It’s a Renter’s Market (Except in DC)
Real estate research firm Reis recently released statistics on the national apartment rental market, which by some measures is softer now than it has been in over two decades. The national vacancy rate stands at 7.5 percent, the highest it’s been since 1987 and 1.4 points higher than it was this time last year. It is also just shy of the highest vacancy rate on record, 7.8 percent recorded in 1986.
The news is bad for landlords but good for renters, as rents either fall or pack more bang for the buck in the form of concessions like a month of free rent. The trend is expected to continue as Reis expects 100,000 units of new apartment construction will come online during the remainder of the year.
Unfortunately for local renters, Washington, DC is one of few exceptions nationally; rents have actually increased slightly here. Presumably this has to do with the area’s economy being healthier than the national one.
Still, though, renters in DC are in a better position to negotiate now than they were a year ago. For a few tips, check the Wall Street Journal’s recent How To Take Advantage of Falling Rents. And don’t forget Rentometer, which will tell you how your rent compares to the market rate based on your apartment’s location and number of bedrooms.
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