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From DC, currently living in Boston and was just having a conversation with a coworker about this the other day. They had come across a stat somewhere that had DC and Boston with similar rents maybe ten years ago. Something like $1600 average in both. Since then DC is still at like $1700 and Boston is well over 2k. I was explaining to him just how much new housing gets built in DC and that has to be why. Even more shocking to hear from friends in the Richmond area that rents there are actually starting to creep up to NOVA/DC levels. There was a time when rents in DC would be double that of Richmond.
Yes, it’s been a game changer for DC. DC is going from one of the most expensive cities in the nation for rent to one of the most affordable bargain cities based on incomes in the country. It will be very interesting to watch over the coming years.
I’m most excited about the changes coming to the downtown core. The untapped residential potential of that area through office-to-residential conversions will change DC forever I think. Exciting times indeed.
Had a chance to dive into this report. This is a real world case study on the impact housing production has on affordability and supply and demand. DC is putting on a clinic for the rest of the nation for how to make (or keep) a city affordable. Cities need to be as pro growth as possible and build as much housing as possible. It’s really that simple.
”In a ranking of 35 of the largest major cities in the United States by apartment affordability (based on income and rent data from ESRI and RentCafe, respectively), the District places 27th, below Portland, Oregon, and above Richmond, Virginia. Generally, Midwestern cities that have historically struggled with population loss tend to be the most affordable, followed by rapidly growing cities in the Sunbelt/South, with major cities on the West Coast and Northeast ranking as the least affordable. Accordingly, New York is the least affordable city for apartment renters in the nation, while Detroit is the most affordable.
The cities that have been most competitive with the District, and other pricey Northeastern markets, for renter households (particularly young professionals), are Southeastern markets such as Atlanta, Charlotte, Raleigh, and Nashville. Other markets further west, including Denver and multiple cities in Texas, also compete with the District for renters but tend to draw more new residents from California than elsewhere.
It is worth noting that the affordability advantage of many Southern cities is steadily shrinking as rents grow at a blistering pace and outpace income growth by two-to-one in some instances.
In fact, at the current annual rent and income growth rate, the District will match Atlanta in apartment affordability by 2027, Dallas by 2029, and Charlotte and Austin (whose already high rents have been offset by a relatively high median income) by 2032.”
This is good... wow.
I remember when DC was ranked the 5th or 6th most expensive market in the country. Right now, according to Zumper's National Rent Report it's the 9th (and Arlington, VA is the 10th). Which is much better than where it used to be. The housing market is still insane around here but this is good news.
I remember when DC was ranked the 5th or 6th most expensive market in the country. Right now, according to Zumper's National Rent Report it's the 9th (and Arlington, VA is the 10th). Which is much better than where it used to be. The housing market is still insane around here but this is good news.
It's not so much that DC got cheaper, it's that other cities have just gotten that much more expensive.
It's not so much that DC got cheaper, it's that other cities have just gotten that much more expensive.
True but the salaries here are still pretty high so it works out. Part of what's happening in some of these other places, the salaries have not caught up with the COL (and some of these places they may never especially the places that are high these days due to a huge surge in people moving in from other high COL areas).
Many of the new neighborhoods seems contrived and they look the same. Some have the same amenities like Target, Whole Foods and Shake Shack.
I wouldn't consider a neighborhood urban and livable without rapid transit and bike infrastructure. Otherwise the aren't very useful to most urban dwellers. Especially now with the retail challenges from big box stores.
I don't think I have as strict of a definition for an urban neighborhood, but I do think some of the examples people have cited were really just like either under-developed areas of a city before or a redeveloped industrial area. Not necessarily an urban neighborhood that has "boomed".
Quote:
Originally Posted by cpomp
Northern Liberties/Fishtown, Philadelphia.
That one I can attest to. You can go around block after block and it's a different world.
Yes, it’s been a game changer for DC. DC is going from one of the most expensive cities in the nation for rent to one of the most affordable bargain cities based on incomes in the country. It will be very interesting to watch over the coming years.
I’m most excited about the changes coming to the downtown core. The untapped residential potential of that area through office-to-residential conversions will change DC forever I think. Exciting times indeed.
Especially more building around Navy Yard and Buzzard Point and now even across the river. Yes I have also noticed that prices haven't risen as much for units across the city. Really hope this continues.
I don't think I have as strict of a definition for an urban neighborhood, but I do think some of the examples people have cited were really just like either under-developed areas of a city before or a redeveloped industrial area. Not necessarily an urban neighborhood that has "boomed".
I think that's a valid point. In Philadelphia's case specifically, you'll see a LOT more rehabbing and infill/redevelopment than ground-up unit construction (even though there's a good amount of that going on, too) versus "non-legacy" cities.
But fundamentally it's repurposing or "stitching" the urban fabric back together versus creating it. Frankford Avenue is an excellent example of that.
To your point, though, most of the transformation is done as far as I know. Not a lot of room to grow up, with the exception of those developments along the Pike.
Kind of sad, in some ways, though. The old Fenway was "grittier", more alive. Baseball fandom has changed that, as has the transformation of that neighborhood. More than anything, I miss the old bars.
You're seeing the same thing outside of Wrigley. It was always Theo's intention, who started it in both, to create a money and brand machine.
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