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D.C. vacancies reach lowest levels since 2007

December 8, 2010 - Demand from more renters moving into apartments has allowed the vacancy rate in Washington, D.C. to fall to levels not seen since before the recession.

Real estate data firm Marcus & Millichap reported that local vacancies will finish the year down 120 basis points compared to 2009, reaching a rate of 5.1 percent - the lowest on record since the fourth quarter of 2007. In the third quarter, the district's vacancy rate dropped 70 basis points to 5.7 percent, led in part by a surge in local employment. The report added that Washington, D.C. added 14,600 jobs and will likely add 64,000 total for the year. In 2009, the district lost 51,900 jobs.

Rising rental demand could mean that those moving into apartments will need to act quickly, as rent prices rose 1.3 percent during this year's third quarter and are expected to be up 3 percent by the end of the year.

"Job creation will accelerate in 2011, further stimulating renter demand and providing a solid basis for additional rent gains," said the report.

Demand for rental homes and apartments have been on a steady rise as consumers continue to deal with instability in the housing market and issues with poor credit reports.
 

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