{"id":1447,"date":"2021-07-26T12:05:41","date_gmt":"2021-07-26T12:05:41","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1447"},"modified":"2024-02-06T11:13:22","modified_gmt":"2024-02-06T11:13:22","slug":"washington-dc-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/washington-dc-multifamily-market-report-summer-2021\/","title":{"rendered":"Washington DC Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">The Cautious Path Forward<\/h3>\n\n\n\n<p>The Washington, D.C., multifamily market has faced a number of challenges over the past year, and, despite signs of a broader economic recovery, the metro will likely take some time to fully recoup. At the end of May, rents averaged $1,796, up 0.6% on a trailing three-month (T3) basis, more than 25% higher than the national average. While Lifestyle and working-class Renter-byNecessity figures grew 0.7% and 0.5%, respectively, the market\u2019s primarily upscale development pipeline of nearly 43,000 units could compress rent expansion as new inventory comes online.<\/p>\n\n\n\n<p>The metro\u2019s economy began to show signs of recovery, though job losses totaled 188,300, or a 5.6% drop, for the year ending in March. The metro\u2019s beleaguered leisure and hospitality sector could face a long recovery period while more resilient sectors with government and office-using jobs have already begun to signal a return to normal. Washington, D.C.\u2019s unemployment rate fell to 4.9% in April, continuing its downward path from the nearly 10% reported a year earlier at the onset of the health crisis.<\/p>\n\n\n\n<p>Multifamily transactions through May totaled $1.6 billion, a slight decrease compared to the same period in 2020. Investors focused on RBN assets, which accounted for more than three-fifths of total volume. Rents should grow at a moderate 1.5% rate this year.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1295-MatrixMultifamilyWashingtonDCReport-Summer2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily Washington DC Report-Summer 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Cautious Path Forward The Washington, D.C., multifamily market has faced a number of challenges over the past year, and, despite signs of a broader economic recovery, the metro will likely take some time to fully recoup. At the end of May, rents averaged $1,796, up 0.6% on a trailing three-month (T3) basis, more than [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,470],"class_list":["post-1447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","tag-washington-dc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Washington DC Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rents averaged $1,796 overall, a 0.6% increase on a T3 basis through May. Close to 43,000 units were under construction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/washington-dc-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Washington DC Multifamily Market Report \u2013 Summer 2021\" \/>\n<meta property=\"og:description\" content=\"Rents averaged $1,796 overall, a 0.6% increase on a T3 basis through May. Close to 43,000 units were under construction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/washington-dc-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-26T12:05:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-06T11:13:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/07\/Washington-DC-Matrix-Report-iStock-1297233612.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jeff Hamann\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Washington DC Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog","description":"Rents averaged $1,796 overall, a 0.6% increase on a T3 basis through May. 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