Property Management in Washington DC: Living in Penn Quarter
This article is part of a series on the neighborhoods of Washington, D.C. This article profiles the bustling Penn Quarter and Chinatown neighborhoods. If you are planning to rent out your property, this article will help you get a feel for types of tenants interested in renting in the area and how you could market your property’s strengths and location. If you are searching for a property management company for professional leasing and management, be sure to choose one with in-depth knowledge of the rental market and demand for D.C.’s central neighborhoods, including Penn Quarter and Chinatown.
Facts and Figures
In Penn Quarter, renters occupy 58 percent of homes, and 20 percent of homes are owner-occupied. On average, there are two residents per home, and only 6 percent of households have children. Residents spend a median of two years in the neighborhood. The annual residential turnover is 17 percent.
Penn Quarter/Chinatown is a vibrant downtown neighborhood characterized by its mixed-use development and wealth of opportunities to live, work and play. From high-rise apartments to restaurants, shops, office buildings, and entertainment options, the area’s central location and variety of offerings will appeal to many types of tenants. Originally revitalized by the Pennsylvania Avenue Plan, the neighborhood also got a boost from the Verizon Center when it opened in 1997. Today, the neighborhood also offers various cultural venues, theaters, and museums.
The dining and nightlife in Penn Quarter/Chinatown include some of the city’s top restaurants, including Zaytinya, Rasika, Old Ebbitt Grill, Cedar, Acadiana, The Source, and Oyamel, among others. For neighborhood tenants, a night at the theater and other performing arts venues are only a short stroll away, with The Shakespeare Theatre Company at the Harman Center for the Arts, the Woolly Mammoth Theatre Company, and the Goethe-Institut all located in the neighborhood. There are also museums to suit a variety of tastes, including the National Museum of Crime and Punishment, the International Spy Museum, Madame Tussauds D.C., the Marian Koshland Science Museum at the National Academy of Sciences, the Smithsonian American Art Museum, the National Museum of Women in the Arts, and the National Building Museum. Residents will find most of the shops they need within the neighborhood or close by.
Penn Quarter has fantastic public transit options, and WalkScore designates it as both a “Walker’s Paradise” and a “Rider’s Paradise.” The neighborhood is also great for biking. Four metro stations serve the Penn Quarter/Chinatown neighborhood. The Metro Center station is on the Blue, Orange, Red, and Silver lines. The Gallery Place station is on the Green, Yellow, and Red Lines of the Metro, and the Judiciary Square station is on the Red Line as well. Finally, the Archives-Navy Memorial-Penn Quarter station is on the Green and Yellow lines.
Metrobus service to the area includes routes 70, 74, 79, D3, D6, 13Y, P6, X2, X9, among other routes. The D.C. Circulator also stops in the neighborhood on the Georgetown-Union Station route. In the neighborhood, prospective tenants can also find 3 car shares through Zipcar, as well as bike-sharing programs through Capital Bikeshare. WalkScore.com has assigned Penn Quarter a Walk Score of 96, a Transit Score of 100, and a Bike Score of 86.
Unique Neighborhood Events
The Penn Quarter Farmers Market is located on the North end of 8th Street NW, between D Street and E Street NW, in the neighborhood. It is held on Thursdays between 3 pm and 7 pm, from April to December.
The annual Downtown Holiday Market is held in Penn Quarter. It is held from November to December, and nearly 50 artisans exhibit their arts, crafts, and specialty items every week.