DC’s Apartment Vacancy Drops, Construction Booms
✉️ Want to forward this article? Click here.
DC’s apartment market is booming, based on data from a recent report from MPF Research.
425 Mass
In its mid-year report, the multi-family housing research firm stated that apartment occupancy across the area for the first six months of the year reached just over 95 percent, and rents increased almost four percent.
The findings are in line with what we have been hearing from area apartment projects. We reported earlier this month that 425 Mass (formerly The Dumont) was filling up fast, signing leases with 182 tenants in the first 90 days since opening its doors. Further evidence of an increased demand can be seen by the fact that finding any significant rental concessions in the DC area (all the rage at the end of last year) is fairly difficult.
Here are few other highlights from the report summary:
While there aren’t any real neighborhood-level weak spots for occupancy, a couple of submarkets — North Arlington County and Reston/Herndon — do stand out for their really tight occupancy readings. Unlike other locales across the country, the greater Washington area remains a fairly active building zone. Ongoing construction totals about 5,200 units, and there are some developments that are making it out of the starting gate now.
The surge in the rental market extends to the rest of the country, with Bloomberg attributing the activity to the mounting foreclosures that are reducing homeownership and “an improving job market for young adults encourages them to find their own places to live.”
Similar Posts:
See other articles related to: 425 mass, dc apartments, editors choice, maryland apartments, northern virginia apartments, renting in dc
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dcs_apartment_vacancy_drops_construction_booms/2309.
Most Popular... This Week • Last 30 Days • Ever
Forest Hills Connection is reporting that the owner of the Days Inn along Connecticut... read »
The 67-room luxury hotel will be located at 3000 M Street NW, the site of the old Lat... read »
On Monday, the listing price for the 30,000 square foot home that was originally buil... read »
The eight-bedroom estate built by Banks Development along Chain Bridge Road will be l... read »
DC's Historic Preservation Review Board looks poised to approve changes for one of th... read »
- A Plan For More Development In Van Ness?
- Jose Andres Group Partners On New Georgetown Hotel
- The Price For Dan Snyder's Former Potomac Home Drops By $5 Million
- DC Home At Site Of Former Cafritz Mansion Set To List For $23.5 Million
- HPO Recommends Approval For Changes To 280-Unit Building At DC's Reservoir District
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro