It’s getting more expensive to live in Pentagon City. Rent is expected to grow 4 to 7 percent over the next five years, according to online real estate publication GlobeSt.com. That follows a 4.9 percent increase in rent over the past year, according to a report from RED Capital Group.
The rise in residential rent comes at a time when a number of Pentagon City apartment complexes have sold at sky-high valuations. The Hampton Apartments at 1425 South Eads Street recently sold for $33.5 million, and the Metropolitan at Pentagon City luxury high-rise at 901 South 15th Street just sold for $125 million, according to the GlobeSt.com article.
RED’s report states that between the first quarter of 2009 and the first quarter of 2010, Pentagon City posted the fastest rate of multifamily rent growth of any Northern Virginia submarket. The 4.9 percent year-over-year growth in Pentagon City compares to 2.4 percent growth along Columbia Pike and -1.4 percent rent growth along the Rosslyn-Ballston corridor.
The effective first quarter rent was $1,902 in Pentagon City, compared to $1,700 in Rosslyn-Ballston, $1,407 along Columbia Pike and $1,327 in Falls Church. Apartment vacancy in Pentagon City decreased from 8.8 percent in 2009 to 6.2 percent in 2010.
Arlington Economic Development Director Terry Holzheimer says part of the reason for the increase in effective rent in Pentagon City may be due to the pricey new luxury apartment buildings which have recently started leasing in the area, bringing up the average. He said market fundamentals — higher-than-usual unemployment, stagnant personal income growth — don’t seem to support significant rent increases.
But higher rents on existing apartments have been pushing some residents out of the area. The Lenox Club apartment building at 401 12th Street South has been raising rent across the board by a minimum of 5 percent this year, according to a building representative. The rent increase has prompted a crush of moving van traffic as residents flee for cheaper buildings. That, in turn, has prompted management to bring in sign spinners to help attract new tenants.
It’s not clear what effect BRAC job losses will have on rent in Pentagon City, especially at a time when housing inventory continues to increase. As of the first quarter of 2010, 308 apartment units were under construction.
Everyone has flat screen TVs already so how about a more interesting Black Friday special? The ARLnow Press Club for free, to try out the daily Early Morning Notes email…
There’s not a whole lot going on in Arlington today, save for activity at local shopping centers, so we’re going to fast forward right to the top story countdown. Here…
Statues of Liberty gives thanks this holiday season and grateful for a few things this year.
It’s turkey time. Thanksgiving Eve is upon us and extra revelry can be expected at some local bars tonight, ahead of the holiday. Please be careful on the roads and…
The Optimist Club of Arlington is holding its 76th annual Christmas tree sale!
This year, the tree sale will be held at the Knights of Columbus (5115 Little Falls Road). The lot opens for sales on November 25th. The Optimist Club is selling small and large trees ranging from tabletop size to huge 14 foot tall trees! Wreaths, garlands, tree stands, and White House Christmas ornaments will also be for sale.
100% of all proceeds go towards helping Arlington County youth.
For more information, please visit the Arlington Optimists website at https://optimistclubofarlingtonva.org/.
Art House 7 is a small art studio in Arlington – offering instruction in painting, ceramics, sewing and more. We are looking for kind, dedicated people who love both creating and teaching.
Ceramic Teachers are needed to teach wheel-throwing to adults and 6-12th graders and to teach hand building to elementary grades. Classes have 3-8 students.
Drawing teachers are needed to teach either kids or adults. For kids, we offer cartooning, manga or traditional drawing. For adults, we only offer traditional drawing.
Painting teachers are needed to teach either kids or adults. We offer oil, acrylic or watercolor for adults or teens. All elementary classes use acrylic and tempera.
NCE’s Holiday Concert will bring the finest classical masterpieces and holiday favorites together for the whole family. The festivities begin with Leroy Anderson’s classic “Sleigh Ride” and “Chanukkah Festival”, music from the Nutcracker and by J.S. Bach.
Outstanding Young Artist