New Report Bolsters Apartment Outlook

(Read more on the multifamily market.)

WASHINGTON, DC-A new report by Marcus & Millichap Real Estate Investment Services finds that multifamily property fundamentals remain vigorous throughout the DC metro area, and will keep the vacancy rate within the 4% range. Indeed, according to the report, the class B/C vacancy rate in 20 of the market’s 36 submarkets is 4.5% or less, with several areas posting rates below 3%.

The stats, compiled in the firm’s third-quarter Apartment Research Report, is welcome news to the multifamily community here, which had been bracing for a substantial vacancy increase this year to 6% or more, according to many projections and anecdotal musings. A 2% or more drop is significant because of the uncertainty in condo and multifamily markets here, Ramon Kochavi, regional manager of the Washington, DC, office of Marcus & Millichap tells GlobeSt.com.