After years of booming new apartment construction in the D.C. area, the pipeline of new apartments coming to market has significantly slowed.
The D.C. metro area will deliver 8,827 new apartment units by the end of 2020, according to RentCafe’s yearly apartment construction report, down 24% from 2019. It also is the first time in five years that the number of annual apartment completions in the Washington region has dropped below 10,000.
In the first half of 2020, developers delivered just 525 new apartment units.
Even with the drop in new apartment deliveries this year, the D.C. region still ranks No. 7 among the top 20 metro areas for projected apartment construction.
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP
