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DC Ranks Second Among Cities for Most Apartments Delivered in 2014

by Lark Turner

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The District on 14th Street with 125 residences.

The DC metro area will deliver 18,000 apartments in 2014, earning it second place on the list of metros adding the most apartments this year.

The huge number of new apartments will increase DC’s total apartment inventory by 3.4 percent, a healthy number that could indicate the area’s developers are “maybe a little out ahead of their skis,” said John Sebree, the director of Marcus & Millichap’s National Multi Housing Group, who presented the projected data at a developers’ forum on Thursday. It puts DC in the middle of three Texas cities experiencing an economic surge in the wake of an energy and tech boom in that state.

Here’s the full list:

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The data indicate that DC’s at or near a peak of what several developers described as “a mini cycle” at the forum on Thursday — mini because of how rapidly DC seems to be moving through the peaks and valleys of real estate. Late last year UrbanTurf predicted 2014 could be the “Year of the Renter” in DC because of the glut of new rentals coming onto the market all at once, giving renters the chance to find relative bargains and concessions on the market. The data appear to back that up.

For an idea of just how big DC’s growth is, compare it with the bottom ten metros on the list:

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See other articles related to: housing market trends, housing market, apartments

This article originally published at http://dc.urbanturf.com/articles/blog/dc_ranks_second_among_cities_for_most_apartments_delivered_in_2014/8264

11 Comments

  1. CD said at 1:49 pm on Friday March 21, 2014:

    “Uh-Oh” -apartment developers

  1. bob said at 2:56 pm on Friday March 21, 2014:

    Wait, what? How could the New York metro area only add 8800 units and how could that be 3.7% of its total apartment stock??

  1. Bernardo said at 3:11 pm on Friday March 21, 2014:

    @bob

    I was thinking about that. It would mean that NY has a smaller stock of apartments than DC.  Highly unlikely.

  1. Anon said at 3:34 pm on Friday March 21, 2014:

    Would you please post the complete list or an appropriate link Thanks!

  1. Janson said at 3:41 pm on Friday March 21, 2014:

    Those numbers need more context to have meaning. As of 2011 (NYC Housing Survey), there were 2,172,634 rental units in NYC. The number implicit from the table above is just 237,837 rental units in NYC. Maybe the table is only referring to Class A? Are there really 529,411 Class A units in DC? Seems like a lot. Anyway, more context is needed.

  1. Lark Turner said at 6:40 pm on Friday March 21, 2014:

    Bob, Bernardo and Janson —

    The NYC number looked off to us, too. We’ve reached out for clarification and will update this post when we know more.
    Anon, unfortunately the list is not available to the public.

    Thanks —
    Lark Turner

  1. h st ll said at 8:11 pm on Friday March 21, 2014:

    These numbers are bunk. LA has a lot more than 6k apts under construction too.

  1. city needs tax base growth (home owners, not rente said at 1:48 am on Sunday March 23, 2014:

    D.C. will NEVER grow its tax base with all these apartments. No wonder the city is poor. I wouldn’t hold my breath on enough condo conversions happening in the years ahead to make a difference in the tax base.

  1. WaitWhat said at 9:23 am on Monday March 24, 2014:

    cityneeds

    Rental apartment complexes pay property taxes and their residents (often quite affluent) pay income and and sales taxes.  Im not sure what you mean by the city being poor - it still has many poor people, but there is growth in the number of affluent people, and the DC govt has run a surplus for several years.

    And there arent more condos because of issues in finaning them, a legacy of the financial collapse.

  1. GoodLife said at 10:56 am on Monday March 24, 2014:

    So if developers are building these apartments too fast for people to move into them, as was asserted in 2013, why is so hard to find an affordable apartment? Most of these new buildings are luxury apartments, maybe a few low income units here and there, but there’s still not much available in the $1000-$1300 range.

  1. James said at 6:19 am on Tuesday March 25, 2014:

    @GoodLife: Lots of apartments available in that price range, but you will have to expand your search out of downtown and Hollywood address areas.

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