Life is good for landlords in Silver Spring—rental rates are up from last year, according to Delta Associates, a firm that publishes apartment rental reports, the Washington Post reported. Chris Dubberly, a senior associate at the company, analyzed the neighborhood's current rental market, using boundaries that included portions of Wheaton.
In the third quarter of 2012, apartment rents in large complexes (called Class A) increased to $2,051, up 3.7 percent from the end of the year 2011, the Post reports. Overall vacancies were up 4.2 percent from the end of the year 2011, but the percentage of unrented units decreased from the previous quarter.
About 1,645 new units are under construction or available to lease, the Post reports. The number reflects a boom in construction that may be followed by more vacancies, according to the report.
"An increased vacancy rate will likely follow the extensive pipeline, as the delivery of current projects nearly doubles the inventory of Class A apartments," Dubberly writes.