Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Should make you realize things aren't always as they appear at the top. If banks and developers aren't scared to continue pushing billions of dollars into DC development, when we are supposedly 3 months away from major cuts, things may not be as they appear.
Should make you realize things aren't always as they appear at the top. If banks and developers aren't scared to continue pushing billions of dollars into DC development, when we are supposedly 3 months away from major cuts, things may not be as they appear.
Because they were sooo on top of it in 2008 right?
Well to be fair there were plenty of people in the DC area (including yours truly) who didn't lose their jobs in 2008. Someone will indeed lose their job but not everyone and I imagine those on the top of the food chain will be fine. Fine enough to buy the fancy new condo. Even in hard hit Atlanta they haven't stopped building things. The DC area isn't going to be devastated or anything like that. Although I'm sure there are some on this forum whose fangs are glistening at the thought. Adjustments in spending will have to be made but the government will continue to hum along.
Let them keep developing until it stops. I won't mind, lowers the price of renting if there's oversupply.
Actually, what is happening is housing turnover. Newer buildings are being built every year and are at the lowest occupancy rate. Class B and C properties are the ones that will have to lower their rent to stay full. The people in older buildings are moving into the newer buildings. This will lower the rent in older buildings though. DC is behind the 8 ball on new apartments so I don't think they can build enough. Some expensive older apartments still use wall air conditioner units for instance. They will not be able to command that rent anymore as more and more new buildings come online.
Actually, what is happening is housing turnover. Newer buildings are being built every year and are at the lowest occupancy rate. Class B and C properties are the ones that will have to lower their rent to stay full. The people in older buildings are moving into the newer buildings. This will lower the rent in older buildings though. DC is behind the 8 ball on new apartments so I don't think they can build enough. Some expensive older apartments still use wall air conditioner units for instance. They will not be able to command that rent anymore as more and more new buildings come online.
Not true. New construction tends to actually have higher vacancy rates, which is a national trend, but this assumes both are well-maintained. Class B and C that you're referring to are most likely those ugly '70s-type buildings, not rowhouses, but in unit-scarce DC, people will take what they can get.
banks and developers follow the people with the most money.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
