There has been an apartment boom in the Washington, D.C. area in the recent years. 39,122 apartments are being planned or built right now, which is the highest number ever recorded in this area. With this record number of apartments, “there is now a fierce competition to find people with the income to afford living in them.” Amenities that were once luxuries, such as stainless steel kitchens, spas, pools, and gyms, are now necessary for developers to even think about competing with others.
Local management companies and developers such as Bozzuto and LCOR, which both are or will be leasing apartments in the White Flint district, have found that they need to raise the stakes a bit. Bozzuto, managing Per Sei apartments in the Pike & Rose development, offers “a calendar full of activities for residents, including discounts to local restaurants, movie nights and wine tastings,” as well as specialty cupcakes for resident’s birthdays. LCOR, who has built the Wentworth and office buildings including the Nuclear Regulatory Commission building, is building the Aurora that will offer a room with a foosball table, shuffle board, and a golf simulator.
In addition, more people are opting to rent instead of buy in urban areas. As urban areas continue to attract more millennial gen individuals, especially the Washington, D.C. area, the millennial generation will look for more flexible housing, giving them room to move around more freely. Renting is a sound option for the millennial generation. But urban areas consist of all types of individuals. Management or leasing companies must find a way to appeal to all types of potential tenants from millennials to empty-nesters. We hope that certain factors such as proximity to the Metro, amenities, and services will help attract more residents to the White Flint district and the new apartments popping up in the area.