If you’ve been seeing lots of fancy new apartment buildings popping up in some of the hottest locations in town, you are not imagining things. 84% of the large-scale apartment projects that opened last year in DC cater to high-income renters, shows our study on luxury apartment construction, putting DC in the top 25 cities in the country with the highest percentage of luxury rental properties that hit the market in 2015. DC renters are expressing a taste for luxury and developers are all over it, offering sleek and stylish rental units and hosts of posh amenities like rooftop terrace with fire pit, dynamic social spaces, and indoor/outdoor yoga studio. Whom are they trying to lure? Mainly millennials and retirees, as they appear to be the typical residents interested and able to rent the upscale lifestyle. The millennial generation makes up the largest and fastest growing share of U.S. renters, with about half of them still in their teen years and yet to enter the housing market. If you have a taste for luxury living, expect to pay about $1,000 more in average rent than in a non-luxury building. Certainly, for the average rent of $2,675 per month, you can have a much-coveted address on Capitol Hill or fully embrace downtown life right at your doorstep.
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