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10,700 Units Delivering in Two Years: DC Development in 2020 By The Numbers

by Nena Perry-Brown

After a tumultuous 2020, the Washington DC Economic Partnership has released its latest development report.

Here are some of the more interesting numbers related (and adjacent) to development across DC this year:

  • 313,459 — The estimated number of households in DC in 2020, a 17.5% increase over 2010.
  • 13,777 — The number of residential units under construction as of December 2020, across 70 projects; 83% of these will be market-rate, and roughly 10,700 of the units are expected to deliver in the next two years.
  • 5,559 — The number of residential units that delivered in DC in 2020.
  • 469 — The net number of residential units absorbed in DC in 2020, down from 4,314 in 2019. 
Class A and B rental market since 2015. Click to enlarge.
  • 10.7% — The average concessions offered as a percentage of rent in the fourth quarter of 2020, up from 2.2% in Q1.
  • 58% more households moved out of DC than moved in from March through June 2020.
  • 41 — The number of projects that broke ground in DC (including major renovations), the lowest since 2004. 
  • 22 — The number of residential projects that broke ground during Covid (March through December 2020), totaling approximately 4,000 units. 
  • 9.6% — The vacancy rate for Class A and B market-rate apartments in the fourth quarter of 2020.
  • 83 — The number of projects expected to deliver this year, totaling 9.87 million square feet.

Thumbnail photo by Ted Eytan.

This article originally published at http://dc.urbanturf.com/articles/blog/10700-residential-units-delivering-in-the-next-two-years-dc-development-in-/18009

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