Washington D.C.’s Rental Inventory Gets Big Boost in 2015: Number of New Units Surpasses 3,500 in the 17 Largest Developments
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2015 was quite a transformative year for D.C.’s rental landscape. Prompted by an increase in the number of renters, an influx of new jobs – particularly in the business, health, and education sectors – and the high cost associated with owning a house in the Nation’s Capital, developers followed the 2014 trend and brought thousands of new, high-rise apartment homes to the market.
As many as 17 major properties of over 50 units were completed in 2015, adding 3,562 new units to Washington D.C.’s rental inventory. In 2014, 13 major apartment complexes entered the market comprising more than 3,681 units.
Urban Renewal Takes Over the District
Long-vacant or underutilized spots all over the District have been given new life and have become the places to be for urban dwellers. The Southwest Waterfront is slowly evolving into a hotspot for the city’s young professionals with two 2 major developments coming online in 2015 – the 264-unit Lex at Waterfront Station and the Leo at Waterfront Station comprising 266 apartments. While Downtown, Dupont Circle, Mt. Vernon Square, and Navy Yard have all seen their fair share of development over the last year, it’s Ward 7 that takes home the prize for 2015’s largest rental community.
Located on 5 acres adjacent to the Minnesota Avenue Metro station, Park 7 includes 377 affordable housing units, 20,000 square feet of retail, and 255 parking spaces. Rents at the complex range from $1,100 to $2,500 per month.
The Shaw, Queens Chapel, and Sixteenth Street Heights areas also welcomed several residential communities this past year. Join us as we drill down to see the 10 largest apartment projects completed in Washington D.C. in 2015.
#10. The Drake: 218 rental units
Completed: 6/12/2015
Address: 1355 17th Street NW, Washington, DC 20036
Rental types: 54 studios, 149 one-bedroom apartments, 15 two-bedroom apartments
Property size: 101,093 sq.ft., 9-story building.
Short description: Easy access to Logan Circle, 14th Street, Washington’s monuments and museums, and the many restaurants and shops of Connecticut Avenue. Floor-to-ceiling windows in many apartments. Views of the Washington Monument. Rooftop terrace.
Photo credits: The Drake Official Website
#9. The Swift at Petworth Metro: 218 rental units – Check availability
Completed: 1/12/2015
Address: 3828 Georgia Avenue, Washington, DC 20036
Rental types: 5 studios, 173 one-bedroom apartments, 40 two-bedroom apartments
Property size: 165,012 sq.ft., 5-story building, first floor includes retail
Short description: Green Building – LEED Silver – Certified. Stylish apartments and amenities. Fitness center, rooftop terrace with a fire pit. Sound-reducing, double-paned, energy-efficient windows with panoramic views of the Washington Monument and the National Cathedral. Rooftop terrace.
Photo credits: RentCafe.com
#8. 450K: 233 rental units
Completed: 2/18/2015
Address: 450 K Street NW, Washington, DC 20001
Rental types: 17 studios, 181 one-bedroom apartments, 35 two-bedroom apartments
Property size: 159,682 sq.ft. 12-story building, first floor includes retail
Short description: Green Building – LEED Silver – Certified . Views of the Washington Monument. Rooftop terrace. Rooftop pool. Top-of-the-line fixtures and finishes. Located in Mount Vernon, one of DC’S fastest-growing neighborhoods.
Photo credits: 450K Official Website
#7. The Shay: 245 rental units – Check availability
Completed: 11/23/2015
Address: 1924 8th Street NW, Washington, DC 20001
Rental types: 49 studios, 159 one-bedroom apartments, 37 two-bedroom apartments
Property size: 170,492 sq.ft. 3- and 5-story buildings, first floor includes retail
Short description: Sleek and stylish apartments with stunning views of Downtown Washington D.C. Hardwood floors throughout. Floor-to-ceiling windows.
