More Options For Renters in Montgomery County, Less in Pr. George's
Montgomery County residents can expect to see several thousand new rentals being built in the area throughout 2012, while less than a thousand are set to be built in Prince George's, according to a report.
Those looking to settle in Montgomery County over the next year may be looking at lower average rents and more options, The Washington Post reports.
Current projects under construction are projected to deliver around 4,500 market-rate apartments to the area by the end of the third quarter, according to The Post.
The county has 16 apartment projects set for construction by mid 2012, the highest out of all Maryland suburbs, The Post reports. By comparison, Prince George’s County has one of the lowest, with three such projects.
According to The Post, during the economic downturn, the construction of multi-family projects decreased – but since last year, construction on these types of projects has begun to come back.
Maryland and D.C. area residents have become accustomed to paying higher-than-average rents. The Post reported that the average rent in D.C. is $1,501 per month, compared to monthly rents of $868 in Atlanta, $928 in Austin, $1,085 in Seattle, $1,113 in Miami and a national average monthly rent less than $1,100.
But, a projected 6,000 new units will be built in the D.C., Northern Virginia and suburban Maryland area by 2013, and Greg Lesich, chief executive of research firm Delta Associates, told The Post tenants could see a slight decrease in average rents by the end of the year.
Do you think the increase in rentals will make it easier to find affordable apartments in the area? Share your experience with apartment hunting in the comments.