Missy | September 28, 2002
How I spent my Saturday morning, a theme by your pal Missy:
I was reading the WaPo Real Estate section (not that I’m buying any time soon, but I like to peruse) and the feature story is on the Roosevelt, the gigantic building which sits directly across the street from my building. Built in the early 20’s and previously a senior-citizens’ residence, it’s been abandoned for years due to poor upkeep, and later, a fire. Being a historic building, it couldn’t be torn down. For the past year or so, it’s been gutted, and apparently will be open for renting later this fall. It’s a beautiful building, with five large sections and something like 200 apartments. That said, imagine my utter surprise, when the piece said apartments range from 495-square-foot studios to three-bedroom apartments, with rents from $1400-$5000!! A $1400 studio that’s less than 500 sq ft? WTF? Yet further evidence that rents in DC are getting out of hand. And luxury rentals my ass. MY apartment, similar in size and with one of the best views of the city a person could ask for, is almost half that in rent. I’ve got wood floors and a dishwasher, laundry 30 feet down the hall, a nicely painted & carpeted building and the best doormen around. (Granted, I’ve lived here for four years and it would probably re-rent for $200 more a month, but still.) Our one-bedrooms are up to around $12-1400 I think, and those tend to be rented by double-income couples. Who can afford what the Roosevelt is offering? And if they can, why are they renting instead of buying? The piece mentions vacancy rates are up in the area, and luxury rents have fallen. I know we’ve got a lot of attorneys in the area (heh), but with most people working on a government’s salary (which isn’t bad, per se) or something similar, I have to wonder.
So, I went to my old friend, the Bureau of Labor Statistics website, and checked into local earnings by employment break-outs. This page is instructive and in line with what I imagined. (As a side note, economists are listed, and as a new GS-13 I make below the mean; makes me wonder just how many of us are several years into a GS-13 and above; not that economists aren’t worthy, but given what I see around me, in an agency chock full of economists, I begin to believe the rumors of grade inflation in the government. And wouldn’t you know it, the mean salary for statisiticians is lower. Maybe I’ll hold off on that career change, heh.) This doesn’t tell where these people are living (in DC v. nearby suburbs), but anecdotally, I can’t say that only the wealthier types are living in the District. There are plenty of poorer people in the District. And the wealthier types–the ones who choose to reside more permanently in the District (as opposed to new transients who live there for a year or so)–will buy up the houses and condos. I suppose I can understand some double incomes moving into the one-bedrooms & larger, in the name of “luxury” and assuming no other major debts like student loans, but the studios? Am I overreacting? I’ll be curious to see how much the place fills up.
They ARE planning for small business to go on the ground floor, and if that means I only have to walk across the street instead of down the block to a convenience store & dry-cleaning, I’ll be happy. 
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