Thousands of new units are set to open in 2013. Will that bring rents down?

Washington residents love to complain about the city's soaring housing prices. 

A big reason for the jump has been, quite simply, scarcity. For a long time, developers didn't build much in the city's urban core. Over the last decade, more and more people have decided that they want to live in the District, creating high competition for the available space.

Of course, builders took notice. According to a recent report, the city issued permits for 4,500 new units in 2011, more than the last four years combined.

Many of those units are set to come online in 2013. This means that D.C.'s rents might be "less astronomical than they might otherwise be," writes Washington City Paper reporter Lydia DePillis.

And according to DePillis, that has some of the city's developers worried. As developer Tom Bozzuto said "we have too many units coming to be absorbed all at once without extraordinary concessions in the marketplace." He added "I feel like the captain of the Titanic that just saw the iceberg coming."

Read the whole story here.

About the Author

Most Popular

  1. Life

    The Cities Americans Want to Flee, and Where They Want to Go

    An Apartment List report reveals the cities apartment-hunters are targeting for their next move—and shows that tales of a California exodus may be overstated.

  2. photo: Dominque Walker, founder of Moms 4 Housing, n the kitchen of the vacant house in West Oakland that the group occupied to draw attention to fair housing issues.
    Equity

    A Group of Mothers, a Vacant Home, and a Win for Fair Housing

    The activist group Moms 4 Housing occupied a vacant home in Oakland to draw attention to the city’s affordability crisis. They ended up launching a movement.

  3. photo: A Lyft scooter on the streets of Oakland in July.
    Transportation

    4 Predictions for the Electric Scooter Industry

    Dockless e-scooters swept cities worldwide in 2018 and 2019. In 2020, expect the battery-powered micromobility revolution to take a new direction.

  4. a photo of a bus stop in Paris, France.
    Transportation

    Very Bad Bus Signs and How to Make Them Better

    Clear wayfinding displays can help bus riders feel more confident, and give a whole city’s public transportation system an air of greater authority.

  5. photo: Toxic lead paint peels from a window frame on a rowhouse in Baltimore, Maryland.
    Environment

    The Unequal Burden of Urban Lead

    Decades after federal regulations banned the use of the deadly metal in paint, gasoline, and plumbing, the effects of lead continue to be felt across America’s cities.

×