Washington, D.C. Multifamily Market Report
In-Migration Trends and Barriers to Homeownership Bolster Apartment Demand in the Nation’s Capital
Net absorption reaches record high. A plethora of high-paying jobs from a diverse set of industries is attracting young, educated workers to the region, bolstering apartment demand. Over the past 12 months ending in March, renters absorbed more than 32,000 units, contracting availability to the lowest rate in over two decades. Renter demand is widespread, with all but one of the metro’s 36 submarkets recording vacancy compression during the last four quarters. Many tailwinds remain, which suggests this momentum will be sustained moving forward. Washington, D.C.’s single-family housing market is one of the most expensive in the nation, limiting living options for many residents. Additionally, the metro’s renter pool will continue to expand, with the population expected to increase by 200,000 residents over the next five years.