A recurring question we receive from local owners is, “What kind of rents are the new buildings going to get?” So, to answer that question, we surveyed several properties for you (see information below).
As you see, studio apartments are priced well above $1,000. The least expensive one-bedroom units are nearly $1,400. Two- bedroom units start at $1,800 and quickly exceed $2,000.
The highest prices are seen in Lower Downtown, but even the Capitol Hill properties are commanding high rents, at least for now. We anticipate prices will drop and/or concessions will enter the market, as more of the 18,000 units that are currently under construction approach completion this Summer and Fall.
In the short term, we expect a strong leasing season this Summer for both new and existing properties. However, investors should prepare to feel the economic impact of these new properties when rising vacancy rates force developers to shift their pricing targets in the coming months.
Contact us for additional competitive pricing information specific to your property.