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A Look at the Washington Metro Area Apartment Market January 26, 2011. 2007. APARTMENT VACANCY RATES SELECT METRO AREAS YEAR-END 2010. Vacancy Rate (All Apartment Classes). Note: Mid-Year 2010 data except for Washington, Baltimore, and Philadelphia which are as of Year-End 2010.

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A Look at the

Washington Metro Area

Apartment Market

January 26, 2011

2007


Apartment vacancy rates select metro areas year end 2010
APARTMENT VACANCY RATESSELECT METRO AREAS YEAR-END 2010

Vacancy Rate (All Apartment Classes)

Note: Mid-Year 2010 data except for Washington, Baltimore, and Philadelphia which are as of Year-End 2010.

Source: MPF, Delta Associates; January 2011.


Class a b apartment annual net absorption select metro areas 12 months ending december 2010
CLASS A & B APARTMENT ANNUAL NET ABSORPTIONSELECT METRO AREAS 12 MONTHS ENDING DECEMBER 2010

12,529

Apartment Units

Note: Mid-Year 2010 data except for Washington.

Source: MPF, Delta Associates; January 2011.


Class a b apartment annual net absorption washington metro area 2007 2010
CLASS A & B APARTMENT ANNUAL NET ABSORPTIONWASHINGTON METRO AREA 2007 – 2010

Long Term Average Absorption= 5,339

Apartment Units

Class A

Class B

2007

2009

2008

2010

12 months ending

Source: Delta Associates; January 2011.


Rise in renter households washington metro area
RISE IN RENTER HOUSEHOLDSWASHINGTON METRO AREA

Washington Metro change =

450 Basis Point Increase

% of Total Households

U.S. change =

130 Basis Point Increase

Source: Census Bureau, Delta Associates; January 2011.


ABSORPTION PACE PER PROJECT PER MONTH

WASHINGTON METRO AREA 2003 – 2010

Units per Month

28 28 17 19 30 46 37 31

Number of projects in initial lease-up

Source: Delta Associates; January 2011.


Annual rent growth class a apartments washington metro area 2005 2010
ANNUAL RENT GROWTH CLASS A APARTMENTSWASHINGTON METRO AREA 2005 – 2010

7.8%

Long Term Average Rent Growth = 5.1%

Growth in Face Rent

Evaporation of Concessions

Effective Rent Growth

2.0%

2005 2006 2007 2008 2009 2010* 2010*

Washington Metro U.S. 1/

Source: Delta Associates; January 2011.

1/ Preliminary Est.


CONCESSIONS FOR PROPERTIES IN LEASE-UP

WASHINGTON METRO AREA 2003 –2010

Concession as a Percentage of Face Rent

Source: Delta Associates; January 2011.


36 month development pipeline washington metro area 2000 2010
36 MONTH DEVELOPMENT PIPELINEWASHINGTON METRO AREA 2000 – 2010

Total: 23,880

Total: 36,291

Total: 16,606

Market Rate Units Planned & U/C

Source: Delta Associates; January 2011.


APARTMENT CONSTRUCTION STARTS

WASHINGTON METRO AREA 2008 – 2010

Average Quarterly Starts Since 2000: 1,900

Apartment Units

2008

2010

2009

Source: Delta Associates; January 2011.


Projected apartment demand deliveries washington metro area 36 months ending december 2013

5.0%

4.2%

3.9%

PROJECTED APARTMENT DEMAND & DELIVERIESWASHINGTON METRO AREA 36 MONTHS ENDING DECEMBER 2013

Demand

= 6,000/Yr. = 18,000

Deliveries

Class A Market Rate Units in Thousands

Planned and may deliver by 12/2013:

13,735 units

=

U/C and not yet leasing:

6,474 units

=

District Sub. MD No. VA

Delivered and leasing:

3,671 units

=

Estimated Stabilized Vacancy Rate at 12/2013: 4.1% Region-Wide

Total = 23,880 units

Source: Delta Associates; January 2011.


CLASS A APARTMENT RENT GROWTH PER YEAR

WASHINGTON METRO AREA 2000 – 2014

Long-Term Average = 5.1%

Percent Effective Rent Growth

Source: Delta Associates; January 2011.


CLASS B APARTMENT RENTAL AND VACANCY RATESWASHINGTON METRO AREA 2001 – 2010

Average Effective Base Rent

Stabilized Vacancy Rate

Source: Delta Associates, January 2011.


CLASS B APARTMENT VACANCY RATESWASHINGTON METRO AREA 2003 – 2010

Vacancy Rate

Source: Delta Associates, January 2011.


CLASS B APARTMENT ANNUAL RENT GROWTHWASHINGTON METRO AREA 2009 vs. 2010

Percent Effective Rent Growth

Source: Delta Associates, January 2011.


A Look at the

Washington Metro Area

Apartment Market

January 26, 2011

2007


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