McLEAN, VA—The trend line is clear. Over the past few years, multifamily investors have become increasingly bullish. In 2014, when Capital One first surveyed attendees at the annual RealShare Apartments Conference in Los Angeles, 43% of those industry professionals said they planned to be net buyers in 2015. In each succeeding year, interest in buying has grown steadily, from 47% for 2016, to 51 percent for 2017 and now 57% for 2018.

Will Washington, DC, follow this trend in 2018? Last year, Greater Washington had 14,700 completions, mostly class A properties concentrated inside the beltway and in nearby suburbs like Rockville and McLean. The metro area is projected to have even more deliveries in 2018—16,700 according to Marcus & Millichap. As 2017 progressed, rent growth slowed and vacancy rates moved upward, but the effects were not dramatic—and they are expected to remain muted through 2018.

This performance in unlikely to dampen enthusiasm for multifamily for a simple reason: the growing Washington economy strongly favors renting. The Washington area continues to add jobs, an estimated 50,000 in 2017. These are not just in government, but also in well-paying sectors like engineering and education. But even for these professionals, especially young ones who prefer living in Washington or nearby suburbs, home ownership is out of reach. The website howmuch.net recently estimated that the cost of ownership in the region is nearly $900 more per month than the cost of renting. As a result, the rental market remains resilient.