{"id":7077,"date":"2023-12-22T11:50:00","date_gmt":"2023-12-22T11:50:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7077"},"modified":"2024-03-12T11:58:35","modified_gmt":"2024-03-12T11:58:35","slug":"november-2023-washington-dc-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/","title":{"rendered":"Washington DC Multifamily Market Report \u2013 November 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/washington-dc-multifamily-market-report\/\">Washington DC Multifamily Market Report<\/a><\/strong><\/p>\n\n\n<hr \/>\n<h2>DC Overcomes Volatility With Stabilized Fundamentals<\/h2>\n<p>Washington, D.C.\u2019s multifamily market displayed steady fundamentals, despite ongoing market volatility. Rents plateaued on a trailing three-month basis through September, reaching $2,121, while national rates moved into negative territory, at -0.1%, as reported by the Yardi Matrix <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\"><strong>national multifamily market outlook<\/strong><\/a>. The Renter-by-Necessity segment saw some limited growth, while the upscale segment saw a 0.1% contraction. In average occupancy rates in stabilized properties, the Lifestyle segment saw a 50-basis-point increase year-over-year, up to 95.7%.<\/p>\n<p><iframe id=\"datawrapper-chart-hRvT4\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Washington DC vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/hRvT4\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The metro added 59,900 jobs in the 12 months ending in July, up 2.0%, but 60 basis points lower than the national rate. As of August, the unemployment rate clocked in at 5.0%, according to preliminary data from the Bureau of Labor Statistics. Education and health services added 21,700 positions, the largest addition to the workforce across all sectors. Employment rates are set to increase, with a $500 million industrial facility coming to the suburbs. National Capital Business Park will encompass 3.5 million square feet and is taking shape along the Interstate 95 distribution corridor.<\/p>\n<p><iframe id=\"datawrapper-chart-IFZiH\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Washington DC Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/IFZiH\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers had 33, 109 units under construction as of September. Of the projects underway, 6,800 units broke ground this year, a 42.8% decrease compared to the same interval in 2022. Investment activity saw a significant slowdown. Since the beginning of the year, $1.6 billion in multifamily transactions have traded.<\/p>\n<p>Read the full <a href=\"\/publications\/download\/file\/4791-MatrixMultifamilyWashingtonDCReport-November2023\"><strong>November 2023 report<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>DC Overcomes Volatility With Stabilized Fundamentals Washington, D.C.\u2019s multifamily market displayed steady fundamentals, despite ongoing market volatility. Rents plateaued on a trailing three-month basis through September, reaching $2,121, while national rates moved into negative territory, at -0.1%, as reported by the Yardi Matrix national multifamily market outlook. The Renter-by-Necessity segment saw some limited growth, while [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,470],"class_list":["post-7077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 November 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth plateaued on a T3 basis through September, with sales slowing significantly, Yardi Matrix data shows.\" \/>\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\/november-2023-washington-dc-multifamily-market-report\/\" \/>\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 November 2023\" \/>\n<meta property=\"og:description\" content=\"Rent growth plateaued on a T3 basis through September, with sales slowing significantly, Yardi Matrix data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-22T11:50:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-12T11:58:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Washington-DC-iStock-1795080120.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=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madalina Pojoga\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Washington DC Multifamily Market Report \u2013 November 2023 - Yardi Matrix Blog","description":"Rent growth plateaued on a T3 basis through September, with sales slowing significantly, Yardi Matrix data shows.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/","og_locale":"en_US","og_type":"article","og_title":"Washington DC Multifamily Market Report \u2013 November 2023","og_description":"Rent growth plateaued on a T3 basis through September, with sales slowing significantly, Yardi Matrix data shows.","og_url":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2023-12-22T11:50:00+00:00","article_modified_time":"2024-03-12T11:58:35+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Washington-DC-iStock-1795080120.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Madalina Pojoga","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/"},"author":{"name":"Razvan Cimpean","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6"},"headline":"Washington DC Multifamily Market Report \u2013 November 2023","datePublished":"2023-12-22T11:50:00+00:00","dateModified":"2024-03-12T11:58:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/"},"wordCount":219,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Washington-DC-iStock-1795080120.jpg","keywords":["Multifamily Outlook 2023","Washington DC"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/","url":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/","name":"Washington DC Multifamily Market Report \u2013 November 2023 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Washington-DC-iStock-1795080120.jpg","datePublished":"2023-12-22T11:50:00+00:00","dateModified":"2024-03-12T11:58:35+00:00","description":"Rent growth plateaued on a T3 basis through September, with sales slowing significantly, Yardi Matrix data shows.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Washington-DC-iStock-1795080120.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Washington-DC-iStock-1795080120.jpg","width":1200,"height":628,"caption":"Photo by DenisTangneyJr\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/november-2023-washington-dc-multifamily-market-report\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Washington DC Multifamily Market Report \u2013 November 2023"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6","name":"Razvan Cimpean","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","caption":"Razvan Cimpean"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Washington-DC-iStock-1795080120.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=7077"}],"version-history":[{"count":1,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7077\/revisions"}],"predecessor-version":[{"id":7081,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7077\/revisions\/7081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/6696"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=7077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=7077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=7077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}