The building of CityCenterDC’s apartments and condominiums was the 2013 highlight for Downtown housing. The development’s 458 apartments and 216 condominiums were almost complete in the fourth quarter of 2013, and in early 2014 were setting new Downtown records for both new apartment rents (at an average of $4 per SF) and new condominium sale prices (at an average of $852 per SF).
The city’s overall population growth, which is the highest growth rate in the region and one of the highest growth rates in the nation. According to the U.S. Census Bureau, the city’s population grew by 13,022 residents to 646,449 in 2013. Over the last three years, the city’s population growth averaged 13,775 residents per year. With 8,904 new multifamily units under construction throughout the city at the end of 2013 and the construction starts of over 1,500 units in the first few months of 2014, this trend is likely to continue. Thirty to 35 percent of the city’s population increase from 2010 to 2013 is due to a natural increase of more births than deaths. The remaining 65 to 70 percent growth is attributed to an in-migration of approximately 700 net new residents per month, the result of 3,800 residents moving out of the District each month and 3,100 residents moving in.