CatDisco99 t1_jac8q96 wrote on February 28, 2023 at 11:51 AM

Reply to comment by NorseTikiBar in D.C. Tenants in Rent-Controlled Units Could See as Much as 8.9 Percent Increases by rennbrig

Not necessarily. They’ve basically met the market at this point, with the exception of some of the newer buildings that are vastly overcharging.

Gumburcules t1_jacvskz wrote on February 28, 2023 at 3:08 PM

> with the exception of some of the newer buildings that are vastly overcharging.

If their vacancy rate is low, they're not overcharging, they're charging exactly what the market will bear.

CatDisco99 t1_jad0j9q wrote on February 28, 2023 at 3:40 PM

Maybe the vacancy rate is low because of the overpriced rent? 🤔

Gumburcules t1_jad6qld wrote on February 28, 2023 at 4:21 PM

I don't think you understand what a "low vacancy rate" means.

DC's class A vacancy rate is currently 5.7%, meaning 94.3% of class A (i.e. "luxury" apartments) are currently being rented. The national average for residential vacancy is 5.8% so DC is a slightly more competitive market.