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The Allegro Apartments at 14th and Newton Streets—-Coming soon.

A few months ago, the Washington Business Journal published a story about the glut of luxury units in Washington D.C. Today, the Wall Street Journal, says the problem is occurring nationwide:

Early in the housing crisis, former homeowners were starting to rent again, supporting demand for rentals. Now, with more newly constructed condos being converted into rental units, landlords are struggling to keep buildings occupied.

Apartment rents nationwide fell 0.4% in the fourth quarter from the third quarter — the first drop since 2003, according to Reis Inc., a New York City-based real-estate research company. Apartment vacancies rose to 6.6% in the quarter from 5.7% a year earlier.

Image by Ruth Samuelson