We are at that time again, where the luxury real estate market in Washington, DC, is booming and isn’t showing signs of slowing down any time soon. So if you are in the market for hot luxury apartments, I guess this is the time to start putting your dollars to work.
Washington DC is opening its doors to interested investors with the latest commercial property listings for both old and new areas. The real estate market is flush with the best luxury and high-end amenities, from condos to small and large rentals and fix-and-flip homes.
Covid-19 Impact On Washington, DC Real Estate
The year 2020 was indeed a very turbulent one for everyone. Workers, businesses, and industries suffered a massive blow from the Covid-19 lockdown. The real estate market was also heavily impacted by the Covid-19 pandemic. Unfortunately, the Washington DC real estate market was not left out, having suffered a series of setbacks.
Rents plunged drastically in the wake of the outbreak. Vacancy rates soared to great heights as people lost jobs and many businesses went out. Residents in the DC Metro recorded a 2x or 3x increase in roommates shacking up together in sometimes smaller living spaces.
As we approach a post-Covid-19 dispensation, all of that is changing fast, and we may be seeing quite the opposite. The rental community has gradually picked up for the past couple of months. From employees returning to work to students resuming classes, the Metro DCarea is receiving an impressive surge in traffic, home tours, and leases.
Latest Developments in Luxury Apartments In Washington D.C
According to reports from Delta Associates, the famous real estate research firm, rents have gone up 7.6% on average from 2020. These statistics consider all types of apartments in the DC Metro area in the Q3 of 2021. In particular, new luxurious and amenity-rich apartments recorded an average 9.1% spike in rents in DC
Despite these hike in prices, Delta Associates maintain that there will continue to be high demand for luxury apartments. They attribute this to well-paid renters with fleece cash ready to pay for the excellent amenities associated with luxury rentals.
So Where Is All The Money Going?
The luxury apartment real estate in DC boasts of some of the best real estate property in the United States. And this is what makes it a toast for many investors and builders. Nonetheless, quite a few locations have shown more extraordinary promises than others. So, as an investor looking to invest some dollars into something worthwhile, here is a list of some Washington luxury real estate neighborhoods to watch out for:
- Cleveland Park
- Woodley Park
- Chevy Chase
- Massachusetts Avenue Heights
Each of these neighborhoods has what makes them unique. But one thing they have in common is their proximity to public transport systems. Other advantages include easy access to restaurants, shopping centers, and nightlife.
Now, beyond the Wisconsin and Connecticut Avenue neighborhoods, there are brand new, developing locations piquing the interest of millennials and young families. These include hot spots around the Southwest Waterfront and Capitol Riverfront. As a budding realtor or property investor, you might want to check these areas as well.