Boom in multifamily housing moving to Frederick

Subtitle: But is there a bust on the way?
Source: Gazette
Author: Sonny Goldreich
Article Type:
Date Published: 06/07/2013

Multifamily vacancy rates in Frederick County stand at about 2.3 percent today, falling by more than half since the 4.9-percent rate in 2010, he noted in a blog posted last week. During the same period, apartment rental rates in the county have increased almost 6 percent since 2010. There are 6,061 units currently in the county pipeline, with 4,069 units in the city of Frederick alone. This is a slow-moving construction boom that could take until 2030 to be completed, but developers see value in building apartments that they don’t see in other sectors of commercial real estate, Mackintosh said