D.C. Nears 700,000 Residents— Will We Soon Reach 1 Million?
D.C.’s population continues to rise.
As District, Measured notes, Washington D.C.’s population has increased for the last twelve years straight. From 2005 – 2017, D.C. has added 126,836 new residents, representing a 22.4% population growth in a little over a decade. From 2016 – 2017, D.C.’s population grew 1.4%, and added 9,636 new residents, to hit a population of 693,972 residents. During this time, D.C. grew faster than the overall region, whose population increased by 1.1% during this time.
In an additional post, District, Measured notes this is only the third time in the last 70 years that D.C.’s population has hit approximately 694,000 residents. D.C. first hit 694,000 residents in 1941, then again in 1976. D.C.’s population hit an all-time low of 566,000 residents in 1998, before climbing back to nearly 700,000 residents.
There is no end in sight for this growth. As reported by Urban Turf, the Metropolitan Washington Council of Governments (COG) now forecasts that D.C.’s population will grow an additional 42% in the next 27 years, and hit 987,000 residents by 2045. While the region as whole is predicted to grow by 1.1 – 1.5 million new residents, COG predicts D.C. will see the greatest concentration of these new residents.
These data suggest that D.C.’s real estate market will continue to provide ample opportunity for developers and investors for many years—perhaps even many decades—to come. Our market already lacks the supply required to meet existing demand, and the addition of 300,000 more residents over the next 25 years will only place greater strain on our market—and greater opportunity within our market. Contact us today to discuss how you can tap into this opportunity. Email us at firstname.lastname@example.org, or call us at (202) 713-9072.