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Mid-Atlantic Real Estate Investment Market Report: September 2020

co-living, living room and kitchen

Co-Living: What Is It and Will It Survive COVID-19?

A housing option that was once utilized primarily by college students is becoming more popular among young professionals across the globe. With rent prices rocketing in many primary-market cities like New York, San Francisco, Seattle, Washington D.C., and Chicago, urban life is out of reach for many, unless they pool their living resources in a co-living situation. This trend can be a good opportunity for investors as well as a great way for young people to live in urban centers. But will it survive the pandemic?

Will Co-Living Survive COVID-19?

Market Activity

Richmond, VA
Market Overview

In the midst of nationwide shutdowns and market volatility, office leasing in the Richmond region has not slowed down. In fact, the metro area is on track for 2.7 million square feet of positive absorption. This is higher than any annual average since 2006, and higher than the approximately 2.5 million square feet absorbed in 2019. Downtown occupancy rates are near 95 percent, and rent continues to steadily grow year-over-year.

696
Homes Sold
$275,935
Avg. Home Price
$1,300
Median Rent
U.S Census Bureau: second quarter 2020
4.4%
Rental Vacancy Rate
0.4%
Homeowner Vacancy Rate
6.1%
State Unemployment Rate
Metro Area Unemployment
Blacksburg-Radford, VA
5.5%
Charlottesville, VA
5.6%
Harrisonburg, VA
4.9%
Kingsport-Bristol-Bristol, TN-VA          
7.2%
Lynchburg, VA
5.9%
Richmond, VA
7.0%
Roanoke, VA
6.0%
Staunton-Waynesboro, VA
4.9%
Virginia Beach-Norfolk, VA-NC
7.4%
Washington-Arlington, DC-VA-MD
6.9%
Winchester, VA-WV
4.9%

Market Activity

Philadelphia, PA
Market Overview

Interest in industrial space continues to grow as more users look to service customers in densely populated cities. Philadelphia is no exception – its strong job and population growth remains on the radars of both investors and developers. Amazon has steadily leased buildings over 200,000 square feet, and one more large deal is expected in the near future.

1,670
Homes Sold
$243,700
Avg. Home Price
$1,943
Median Rent
U.S Census Bureau: second quarter 2020
7.1%
Rental Vacancy Rate
0.6%
Homeowner Vacancy Rate
10.3%
State Unemployment Rate
Metro Area Unemployment
Allentown-Easton, PA-NJ
10.5%
Altoona, PA
9.2%
Bloomsburg-Berwick, PA
7.8%
Chambersburg-Waynesboro, PA
8.8%
East Stroudsburg, PA
12.8%
Erie, PA
11.1%
Gettysburg, PA
7.3%
Harrisburg-Carlisle, PA
8.7%
Johnstown, PA
10.5%
Lancaster, PA
8.0%
Lebanon, PA
9.0%
New York-Newark, NY-NJ-PA
13.0%
Philadelphia-Camden, PA-NJ-DE
10.9%
Pittsburgh, PA
10.8%
Reading, PA
10.2%
Scranton-Wilkes-Barre-Hazleton, PA
11.7%
State College, PA
6.1%
Williamsport, PA
10.0%
York-Hanover, PA
8.9%
Youngstown-Warren, OH-PA
11.2%

Market Activity

Washington D.C.
Market Overview

D.C. home prices have increased by 13.8 percent in the past month and a half. In the approximately four months since the market hit its bottom it has fully recovered, and might even be better than in 2019. Due to the increased activity, experts believe the fall real estate season will drastically surpass previous seasons. Homes are expected to continue to receive multiple offers, causing the average home price to jump.

928
Homes Sold
$642,500
Avg. Home Price
$2,244
Median Rent
U.S Census Bureau: second quarter 2020
6.8%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. 

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