The days of DC-area landlords using one or more months of free rent and other freebies to win renters' business are numbered, UrbanTurf reported last week in an article on rental concessions. In fact, "across the DC region, concessions offered by landlords have been reduced by a third over the last year," wrote UrbanTurf.
Our very own Richard Gersten told UrbanTurf that lower priced units in luxury properties top the list of those starting to do away with concessions. These units can fill vacancies on their own and the result is a shift from extreme to moderate concessions, Richard explained.
UrbanTurf cited "a strong job market in the DC area, a transient work force, and a housing crisis that caused people to shift from owning homes to renting" as the causes behind increased rental demand and the consequent drop in concessions. With rising demand and fewer available units, "who is in the driver seat is starting to change,” added Grant Montgomery of Delta Associates.
Hoping to take advantage of rental concessions before the window of opportunity closes? Montgomery suggests focusing your search on "areas where there is an influx of new buildings." Richard, meanwhile, recommends keeping an open mind when it comes to location and looking at areas serviced by bus routes. Doing so will open renters up to "neighborhoods that aren’t easily accessible by Metro such as Glover Park, Georgetown and H Street Northeast ... [where] they will in turn be able to find what they want in quality and price.”
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