Apartment demand in the D.C. area skyrocketed to all-time highs in Q2 as people began to move and take advantage of lower rents after the coronavirus pandemic softened the market for several months, new data shows.
Absorption for Class-A apartments in the D.C. Metro area for the 12 months ending June 30 reached a record-high 13,918 units, according to Delta Associates’ Q2 Mid-Atlantic Apartment Market Report. The District also recorded a record-high annual absorption of 5,542, crossing the 5,000 mark for the first time, the report found.
“Part of the reason for that [record absorption] is pent-up demand for apartments during the past 12 months, coupled with rents that are much lower now than they were a couple years ago,” Delta Associates President Will Rich said. “So if you were looking to rent a unit in the Metro area, and specifically in the District, now is a good time to lock in rents that are significantly lower than they have been in previous years.”