{"id":7728,"date":"2024-03-12T09:02:00","date_gmt":"2024-03-12T09:02:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7728"},"modified":"2024-08-29T09:18:12","modified_gmt":"2024-08-29T09:18:12","slug":"washington-dc-multifamily-market-report-february-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/washington-dc-multifamily-market-report-february-2024\/","title":{"rendered":"Washington DC Multifamily Market Report \u2013 February 2024"},"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>District Holds On, Northern Virginia Booms<\/h2>\n<p>Feeling the seasonal lull at the end of 2023, the metro&#8217;s multifamily market closed the last quarter in the red, with rates down 20 basis points on a trailing three-month basis, according to the latest Yardi Matrix Washington DC multifamily market report. Even so, last year was a relatively good one for the market, with the average rent up 1.6% over 12 months, to $2,114. That was significantly above the U.S. figure, with the national rate up just 0.3% last year, to $1,709, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\"><strong>national multifamily market report<\/strong><\/a>. Northern Virginia outpaced the larger metro, with rents rising 3.1% and occupancy up a strong 70 basis points, even as large swaths of the country recorded contractions.<\/p>\n<p><iframe id=\"datawrapper-chart-dup31\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Washington DC vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/dup31\/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>Metro D.C. continued to display one of the most stable economies among major coastal cities, with unemployment at a tight 2.7% as of November 2023 and the market adding 60,300 net jobs over 12 months. And while new development initiatives lack the magnitude of earlier megaprojects such as Amazon\u2019s HQ2 or the Silver Line metro extension, the pipeline remains relatively strong. The metro had more than 13 million square feet underway in industrial, office and self storage projects alone as of January. That comes on top of a sizable residential pipeline and several infrastructure and civic projects.<\/p>\n<p><iframe id=\"datawrapper-chart-hfFz0\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Washington DC Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/hfFz0\/1\/\" height=\"423\" 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>A total of 12,002 units came online across the market last year, with an additional 33,196 apartments underway. Meanwhile, only $2 billion in rental assets traded in 2023, a decade low and an abrupt drop from the volumes recorded in the previous two years.<\/p>\n<p>Read the full Yardi Matrix Washington DC Multifamily Market Report: <a href=\"\/publications\/download\/file\/5082-MatrixMultifamilyWashingtonDCReport-February2024\" rel=\"\"><strong>February 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>District Holds On, Northern Virginia Booms Feeling the seasonal lull at the end of 2023, the metro&#8217;s multifamily market closed the last quarter in the red, with rates down 20 basis points on a trailing three-month basis, according to the latest Yardi Matrix Washington DC multifamily market report. Even so, last year was a relatively [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5],"tags":[],"class_list":["post-7728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market"],"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 February 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"While the metro outperformed the nation, Northern Virginia outperformed the District, with an average rate that improved by 3.1%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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