A jungle of cranes and steel beams surrounds Union Market. Every morning, I pass the trunks of massive apartment towers slowly creeping toward DC’s thirteen story height cap.
About half of the developments have rounded corners and cutaways to resist the inevitable boxiness of Washington buildings. But, there are probably only so many variants of a midsize apartment tower within budget.
Friends in the neighborhood say that their newish rentals are nowhere near capacity and move-in specials are still the norm. This means that the upcoming glut of new units will ensure flat rent prices for a few years.
Construction in the Union Market neighborhood of Washington DC
Discounted rent comes at a price — buildings will hemorrhage leasing agents and managers as they fail to meet occupancy quotas. Building reviews will deteriorate along with leasing standards until every building has the same whiny report card of loud neighbors, strange smells, and garage break-ins.
After a few painful rounds of staff changes, second-tier management companies will seize the market. The worst buildings will have to rebrand, but things will mostly stabilize.
However, by that time renters will be lured by specials in the next construction jungle, and the cycle continues. 💸
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