Population Growth Not Keeping Up With Apartment Construction
DC's population continues to grow, but are multifamily developers overcompensating by building too many units?
That is what a recent blog post from DC's Office of Revenue Analysis may suggest. It shows a 5.3% population increase in the last three years, compared to a 7.8% spike in apartment units.
Meanwhile, apartment occupancy has grown 6.9%. The District Measured blog post says apartments comprise 55% of all housing units in DC. The remaining single family homes have not seen a comparable rise in occupancy.
Office space has grown significantly slower than population and job growth. The 0.8% rise in commercial office space falls well behind the District's 4.4% job growth. This sluggish office market is also shown by the falling investment sales and leasing numbers. [DM]
