A view of a city from a tall building.A view of a city from a tall building.

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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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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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