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Place-making produces lasting premiums for surrounding multifamily

​Revitalized, walkable neighborhoods with desirable retail and attractive place-making have enhanced multifamily rents throughout the region. JLL evaluated multifamily rents and rent premiums in three, growing mixed-use districts in DC (14th Street Corridor), MD (Bethesda Row) and VA (Mosaic).

The first multifamily projects that delivered following retail growth reset market rents in their areas, and newer multifamily projects that followed met or exceeded the rents achieved by the first movers in the market. Multifamily buildings in and along 14th Street, Bethesda Row and Mosaic District maintain rent premiums of 15 to 20% above the regional Class A multifamily market.

There are many neighborhoods that can expect to see multifamily rents grow in response to place-making ahead, including, but not limited to, Ivy City, Union Market/Galludet, Rhode Island Avenue, Rockville Town Center, Pike & Rose, Twinbrook, Ballston, Potomac Yard, Reston and Falls Church.

Source: JLL Research



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