The Tiny Election Effect on DC Real Estate

• November 15th 2010

by Mark Wellborn

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When there is a changing of the political guard in the nation’s capital, the conversation starts about the possible effect that the influx of new Congressional staffers will have on the regional real estate market.

Lydia DePillis of Housing Complex takes up this perennial question today and talks to area real estate professionals who say that the election effect will barely be felt. From Housing Complex:

“You hear this all the time, and my experience is that yes there is an impact, but it’s always grossly exaggerated,” says realtor Eldad Moraru, who’s written a book on D.C. real estate. Even in 2009, when appointees and their staffs in the executive branch turned over, Moraru says there was little effect.

As many of these new staffers will likely be renters, the bigger question to us seems to be: Where will they find a place to live?

According to a Delta Associates’ report released in early October, rents in the DC area soared 7.3 percent for Class A and B apartments over the past twelve months and vacancy rates are at 2.5 percent. The vacancy statistic is amplified by the fact that finding any apartment to rent along, say 16th Street, may prove to be a nearly impossible task, as UrbanTurf staff have experienced first-hand.

And while the group house option is a good alternative for 4-5 staffers moving here en masse from one specific Congressional district, a friend of UrbanTurf who recently applied with friends to rent a house in Mount Pleasant said that the landlord received 50-60 applications. He has his fingers crossed.

This article originally published at https://dc.urbanturf.com/articles/blog/the_tiny_election_effect_on_dc_real_estate/2674.