Spotlight on Silver Spring, MD
Located directly north of Washington, D.C., the Silver Spring, Maryland submarket is considered one of the DC MSA’s most vibrant and diverse jurisdictions. The area’s development traces its roots to the early twentieth century; by the 1950s Silver Spring was one of the three busiest retail centers in the Baltimore-Washington Metropolitan Area. Today, Silver Spring contains some of the most exciting developments in Montgomery County, and benefits from convenient accessibility to employment centers in Downtown Washington and throughout the Greater MSA.
Major redevelopment to Downtown Silver Spring began in early 2000 and continues to transform the area into a walkable arts, entertainment, and lifestyle hub. Rockville-based developer Tower Companies recently began development of The Blairs. Once complete, The Blairs will comprise a walkable mixed-use community with over 450,000 square feet of retail and commercial space, a 125,000 square foot hotel, 2,800 apartments, and over five acres of public parks and green spaces. In addition, Maryland Governor Larry Hogan recently announced that a team has finally been selected to commence construction on the Purple Line, a light-rail train route connecting Bethesda to New Carrollton, Maryland, with several stops and stations in the Silver Spring area. The Purple Line will increase connectivity throughout Maryland and the Greater Washington MSA.
Employment drivers in Silver Spring are numerous, in part thanks to the area’s connectivity to Downtown Washington, D.C. and to major employment centers within close proximity. Discovery Communications is the number one paid television programmer in the world and employs about 1,600 people at its Silver Spring headquarters.
The National Oceanic and Atmospheric Administration (NOAA) is tasked with managing and preserving the nation’s coastal and marine ecosystems and natural resources. NOAA employs about 4,600 civilian employees at its Silver Spring headquarters in addition to 300 uniformed service members in its Commissioned Officer Corps. The U.S. Food and Drug Administration (FDA) protects the public health by overseeing the safety, quality, and effectiveness of various foods, drugs, and medical devices. The FDA is one of the largest employers in Montgomery County, employing over 8,400 people at its headquarters in Silver Spring. Schools and universities in the area include Washington Adventist University, University of Maryland at College Park, and Montgomery College.
The featured properties in this month’s rent survey represent six communities in Silver Spring built between 1960 and 1967. Average occupancy rates for the communities range from 90% to 99%. Average rental rates per square foot range from $1.64 to $2.16, with average unit sizes ranging from 672 square feet to 918 square feet. Common area amenities include fitness centers, swimming pools, picnic areas, on-site laundry facilities, secured hall entry, business centers, clubhouses, coffee bars, tennis courts, game rooms, and spas. Unit amenities include hardwood flooring, wall-to-wall carpeting, walk-in closets, stainless-steel appliances, granite countertops, ceiling fans, dishwashers, and private balconies/patios. Residents pay application fees of $25 to $57 and post security deposits from $150 up to one month’s rent. Pets are allowed in some of the surveyed communities with residents paying non-refundable pet deposits up to $300 and monthly pet rents ranging from $30 to $50.