After years of rising rents D.C., 2017 brought a bump in new apartment supply and a dip in apartment rents around the city.
Q4 2017 was the third straight quarter that saw rents fall for apartments in D.C. "This stretch represents the first time since 2009-10 that D.C. rents have declined for three straight quarters. Rents dropped by 1% year over year in Q2, the first decline in over two years, and then fell again in the third quarter by 1.3%," Jon Banister reports for BisNow.
The fall in rents coincides with a bump in the supply of apartments over that time. "The rapid pace of supply growth is expected to increase even more this year, with Delta projecting the completion of 5,972 units in 2018," Banister writes. Some of this dip in rent comes from new promotional offers coming into the market, for instance a month of free month has been offered at some properties. Northeast D.C. rents fell the most, while neighborhoods like Capitol Riverfront, Capitol Hill, and Southwest D.C. saw little change.
FULL STORY: D.C. Apartment Rents Fell 3.9% In 2017 As Rare Drop Continued In Q4
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