Washington, D.C. 3Q23 Multifamily Market Insights Report: Stable fundamentals supporting investment activity

Highlights:

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• Multifamily property performance in the Washington, D.C., region was healthy during the third quarter. Vacancies remained tight, rents rose and investment transactions gained momentum.
• Vacancy ended the third quarter at 4.7%, matching the figure from midyear. Year over year, the rate has inched up 10 basis points, and area vacancies have generally remained within a tight band since 2021.
• Rents rose in the last three months, advancing 1.3% to $2,151 per month. During the past 12 months, rent growth has totaled 2%, with gains in the past two quarters offsetting earlier declines.
• After a very slow start to the year, transaction activity accelerated in recent months. Multifamily property sales in the third quarter rose 50% from totals posted in the second quarter. Year to date, the median price has reached $264,900 per unit, with cap rates ranging between 4.7% and 5.4%.

Read the report, or learn more by engaging with our office in Washington, D.C.