Page 11 - East Campus RFQ 2.14.2017

11

DC Market

With construction booming, the residential real estate market
remains a bright spot in DC. Growth in Class A property rental rates is
a promising sign of the overall market’s strength. The growth in
young professionals has been the primary driver behind the strong
demand for apartments in DC. Millennials are increasingly renting
apartments rather than owning homes. In Northeast DC the
Brookland-Fort Totten neighborhood’s lowest effective rent was
recorded at $1,658/month, compared to overall DC rental rates which
range from $1,200/month to $2,000/month.
The table below identifies specific market data for the area
surrounding the East Campus.

0-1/2mi 0-1mi 0-3mi
Population + Workforce

Total Population 5,046 22,641 270,485
2016 - 2021 Population Growth/Yr 1.40% 1.29% 1.81%
Employed Civilian Population 16+ 2,372 11,119 153,105 Development Growth
Unemployment Rate 12.90% 11.50% 7.20%
2010 Median Age 47 38 34 The District of Columbia has experienced consistent growth in
construction of retail, residential, leisure, and hospitality sectors
Education over the last five years, embodied in mixed-use developments.
The District continues to appeal to and attract prestigious global

firms and international investors, while also showcasing a
Bachelor's Degree 813 3,115 39,668
thriving urban retail and restaurant scene. This progress is likely
Grad/Professional Degree 1,110 3,119 38,450 to continue according to the current development pipeline for
the District. There are four primary residential projects recently
Income constructed or under construction in Ward 5 within a reasonable
proximity to the Project and valued well over $1B.
Median Household Income $74,947 $62,179 $57,644
Median Disposable Income $55,602 $50,598 $46,518