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A Washington Post analysis of emergency rental aid provided by the Treasury Department to help struggling renters found that more than $350 million in funds remains unspent in the Washington area.
A Washington Post analysis of emergency rental aid provided by the Treasury Department to help struggling renters found that more than $350 million in funds remains unspent in the Washington area.
Bisnow/Jon Banister
Developers and investors, speaking Thursday on the
Bisnow Multifamily Annual Conference East digital summit, said they experienced weak leasing demand in the District last quarter. In the fourth quarter, it does seem like the bottom fell out a little bit, JPMorgan Asset Management Managing Director Allina Boohoff said. There were a lot of deliveries in D.C. proper that were counting on new college graduates, new people coming in, that were just frankly not there.
The market s weakness was detailed in new Q4 data released by Delta Associates last week. Class-A apartment absorption in the District fell by 75% for the 12 months ending Dec. 31, Delta s Q4 report found, and rents for Class-A, high-rise apartments declined by 17.9%. The District s Class-A vacancy rate increased from 4.9% in Q4 2019 to 10.3% last quarter.
Despite Strong End to 2020, DC Behind Suburbs for New Condo Sales
A report on the new condo market further illustrates the seasonless housing market in the DC region.
The last quarter of 2020 was the busiest time of year for new condo sales, according to Delta Associates. With 468 net units sold, sales volume was 31% higher than in the fourth quarter of 2019. However, this strong showing did not necessarily take place evenly throughout the area.
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New condo sales in Suburban Maryland and Northern Virginia were respectively 23% and 14% higher in the fourth quarter of 2020 than in the fourth quarter of 2019. Meanwhile, new condo sales in DC proper were 25% lower in the fourth quarter of 2020 than in the fourth quarter of 2019. Only 55 new condo units sold in DC proper in the fourth quarter notably less than the 273 units sold in Northern Virginia.