Key Takeaways:
- Multifamily deal activity has slowed significantly in Prince George’s County in 2023, with sales volume totaling 37.6 million year-to-date, a significant drop below the county’s five-year average of $1.13 billion. This is caused by the unprecedented macro environment of elevated interest rates and tight underwriting of many regional and national banks.
- Landlords were able to push rents in previous quarters due to the spike in demand. However, investors should further understand The Rent Stabilization Act of 2023, a legislation that Prince George’s County enacted, which temporarily limits rent increases.
- Investor interest in multifamily properties within PG County remains robust, thanks to the area’s favorable demographics, steady employment drivers, and proximity to the nation’s capital.
