OUR CHALLENGE
Washington DC's NoMa submarket is particularly hit post-pandemic with a 19% inoccupancy rate due to an oversupply of new build residential inventory, an undersupply of incoming tenants with WFH policies and favorable fiscal policies just outside of DC in Virginia and Maryland. In addition, this rental property, originally developed as build-to-sell condos, has larger sized units and less amenities, forcing downward pressure on its rental rates. Finally, a national property management firm was offering lack-luster customer service since 2020 delivery, resulting in a high amount of tenant turnover and delinquency.
