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Q4 2025 DMV Market Overview

This quarterly report provides investors with an analysis of recent multifamily transaction volume trends across the DMV, a detailed look at the current under-construction pipeline, and a breakdown of the market's occupency, rent growth, and future supply.

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Aerial view of Washington, D.C. street with the U.S. Capitol building in the background.Aerial view of Washington, D.C. street with the U.S. Capitol building in the background.
Q4 2025 DMV market report with a waterfront city skyline, map of under-construction units in DC, Maryland, and Virginia, and REIT perspectives on market rebound.

What’s Inside...

  • Transaction Volume Trends: Analysis of total 2025 DMV multifamily sales, noting that 71% of all trades occurred in H2 and key submarkets driving activity
  • Montgomery County Permit Collapse: Multifamily permits evaporated in 2025, falling 76% YoY; rent control cited as the ultimate barrier to entry
  • Pipeline & Conversions: Mapping of projected 2026–2027 deliveries and the increasing reliance on office-to-multifamily conversions

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