Photo credits: RentCafe.com
#6. The Lex at Waterfront Station: 264 rental units – Check availability
Completed: 11/23/2015
Address: 1151 4th Street SW, Washington, DC 20024
Rental types: 30 studio, 147 one-bedroom apartments, 87 two-bedroom apartments
Property size: 175,820 sq.ft. 12 story
Short description: Green Building – LEED Silver – Certified. 1960s office building converted into apartments. Dynamic social spaces, designer finishes and fixtures, and 360-degree city and river views. 53 units are affordable.
Photo credits: RentCafe.com
#5. Leo at Waterfront Station: 266 rental units – Check availability
Completed: 8/11/2015
Address: 1150 4th Street SW, Washington, DC 20024
Rental types: 28 studios, 153 one-bedroom apartments, 85 two-bedroom apartments
Property size: 188,417 sq.ft., 12-story building
Short description: 1960s office building converted into apartments. Within minutes of all the best D.C. has to offer. Pet-friendly. Stainless steel appliances, movable kitchen islands, full-size washers and dryers in units, floor-to-ceiling windows, walk-in closets. Rooftop terrace. Rooftop pool. 53 units are affordable.
Photo credits: RentCafe.com
#4. Jefferson Marketplace : 281 rental units
Completed: 1/13/2015
Address: 1150 7th Street NW, Washington, DC 20001
Rental types: 16 studios, 198 one-bedroom apartments, 67 two-bedroom apartments
Property size: 219,209 sq.ft., 7-story building, first floor includes retail
Short description: Downtown views, 24-hour fitness center, resort-style rooftop pool with sundeck, lounging areas and grills. Pet-friendly community. Close to Shaw-Howard U and Mt Vernon Sq Metro stations. Two private courtyards with indoor bar and outdoor pub.
Photo credits: Jefferson Marketplace Official Website
#3. Parc Riverside : 287 rental units
Completed: 1/13/2015
Address: 1011 1st Street SE, Washington, DC 20003
Rental types: 21 studios, 151 one-bedroom apartments, 115 two-bedroom apartments
Property size: 234,314 sq.ft., 10- and 13 story-buildings
Short description: Located in the Capitol Riverfront, two blocks from Nationals Park and the Navy Yard/Ballpark Green Line Metro, adjacent to The Yards Park. Views of Anacostia River and Downtown Washington D.C. High-quality finishes, and resort-style amenities. Barbecue / Grill Areas. Rooftop Swimming Pool. Pet Salon.
Photo credits: Parc Riverside Official Website
#2. Fort Totten Square: 345 rental units – Check availability
Completed: 10/30/2015
Address: 5661 3rd Street NE, Washington, DC 20011
Rental types: 35 studios, 228 one-bedroom apartments, 82 two-bedroom apartments
Property size: 253,869 sq.ft. 4- and 5-story buildings, first floor includes retail
Short description: Minutes from downtown D.C. and the city’s best dining and nightlife. Spacious new apartments with private balcony, oversized windows. Resort pool, indoor/outdoor yoga studio, bike storage. Resident lounge with media and gaming entertainment, full kitchen and bar. 20% of the units are affordable.
Photo credits: RentCafe.com
#1. Park 7 : 377 rental units
Completed: 1/28/2015
Address: 4020 Minnesota Ave, Washington, DC 20011
Rental types: 19 studios, 189 one-bedroom apartments, 147 two-bedroom apartments, 22 three-bedroom apartments
Property size: 277,593 sq.ft., 4 story-building, first floor includes retail
Short description: Located steps away from the Minnesota Avenue Metro. Outfitted with modern fixtures and finishes, including active courtyards and nearby parks. Luxury bathrooms with granite-topped vanities and ceramic tile bath surrounds. Resident lounge. Gourmet kitchens, natural granite countertops, upgraded cabinets, and brushed steel appliances. Fully affordable.
Photo credits: Park 7 Official Website
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Amalia Otet
Amalia Otet leads publishing and content for Yardi products, where she turns real estate data and market trends into stories that inform and inspire. Outside of work, Amalia strives to live beautifully - one green step at a time.
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