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Multifamily Markets: Washington, D.C.
The Washington, D.C. MSA is white hot for multifamily development, ranking #9 in National Real Estate Investor’s 10 Best Cities for Multifamily Investment. The transient nature of Washington’s population, where people come and stay for relatively short periods of time, makes it an ideal market for multifamily, according to the NREI report.
Well known for its top-rate public transit, it comes in at #4 in AllTransit’s list, which looks at connectivity, access to jobs, and frequency of service. The job market remains strong in Washington, making it the 16th best city in the nation to find a job, according to Fortune. The entire MSA maintains a low unemployment rate of 3.2% as of May 2018.
It’s not just the economy that is spurring the Washington MSA. Washington, D.C., is one of the best food cities in the country, a reputation that the release of a Michelin Guide for the city in 2017 cemented. The also has a thriving theater district, and is one of the greenest cities in America, with 183 million square feet of LEED-certified housing, all of which contributes to the city being the 5th best in the nation for millennials.
Not to be outdone, nearby Alexandria ranks as the #9 best city for Millennials in the United States. With access to D.C.’s metro system, it boasts the easy accessibility of a big city. It also has a Main Street feel, with charming townhouses and dozens of restaurants and boutiques in historical Old Town. It is the perfect next step for a family ready to leave the city behind while remaining within commuting distance.