Considering renting or purchasing
Washington DC homes, in this article you will find important information to consider while conducting your research. If you would like to rent or purchase
Washington, DC Metro real estate, go no further one of the members of themarylandrealestateexpert.com team at Weightman realty will be contacting you shortly.
It has been predicted that in the near future Washington, DC will have a larger supply then demand for class A apartment space. The number of apartments within the Districts boarders that have an average monthly rental of $2,400 or more is expected to grow. One reason for this is because new projects that were originally supposed to be condos have been transformed into rentals. According to Delta Associates the class A apartment building rental units have increased by 25% in only two years. If you are wondering who Delta Associates are, they have been providing commercial real estate research for more then 25 years.
Grant Montgomery, who is the director of Delta Associates apartment practice, believes that majority if not all of the new builds in the District of Columbia have been class A developments. What does this mean to you as a renter? Do to the oversupply the landlords in these class A apartment complexes have note been able to increase rent enough to match the inflation rate. What this also means for new and perspective tenants is that there are usually more concessions being offered such as: free month’s rent, discounted parking, and more. Landlord’s of these apartment complexes in DC are not alone with offering concessions to there tenants, in Maryland and Virginia the landlords of some of the new projects have been offering up to 10 % in Concessions. To give you an idea of what this amounts to a month free of rent is roughly equal to 8.3 percent. Some of the Land lords in the District of Columbia that are offering these concessions are loosing about 11.2% of the year’s rent.
Another interesting fact to note about what is currently going on with rentals is that a year ago the average rent for these class A apartments was $2,447 and now the current average rent has fallen by .98% to $2,418.00. Also new projects in the District have been filling up at roughly 15 units a month, which is around 16 percent slower then last year. I hope that you have found this information valuable in your decision to rent in the District of Columbia.
