Jason Smith, managing director of NorthMarq’s Washington, D.C., office was recently featured in Southeast Real Estate Business. Read the story below.
Driven by increasing high-paying jobs, billions of dollars in public and private investment and healthy population growth, the Washington, D.C. metro area boasts a dynamic multifamily market with rebounding rent growth and stabilizing occupancy rates.
Washington, D.C. gained 20,500 jobs in June, according to the District of Columbia Department of Employment Services.
Additionally, D.C.’s population topped 700,000 for the first time since 1975. The Washington metropolitan area’s total population has climbed to more than 6 million, and more households mean more demand for apartments.
The strong fundamentals have led to increased rent growth in the apartment sector. D.C.’s average net asking rate is $1,990 – up 1.7 percent, making it the sixth-fastest rent growth in the United States, according to Reis. The net asking rent increased for 10 consecutive quarters.