The vacancy rate for new apartments in Washington, D.C., is rising fast as a historic amount of product delivers to a city whose population has flatlined since the pandemic began.
The vacancy rate for Class-A apartments in the District was 5.7% at the end of the year, up from 4.2% at the end of 2021, according to a fourth-quarter report from Delta Associates. That spike in vacancy was sharper than the increases in the Northern Virginia and suburban Maryland markets, and it arrives at a time when the future of D.C.’s in-person workforce remains uncertain, said Will Rich, president of Delta Associates.
“We’ve seen vacancy increase in basically all submarkets in the District, and NoMa-H Street and Capital Riverfront, two high-growth areas, are not immune to the rise in vacancy,” Rich said. “We anticipate that vacancies are going to remain elevated for the foreseeable future.”
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