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This has been expected. To be honest, the only way to make D.C. affordable is to keep the supply up. The lack of supply is the only reason rents are sky high in the city. D.C. is extremely underbuilt at the Class A apartment condo level. The problem is developers are trying to build all the units they should have built over the last decade 2000-2010 all at once. As these buildings continue to go up and beleive me, they will, you will see apartments with wall units in upper NW lose demand. Upon full build out in NOMA, Mid City, Atlas, Capitol Riverfront, SW Waterfront, and Mt. Vernon Triangle, you will see upper NW attract a much different demographic and to compete with the new bustling neighborhoods in the core will be virtually impossible.
they will continue to use professional master
craftsmen to build on their properties, while
everyone downtown is getting superficially
modern development for the highest price
imaginable.
The title of the article is a little misleading. Rents in DC overall are still going up, just at a slower rate than the previous year. Still good news though that individual areas (e.g. older buildings in NW) are hopefully getting more affordable - not everyone needs or wants a modern luxury apartment/condo after all. I am skeptical though that one quarter's worth of decreases is indicative of a larger trend, though it is definitely interesting.
they will continue to use professional master
craftsmen to build on their properties, while
everyone downtown is getting superficially
modern development for the highest price
imaginable.
The housing filtering down process is how you make a city affordable, but you have to have new construction for housing to filter down. Since D.C. Is so underbuilt at the Class A level, there isn't enough supply to affect class B and C buildings. The more Class A units built in the city, the lower the demand for class B and C buildings will be. The class B and C properties then become affordable. If DC continues to build like it is, the city will be able to provide affordable housing by default.
The title of the article is a little misleading. Rents in DC overall are still going up, just at a slower rate than the previous year. Still good news though that individual areas (e.g. older buildings in NW) are hopefully getting more affordable - not everyone needs or wants a modern luxury apartment/condo after all. I am skeptical though that one quarter's worth of decreases is indicative of a larger trend, though it is definitely interesting.
true - urban turf did the title, sorry about that.
but what was interesting to me was that in particular rents in NoMA actually declined.
But you are right it will be interesting to see what happens in 2013, when even more new units come to market - to see if the trend widens, or even lasts.
Could it also mean that people are buying? They tell themselves, if I pay $1700 a month in rent, wouldn't it make sense for it to be on something that you would own?
So many people get so angry at expensive new housing, not seeming to realize the long-term impact if done right is a less expensive city. I guess there's just entrenched class warfare in our culture, but as someone who can't afford those expensive condos myself, the argument against them doesn't seem very well thought out.
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