Following a year where nearly 13,000 units were delivered, the Washington D.C. metro entered 2016 with a multifamily vacancy rate hovering just above 4 percent, with some submarkets below that figure. For developers that will deliver units this year, an estimated 12,000 according to Marcus & Millichap, these rates are no doubt good news and a sign that recently completed rentals should be absorbed. Counting on this absorption and future demand in 2017 and 2018 are a consortium of developers that will break ground on multifamily projects this year. Multifamily development in DC's northwest neighborhoods Near Adams Morgan and the U Street Corridor, Mill Creek Residential Trust will begin the conversion of the former Italian Embassy into luxury Washington, D.C. apartments. The dev...
- Northwest D.C. will see it's share of multifamily project starts in 2016.
- The H Street/NoMa market may be avoided by developers.
- Large waves of annual multifamily deliveries have been for the most part absorbed.