According to data released by the online real estate database company Zillow, average rents in Navy Yard and Southwest Waterfront rose over three times faster than other D.C. neighborhoods over the past year.
Both places had their rents increase by more than 12 percent in a year, WUSA9 reported based on Zillow data.
Because of its easy access to Capitol Hill and other spots like Arlington and Crystal City, the area is currently very popular with young professionals.
D.C.’s Navy Yard was selected one of the coolest neighborhoods in the world by Forbes in 2018. It was named among highly acclaimed places from around the world such as Amsterdam Noord in Amsterdam, the Netherlands; Sants in Barcelona, Spain; Pilsen in Chicago, the U.S.; Seongsu-dong in Seoul, South Korea and others.
“The Navy Yard area is the fastest growing neighborhood in Washington D.C., and it is slated to develop 3 million square feet for residential and office buildings, pedestrian space and retail and dining for 2030—as well as its first hotel, the Thompson,” Melissa Biggs Bradley, the founder of travel website Indagare, was quoted as saying.
Navy Yard was praised for its waterfront location, industrial infrastructure, restaurant scene and being a fast-growing area that has historic roots, as well as many tourist attractions, including the Nationals’ baseball park.
Having been an industrial district in the past, Navy Yard has undergone transformation since the 1990s. It was previously home to a commercial and adult-entertainment district.
A large portion of the neighborhood’s land and businesses were acquired by companies and is being turned into commercial and residential projects.
Rents in the area is expected to see another spike after Amazon’s HQ2 comes to the Crystal City.