D.C. is one of the top cities for live-work-play apartments
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A total of 17,300 mixed-use apartments have been completed in Washington, D.C., since 2012, per a report from RentCafe, a nationwide apartment search website.
Why it matters: The report found that rental communities that include residential, office, and retail space gained a foothold in the last decade, especially as the pandemic heightened renters' preference for having daily activities close at hand.
Between the lines: D.C.'s propensity for new neighborhoods has led to the creation of so many live-work-play communities.
- One example is CityRidge, the development near Tenleytown that's home to D.C.'s first Wegmans. The 10-acre development combines apartments, offices, retail, and restaurants.
- Areas popular among D.C. millennials, such as CityCenter and The Wharf, have also become top live-work-play destinations.
- Buzzard Point is likely to be the next such area with thousands of new apartments planned as part of a mixed-use project for the Southwest neighborhood.
Zoom out: The number of apartments in "live-work-play" buildings nationwide has quadrupled from 10 years ago, from 10,000 completed in 2012 to 43,700 in 2021, according to Yardi Matrix data.
What's next: The D.C. metro region is projected to see more than 12,000 new apartments this year, according to RentCafe.
The Washington area ranked ninth nationally for projected new apartment construction in 2022. Atlanta took the eighth spot and Los Angeles landed at ten.
- Good news: The new supply of units could eventually bring down rental prices, Axios' Jacob Knutson writes.
The bottom line: Blending different types of real estate is one way cities are evolving in the era of remote and hybrid work.