is the metro’s most affordable city, with a median rent of $1,405. The metro's fastest annual rent growth is occurring in Centreville (9.2%) while the slowest is in Glassmanor (-4.5%).

City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Alexandria
$1,969
$2,419
0.9%
3.9%
Annandale
$1,788
$2,041
-0.6%
3.3%
Arlington
$2,310
$2,791
0.8%
6.3%
Ashburn
$2,036
$2,409
0.6%
3.1%
Bethesda
$1,897
$2,287
1.5%
5.1%
Centreville
$1,980
$2,300
2.6%
9.2%
Fair Oaks
$2,121
$2,371
1.3%
4.8%
Fairfax
$1,817
$2,079
1.5%
4.6%
Frederick
$1,343
$1,593
0.1%
0.8%
Fredericksburg
$1,400
$1,594
0.1%
5.4%
Gaithersburg
$1,706
$1,984
-0.5%
3.5%
Germantown
$1,721
$1,951
0.3%
2.6%
Glassmanor
$1,276
$1,556
0.5%
-4.5%
Greenbelt
$1,722
$1,957
-0.7%
0.9%
Herndon
$1,712
$2,054
0.9%
3.6%
Hyattsville
$1,551
$1,998
-0.1%
5.9%
Laurel
$1,624
$2,000
-0.6%
-1.1%
Leesburg
$1,606
$1,894
1.9%
-0.3%
Manassas
$1,655
$1,930
1.0%
4.2%
Merrifield
$2,192
$2,695
-0.8%
7.3%
North Bethesda
$1,887
$2,451
0.5%
2.6%
Reston
$2,067
$2,188
1.9%
4.7%
Rockville
$2,114
$2,572
0.7%
6.2%
Silver Spring
$1,858
$2,152
0.8%
4.3%
Suitland
$1,496
$1,751
1.1%
0.1%
Tysons Corner
$2,269
$2,720
0.5%
0.7%
Washington
$2,089
$2,145
0.3%
1.2%
Wheaton
$1,649
$1,871
-0.4%
2.9%
Woodbridge
$1,646
$1,915
0.9%
4.6%
See More

You can also use the map below to explore the latest rent trends in the Washington metropolitan area.

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.

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