Balance of Power Shifting Towards Renters
A recent study by Apartments.com reveals that a large supply of apartments and a wealth of neighborhood choices are shifting the balance of power in the area to renters. An influx of 15,500 new apartments last year led to only a 1.4% increase in rents over last year, well below the 3.9% national average. Several growing neighborhoods are changing the landscape for renters as well. Neighborhoods such as Shaw and Navy Yard are on the upswing and drawing people from areas like Georgetown and Rosslyn. Another noticeable trend is that of younger renters choosing smaller spaces in buildings with greater amenities. Landlords have taken notice and have been adding features like private theaters and rooftop pools to new buildings in order to attract tenants. [WBJ]
