Washington DC Multifamily Market Report – November 2023

DC Overcomes Volatility With Stabilized Fundamentals Washington, D.C.’s multifamily market displayed steady fundamentals, despite ongoing market volatility. Rents plateaued on a trailing three-month basis through September, reaching $2,121, while national rates moved into negative territory, at -0.1%. The Renter-by-Necessity segment saw some limited growth, while the upscale segment saw a 0.1% contraction. In average occupancy rates in stabilized properties, the Lifestyle segment saw a 50-basis-point increase year-over-year, up to 95.7%. The metro added 59,900 jobs in the 12 months ending in July, up 2.0%, but 60 basis points lower than the national rate. As of August, the unemployment rate clocked