ULI Washington Housing Initiative Council Meeting Summary (September 20, 2017)
ULI Washington’s Housing Initiative Council kicked off its new season on Wednesday, September 20th with a welcome from incoming ULI Washington District Council Chair Yolanda Cole.
Yolanda shared three impact themes from ULI Washington’s strategic plan:
- Housing affordability;
- Economic competitiveness; and
- Disruptive technologies.
Ms. Cole is seeking way to connect other product councils and encouraged the group to focus on impacting the theme of housing affordability in our region. She challenged us to consider how what we learned can be shared outside of ULI and ways to shape land use regionwide.
Comments from Council Chairs and Introductions, “What’s on your front burner?”
Thirty-one participants, including ULI staff, introduced themselves, including whether they had participated in the Housing Initiative Council in the past, and sharing their current professional role and focus. Twenty participants were returning members, and eighteen members are new to the Housing Initiative Council.
Council members’ “front burner” focus was varied, and included such areas as: growing a development pipeline; adaptive reuse; multifamily; tax reform and HUD reform; repositioning real estate assets; senior housing; veterans and permanent supportive housing; budget pressures; master planning; resiliency, and how quality housing affects individuals and communities.
Presentation, DC Metro State of the Market by Christine Espenshade, Managing Director, JLL Capital Markets
Christine Espenshade provided an informative DC metro multifamily snapshot for Housing Initiative Council members. Her comments focused on Class A and Class B products, showing overall positive trends for the Washington metropolitan region. Ms. Espenshade shared that the DC Metro area is one of the top performing markets in the United States and has excellent apartment fundamentals.
Ms. Espenshade’s key points included that supply is projected to decrease significantly after 2018, and that new supply is primarily concentrated in four emerging submarkets (Capitol Riverfront, NoMa, Tysons Corner and Southwest Waterfront). Ms. Espenshade also highlighted the difference in rents for renters who choose renting as a lifestyle versus those who rent by necessity. Growth in lifestyle renters has decreased in year-over-year rent growth, in contrast to positive rent growth in the renter-by-necessity class.
Housing Initiative Council Matters
Housing Initiative Council Co-Chairs reviewed several business items, noting the following:
- Volunteer opportunities to plan the December joint council session and the 2018 Density Tour;
- Opportunity to suggest panel sessions and keynote speakers for the 2018 Trends conference (deadline for panel submissions will be soon);
- Suggestions for council session speakers and/or topic focus is welcomed and encouraged.
Recap written by Hilary Chapman, Housing Initiative Council Co-Chair and Housing Program Manager with MWCOG.