Press Releases

November 01, 2017

WASHINGTON – New Class A apartments were absorbed almost as quickly as they delivered during the past 12 months in the Washington metro, while Baltimore metro apartment rent growth was negative for the first time in 17 years, according to Delta Associates. President Will Rich presented the information at the 21st Annual Delta Associates Washington/Baltimore Multifamily Market Overview and Awards for Excellence on Oct. 25 in Washington, D.C. More than 300 attendees gathered for the event, co-hosted by Transwestern and Delta Associates and sponsored by Aronson.

More than 11,100 Class A apartment units were absorbed during the past 12 months in the Washington metro, well above the long-term average. This compares to approximately 11,700 units that delivered during the same time period.

“So far, the adage ‘build it, and they will come’ has proven to be true in the Washington metro apartment market,” said Rich.

Meanwhile, Baltimore has seen mixed results. As the development pipeline reached a historic high, annual apartment rent growth for the 12-month period ending September 2017 turned negative for the first time in more than 17 years. The suburban submarkets caused the overall rent decline, as rents in the city proper actually increased in the same time period.

Vacancy increased 120 basis points in the suburbs from a year ago. All suburban submarkets but one experienced a rent decline coupled with increased vacancy. Harford County was the only suburban submarket where vacancy decreased, with rents increasing by 2.4 percent.
The Washington condominium market remains supply-constrained, although the amount of incoming supply is beginning to increase. Despite the dearth of supply, price growth is expected to remain in the low-single digits in the short term.

While it’s unlikely that Washington or Baltimore will be chosen for the Amazon HQ2, Rich noted that its presence would affect both the office and multifamily markets.

“It’s a long-shot that the Washington/Baltimore region will become the home of Amazon HQ2 since 238 bids were received,” he said. “But if it were to land the deal, there would be implications for not just the office market, but the multifamily and housing markets as well. Available inventory would tighten while rents and prices would accelerate, especially in the headquarters’ jurisdiction. The degree to which these market conditions change would depend on how quickly Amazon ramps up operations at HQ2.”

The event also included an awards ceremony recognizing apartment and condominium communities from Washington, Suburban Maryland, Virginia and Baltimore for their achievements during the past year. The awards are based on independent factors, such as lease-up or sales pace for an apartment or condominium building. The full list of award winners and Delta Associates’ market overview are available for download at

Aronson LLC provides a comprehensive platform of assurance, tax, and consulting solutions to today’s most active industry sectors and successful individuals. For more than 55 years, we have purposefully expanded our service offerings and deepened our industry specialties to better serve the needs of our clients, people, and community. From startup to exit, we help our clients maximize opportunity, minimize risk, and unlock their full potential. For more information about Aronson LLC, visit and follow us at @AronsonLLC for news and updates.

Delta Associates, the consulting affiliate of Transwestern, is a firm of experienced professionals providing services to the commercial real estate industry for over 35 years. Delta’s main practice areas are (1) consulting, research and advisory services for all property types through the United States, including market feasibility, highest and best use, market entry strategies, asset performance enhancement, market due diligence, white papers on special topics, valuation analysis, and litigation support; and (2) subscription publications for selected metro areas in the Mid-Atlantic for the apartment, condominium, office, retail, and housing markets. For more information, or to sign up for complimentary market information, visit  or follow @DeltaAssociates.

Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.

Media Contact:
Emily Laird