D.C. ranks as one of the best large urban hubs for renting newly-built apartments.
In the past decade, the number of new apartments coming online in the District has grown by nearly 70%, according to RentCafe. That’s roughly 39,000 new apartments.
The average size of a new apartment that has come to market in the past decade is 751 square feet, the third smallest among the top 20 markets for new apartment construction.
RentCafe says 60% of new apartments that have delivered in D.C. since 2012 have been what it calls 鈥渃oveted locations.鈥�
鈥淭he Navy Yard, in terms of completed units, accounts for about 22% of newly-completed units. Also, the Southwest Waterfront, the near Northeast and near GWU,鈥� said Doug Ressler at RentCafe.
Many of those new apartment buildings, while increasingly amenity-rich, are also expensive. In Capital Riverfront and Navy Yard for example, it is not uncommon for two-bedroom apartments to rent for well over $4,000 a month, out of reach for many D.C. residents. But not all, and developers aren鈥檛 going to build residential buildings they don鈥檛 think they can rent.
鈥淭he rent-to-income ratio in the D.C. area is strong. Typically, the government says 35% of a rent-to-income ratio, and you are distressed. In D.C., you are below 27%. So you have high wage growth and the rent-income ratio is not concerning,鈥� Ressler said.
The rental occupancy rate among new apartment buildings that have opened in D.C. in the last decade is 92%.
RentCafe says Arlington is another hot spot for newly-built apartments in coveted locations. In 10 years, the number of new units has increase almost 31%, and 94% of them are in coveted locations. In Alexandria, the number of new rentals has increased by 19% in the past decade, with 88% of new units in desirable locations.
People can check out RentCafe鈥檚 full report for .
Below is RentCafe鈥檚 list of top cities for new apartments:
