The nation’s capital is also its third-largest apartment market, with 533,000 units. Only New York and Los Angeles have more.
The D.C. metro area has experienced a period of strong apartment and rental activity recently, with low vacancies allowing landlords and rental managers to raise prices while remaining competitive.
This trend may be slowing, according to Multifamily Executive. There are some indications that the federal government may reduce staff in the city, which is one major reason. Another is that developers are bringing new housing online to meet the demand which has driven the improvements, increasing the amount of available living space.
Experts told the source that the recent gains are unlikely to disappear, but owners and property management companies may find themselves less able to raise rents as they have been.
If private employers step into the employment gap that government policy changes are expected to create, then the change will be smaller and may have less of an impact.