As real estate sales and marketing experts, we’ve noticed certain development trends in Washington DC. The following are some of the real estate development trends that we’ve seen in 2016, and expect to see in 2017.
The Real Estate Market Continues to Grow in Washington DC
Over the past 5 years, Washington DC has seen significant growth in its multi-family real estate market. This is thanks to an impressive increase in population, employment and income throughout the DC area. Annual job growth in Washington DC and the Metro Area is expected to climb over the next five years.
Apartments are in High Demand
Washington DC has experienced strong demand for apartment buildings due to an increase in young professionals. Millennials in DC seem to prefer renting apartments over owning their own home. This is likely due to the current economy as well as a shift in lifestyle preferences.
The average size of a one-bedroom apartment in DC has slowly declined over the past fifteen years. Above anything else, it appears that renters and homeowners want to live near public transportation and other amenities.
Location is Everything
Location remains the most important aspect for home buyers and renters in Washington DC. Updated bathrooms and kitchens are a close second. As more families choose to stay in the DC area, outdoor space and good access to parks and recreation are increasingly important.
More and more homes are being developed with location in mind. We’re also starting to see buildings that combine retail, apartments and townhomes. New technologies are making buildings smarter and more efficient, allowing homeowners to track energy consumption, tenant patterns, lifestyle costs and more. Home developers are beginning to capitalize on the benefits of new innovation.
Comprehensive Real Estate Sales and Marketing Services
Prime Building Advantage offers comprehensive real estate sales and marketing services. Our proven method is specially designed to help our clients discover, distill and advance their brand in order to reach potential residents in new and meaningful ways. We understand the real estate market and work hard to identify and reach target audiences.
For more information about our real estate sales and marketing services, please contact us today.