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Over 238 cities from across the United States, Mexico and Canada submitted proposals, hoping that an increase in jobs and investment could bring widespread and lasting economic growth to their regions.
No matter which city is chosen, the influx of 50,000 high-paid Amazon workers and 66,250 supplementary workers over a ten-year period will put pressure on local housing markets, driving up rent and home prices.
Amazon executives say they are looking for a large metropolitan area with strong job growth, an educated labor pool, proximity to universities, relatively affordable housing and a strong transportation system.
Many cities have been proposed as possibilities, including Denver, D.
, spending 30 percent or more of their income on rent.
Additionally, the fact that one company can have such noticeable impacts on the rental market, especially in metros with a constrained housing supply, is astounding.
With the lowest vacancy rate of the 15 metros studied, the San Jose metro has very little slack to incorporate the additional workers.The impact will be smaller in metros with large housing stocks such as Washington, D.C., Los Angeles, Dallas and New York, with additional annual rent growth project at or below 0.5 percent a year.Full data for 16 of the contending metros can be accessed below, in addition to our original analysis of the factors that explain why rent growth is steeper in some metros than others.For press requests about the impact of Amazon HQ2 in your metro, please contact Apartment List studied the impact on rents in 15 metros contending for HQ2, and predicts an additional annual rent increase of up to 2 percent per year on top of the rent growth those metros would experience without the Amazon HQ2.Since Amazon executives announced early last month that it plans to select a U. city for a second corporate headquarters, or “HQ2,” speculation has been swirling about which city the retail giant will crown.Proposals are due October 19, with many cities expected to offer Amazon tax breaks and other incentives to win the new headquarters.In October 2017, Apartment List released an analysis of the impact of the Amazon HQ2 on rent prices in some of the cities bidding to host Amazon’s new headquarters. Census and Bureau of Labor Statistics to determine how much new housing a metro can build, the amount of slack in the housing market and the impact of an influx of high-wage workers.Apartment List has updated our analysis to include the metros on Amazon’s list of finalists that we did not analyze in our original report. All metros studied will experience additional rent growth from the Amazon HQ2, but to differing extents, with smaller metros generally experiencing greater rent growth. C., Columbus, Ohio, Indianapolis, Pittsburgh and Nashville, Tenn., will feel the rent increase the most, with additional annual rent growth between 1.2 percent and 2.0 percent.According to Apartment List analysis, rents in Raleigh, San Jose, Baltimore and Pittsburgh will be the most impacted by Amazon choosing to build its HQ2 in their metros, with rents expected to increase by an additional 1 percent or more per year over the next ten years.Locations with the largest rent increases are smaller metros, with populations between 1.3 million people and 2.8 million people.