WASHINGTON, DC–New Class A apartments were absorbed almost as quickly as they delivered during the past 12 months in the Washington metro area, according to new data from Delta Associates. It also reported that Baltimore metro apartment rent growth was negative for the first time in 17 years.
This information was presented by Delta President Will Rich at the 21st Annual Delta Associates Washington/Baltimore Multifamily Market Overview and Awards for Excellence early this morning, with more than 300 attendees having gathered for the event.
More than 11,100 Class A apartment units were absorbed during the past 12 months in the Washington metro, well above the long-term average. This compares to approximately 11,700 units that delivered during the same time period.
“So far, the adage 'build it, and they will come' has proven to be true in the Washington metro apartment market,” Rich said in a prepared statement.
As for Baltimore its results have been mixed over the same timeframe. As the development pipeline reached a historic high, annual apartment rent growth for the 12-month period ending September 2017 turned negative. The suburban submarkets caused the overall rent decline, as rents in the city proper actually increased in the same time period.
Vacancy increased 120 basis points in the suburbs from a year ago. All suburban submarkets except Hartford County experienced a rent decline coupled with increased vacancy. In Harford vacancy decreased, while rents increased by 2.4%.
Delta's event will also include an awards ceremony recognizing apartment and condominium communities from Washington, Suburban Maryland, Virginia and Baltimore for their achievements during the past year. Here are the winners of the multifamily awards.
WASHINGTON, DC–New Class A apartments were absorbed almost as quickly as they delivered during the past 12 months in the Washington metro area, according to new data from Delta Associates. It also reported that Baltimore metro apartment rent growth was negative for the first time in 17 years.
This information was presented by Delta President Will Rich at the 21st Annual Delta Associates Washington/Baltimore Multifamily Market Overview and Awards for Excellence early this morning, with more than 300 attendees having gathered for the event.
More than 11,100 Class A apartment units were absorbed during the past 12 months in the Washington metro, well above the long-term average. This compares to approximately 11,700 units that delivered during the same time period.
“So far, the adage 'build it, and they will come' has proven to be true in the Washington metro apartment market,” Rich said in a prepared statement.
As for Baltimore its results have been mixed over the same timeframe. As the development pipeline reached a historic high, annual apartment rent growth for the 12-month period ending September 2017 turned negative. The suburban submarkets caused the overall rent decline, as rents in the city proper actually increased in the same time period.
Vacancy increased 120 basis points in the suburbs from a year ago. All suburban submarkets except Hartford County experienced a rent decline coupled with increased vacancy. In Harford vacancy decreased, while rents increased by 2.4%.
Delta's event will also include an awards ceremony recognizing apartment and condominium communities from Washington, Suburban Maryland,
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
