By the end of 2024, developers in the D.C. metro area will have added more than 15,000 new apartments. Alexandria is contributing more than 1,000 of those with multiple new buildings opening, the third-most of all jurisdictions in the region, according to the RentCafe.com Annual Construction Report.
But this may be the last year of such fast-paced construction for a few years, as interest rates, hiring challenges and ongoing supply-chain issues may down development in this region (even as other regions add more than they have in past years).
"Demand for rental apartments in the U.S. continues to outstrip supply, even with recent construction efforts mirroring the building boom of the early 1970s — when a comparable number of rentals entered the market as Baby Boomers were coming of age — due to significant growth in the renter population in the last 50 years," according to Rent Café.
The September issue of Alexandria Living Magazine, coming out Sept. 1, is the annual "development issue" that looks at more than 40 construction projects across Alexandria. Some of the larger projects have stalled, but many others are set to open later this year or in 2025.
