A combination of strong employment growth, continued interest rate increases, and a challenging single-family homebuyers’ market is driving demand for multifamily units. All four Mid-Atlantic markets had occupancy above 94% at the end of 2023. The Washington, DC Metro is the largest Mid-Atlantic market by a significant margin, with more than 680,000 units of inventory. It also achieves the highest effective rents with an average rate of $2,110 per unit as of the fourth quarter of 2023.
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Mid-Atlantic Multifamily Real Estate Market Reports
Quarterly, Newmark curates the Mid-Atlantic Multifamily Real Estate Market Report to support well-informed business decisions for commercial real estate owners, investors and occupiers. The report publishes the latest data and trends for multifamily real estate for Washington D.C., Baltimore, Philadelphia, Richmond and Norfolk.
