Property Management in Washington DC: Living in Georgetown
This article is part of a series on the neighborhoods of Washington, D.C. This article examines the Georgetown neighborhood’s demographics, historical appeal, and unique character. These details should help you target tenants who are most likely to rent in the neighborhood and help you market your property’s location and assets to them.
Facts and Figures
Neighborhood demographic data is helpful as you refine your marketing strategy for your property. In Georgetown, 51 percent of homes are owner-occupied, while tenants occupy 40 percent of homes. Residents spend a median of 2.9 years in the area, and the annual residential turnover is 18 percent. There are two residents per home, on average, and 9 percent of households have children. A property management company familiar with the local demographics and market trends would be able to use their knowledge and experience to help you set competitive rents, decrease periods of vacancy, and reduce tenant turnover.
Georgetown offers residents and historic architecture and charm and chic shops and restaurants. It was included in the D.C. area after the district was created by Congress in 1791. In the 19th century, Georgetown experienced an increase in economic development due to the construction of the C&O Canal, which defined the area as a significant shipping center. Canal operations did not continue after the early decades of the 20th century, but a part of the neighborhood maintained a distinctively industrial character. However, in 1950, the historic district of Old Georgetown was established. Georgetown now offers a plethora of fashionable boutiques and local shops, and its gorgeous historical residences continue to attract the D.C. elite.
Popular restaurants and bars in the area include Pizzeria Paradiso, Philomena, The Tombs, Georgetown Cupcake, Clyde’s, Bodega, 1789 Restaurant, and Il Canale. The Washington Waterfront, Georgetown University, Georgetown Park Mall, and the C&O Canal are among the neighborhood attractions, as are the historic Tudor Place and Dumbarton House. The Georgetown Waterfront Park, Glover-Archbold Park, Montrose Park, and the Capital Crescent trail, which stretches from Georgetown to Bethesda, appeal to residents who enjoy outdoor activities. The historic ambiance, the beautiful waterfront area, and the variety of shopping make Georgetown a wonderful neighborhood for many types of tenants.
Georgetown offers potential residents a variety of transportation options and easy access to numerous destinations in the D.C area. While there is no metro station in Georgetown, there are three stations within a mile of the neighborhood. The Rosslyn Metro station and the Foggy Bottom-GWU Metro station are on the Blue, Orange, and Silver Lines of the Metro. The Dupont Circle Metro station is on the Metro’s Red Line. Several Metrobus routes serve the area, including the D-series, the 30-series, and the G2 routes. The D.C. Circulator stops in the neighborhood on the Dupont Circle-Georgetown-Rosslyn and the Georgetown-Union Station routes. The Georgetown University Transportation Shuttle connects Georgetown University with multiple locations in the neighborhood. Eight car shares are available through Zipcar, RelayRides, and Hertz On Demand, and Capital Bikeshare provides bike shares in the area. Georgetown is very walkable, bikeable, and transit-friendly, with a Walk Score of 86, a Bike Score of 78, and a Transit Score of 70 on WalkScore.com.
Unique Neighborhood Events
The Georgetown Farmers’ Market is located in Rose Park at the corner of 26th Street and O Street NW in D.C. It is held on Wednesday afternoons, between 3 pm and 7 pm, from May to October.
The Taste of Georgetown food festival is held annually in September on K Street, along the Georgetown Waterfront. The festival includes signature dishes from 35 of the neighborhood’s restaurants and a Craft Beer and Wine Pavilion.