Spotlight on Hyattsville, MD
Located less than one mile northeast of the nation’s capital, Hyattsville is a bustling suburb in Prince George’s County, Maryland. Originally incorporated in 1886, Hyattsville has enjoyed key access points to major transit ways since its founding and today still connects with the Washington and Baltimore Turnpike, the Capital Beltway and the Camden Line of the MARC commuter train. Furthermore, the city is connected to Washington, D.C. and Northern Virginia via several Metrobus lines and the Metrorail’s Green and Yellow Lines at the West Hyattville and Prince George’s Plaza metro stations. This allows Hyattsville residents to enjoy D.C. MSA’s strong employment growth and urban amenities while residing in one of Maryland’s “Smart Energy Communities,” as Hyattsville exclusively uses wind energy to power city operations and offers locals extensive green space for leisure and recreation.
Over the past decade, Hyattsville has experienced a period of sustained large-scale redevelopment, including an increased residential and retail presence around key transportation hubs and high growth areas. For instance, the Gateway Arts District is a $200M mixed-use revitalization effort that features numerous unique homes and live/work units surrounded by a culturally captivating neighborhood. This includes museums, interactive exhibits, cafés, Maryland’s first Yes! Organic Market, and the locally renown Busboys and Poets. Furthermore, due to its prime transit position and immediate proximity to the Mall at Prince Georges, Prince George’s Plaza has also seen substantial comprehensive rejuvenation efforts. University Town Center (UTC) represents one of those efforts and includes condominiums, student housing, office space, a public plaza, and high quality retail such as a 14-screen movie theatre and restaurants. The neighboring University of Maryland College Park campus provides a consistent stream of residents and patrons to UTC as well as the broader area.
Major future development highlights include the advent of the Metrorail’s Purple Line. It will connect suburban Maryland inside the Capital Beltway from Bethesda to New Carrollton and increase aggregate real estate values in the affected region by $12 billion. Given this anticipated increase in public transit options, development interest locally has been waxing. In turn, Hyattsville boasts a handful of exciting new projects including Echo Realty’s new mixed-use project in University Town Center. The Safeway-anchored development envisions 85,524 square feet of high-end retail and a multi-story parking garage. Likewise, the Kiplinger Development is planned to deliver over 348 multifamily units, 40 condominiums, and 86 four-story townhouses. Moreover, the Gateway Arts District’s Arcade at 4318 Gallatin Street will house a new art center and thus maintain the momentum shaping the Arts District over the past decade.
The featured properties in this month’s rent survey represent six communities in Hyattsville built between 1949 and 2014. Occupancy rates for the communities range from 91% to 98%. Average rental rates per square foot range from $1.81 to $2.06, with average unit sizes ranging from 770 square feet to 1073 square feet. Common area amenities in the area typically include fitness centers, swimming pools, clubhouses, business centers, and secured access communities. Unit amenities include hardwood floors, vaulted/high ceilings, dishwashers, and appliances. Residents pay application fees of $25 to $30 and post security deposits from $100 up to one month’s rent. Pets are allowed in some of the surveyed communities with residents paying non-refundable pet deposits up to $600 and monthly pet rents ranging up to $35.