Washington, DC – The New  Boomtown!

While the rest of the country’s large cities are struggling to recover from a crippling recession, metro Washington DC is experiencing sudden, rapid population and economic growth.  The DC area was never hit as hard during the recession as other major US cities. From 2007 to 2012, Washington’s economy expanded 7.6% compared with national growth of only 5.4%. Increased government spending, a growing class of technical executives, relative affordability, foreign buyers and decreased crime rates are all contributing factors fueling the Washington, DC housing boom.

A significant surge of federal contractors and a rising tide of government spending have aided metro Washington, DC in avoiding the recent decline experienced by cities such as Miami, San Francisco and New York. Federal procurements in the DC area have increased by 182% from 2000 to 2010. This increase has led to an influx of contractors, lawyers and consultants. As a result, the overall area experienced a population increase of 776,280 people from 2000 to 2010.

There has also been a huge increase in annual government spending on technical goods and services. Technical spending in Washington increased from $12.6 billion to $29.3 billion in 2000 and $82.5 billion in 2010 resulting in an exploding technical scene. Engineers, technicians, scientists and those in the computer and math occupations grew by 19.5% from 2001 to 2001, while the rest of country was nearly flat, growing by only 3.4%. The large influx of high income residents continues to fuel metro Washington’s housing market.

Developers are arriving in droves.  The DC area is relatively affordable compared to similar markets of New York and San Francisco. This not only attracts younger buyers and renters, but also the foreign market. Young renters have contributed to a new wave of contemporary architecture in the city. High end features are also being added to many new and renovated properties. More and more units are featuring floor to ceiling windows, hearthstone fireplaces, 10 foot ceilings, European-white-oak hardwood floors, private elevators and kitchens with Molteni cabinetry.

Another factor contributing to the housing boom is decreased crime rates. Abandoned storefronts and burned-out buildings are being converted into luxury condos. Areas that used to be considered dangerous are now populated with sprawling, high end grocery stores and retail shops.

If you are ready to join the “Washington Boom,” Rentals Gone Wild is ready to help you find your new home!  If you have questions, or are ready to start your search, please feel free to contact us at 866.454.7912 or visit our website at www.RentalsGoneWild.com.