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Multifamily Supply in Washington Poised to Grow

WASHINGTON, DC-Rents have grown 7% over the last year in class A and class B multifamily combined.

By Erika Morphy | Updated on July 11, 2006

(To read more on the multifamily market, click here.)

WASHINGTON, DC-Multifamily in the metropolitan area is enjoying a strong run as the housing market–particularly condos–starts to cool off and additional supply has not yet become available. However, Grant Montgomery, vice president of Delta Associates and author of a new report on the subject, believes these dynamics will shift as several multifamily construction projects are completed.

“There are 16 projects under construction and four in the initial lease up phase in Northern Virginia,” he tells GlobeSt.com. “So while the market has taken notice of the huge demand for multifamily space, there will be a lag time until these projects will deliver.”

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