Millennials Aren't Flooding DC Anymore
After years of being inundated with Millennials—the game changing demographic of 25 to 34-year-olds—DC's flood of young people has slowed to a trickle. Last year, the city's population growth in that age demographic was just 2,662, down from 10,430 in 2010, when the Millennial growth in the city outpaced the growth of every other demographic combined. The Millennial boom led to an apartment construction surge and a mind-bending number of restaurant openings, the Washington Post reports. Demand remains strong for the new apartments, but few in the industry are banking that it will fuel rent increases. "We have concerns about the Millennials and their appetite to move into DC," Cardinal Bank president Kevin Reynolds tells Bisnow. Kevin's counterpart, EVP of real estate lending Andy Peden, says Millennials are "just like every other generation," except they've delayed their big life decisions by five to 10 years. That means we could start seeing more of them buy, depressing the rental market, in the coming years. Snapped above are the founders of Washington Real Estate Change: Chris Davis, Powers Brown Architecture's Bailey Putnam, Moseley Construction's Candice Gasper, Gilbane's Zarina Reznikov, Sanford Capital's Steve Lin, Hillmann Consulting's Henry Hillmann. WREC is holding another event late next month, so stay tuned for details. [WaPo]
