•  One project delivered in Q1 2018, adding 275 units to the Suburban Maryland Market inventory. An additional 2,494 units are slated to deliver before year-end.

•  Both Class A and Class B rents outpaced the Washington Metro average in terms of rent growth, year-over-year. Class A and Class B increased 1.8% and 3.8%, respectively. Effective Class A rents ended Q1 at $1,824 per month, while Class B product rented for $1,537 per month.

•  The Rockville submarket led the way in net absorption year-over-year, totaling 603 units. The existing projects in lease-up continue above-average absorption, totaling 19 units per month.