Future of Apartments in DC Forecasts For Increased Demand

The future of the suburban real estate in D.C. is said to be occupied by a number of apartments as numerous urban planners see a clear view of dominance by young adults in the state. Young professionals who are on the move for many jobs and career opportunities are finding rentals more attractive and practical than owning houses.

The labor market structure these days is changing and many are on the move from place to place in search of work. Many young professionals are traveling from one region to another and with that they require a good place to land and perhaps stay for a while. They hold more “jobs” than finding one stable career path, hence it is sensible for this generation to rent for much longer than those who came before them.

However, with the demand for apartments, it is hard for developers to build affordable houses. Nevertheless, incentives are provided to developers if they include more affordable or moderately priced units in their housing plans. Developers are now more inclined to build studio type rooms than the usual two bedroom apartment given that the former provides more per square foot than the latter.

Yet, the question is who can live in one tiny unit? The answer is evident- course college students or young professionals who are single, on the go and constantly on the lookout for better opportunities. Still… the demand for more affordable houses in the suburbs is increasing.

-M. Germaine Parra
D.C. Area Realtor, Feng Shui Consultant
Licensed in DC, MD and VA
Long and Foster Realtors
6862 Elm Street Office, McLean, VA  22101
Fax:   703-873-1901
Cell:  703.650.8838

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