Join Club

Rental Trends: How Much Rent Should I Charge For My Arlington Property?

Rental Trends banner

This biweekly sponsored column is written by the experts at Gordon James Realty, a local property management firm that specializes in residential real estate, commercial real estate and homeowner associations. Please submit any questions in the comments section or via email.

One of the biggest questions any landlord faces is how much to rent a property for. Even if you’ve been renting property for years, every time a unit becomes vacant you’ll be faced with the same question. This is especially tricky if you’ve had a long-term tenant and would like to find someone who’s willing to stay for several years.

The Problem With Craigslist

Many landlords start by going to Craigslist to check out similar properties and get an idea of what they can charge. While this seems like a logical place to start, there are two distinct problems inherent with this method.

Craigslist Is Full of Scams

The average rental price is heavily skewed because of the amount of fraudulent rental listings. It’s a common practice for scammers to scrape information from other websites listing houses for sale and repost them on Craigslist as rentals at ridiculously low prices.

This hurts everyone. Landlords using this method to determine their prices may seriously undervalue their rates because of what they find.

Rents Are No Indication of What People Are Actually Paying

Just because someone is asking $2,500 a month for their newly renovated Ballston condo doesn’t mean they’re actually getting that much. Landlords often base their rates on what they need to get instead of what the going market rates are.

Why Zillow Is a No-Go

Another popular method for landlords is to use the Rent Zestimate feature on Zillow. These estimates use a proprietary method for determining fair market rents based on public data, amenities and neighborhood. They provide both a low and high rent amount based on what they find.

The problem with Zillow is that it has no human going behind it and checking the data. You could have the worst house in a nice neighborhood and the rent prices would show as much higher. It’s also rife with scams, which can skew rent prices even further.

It’s common knowledge that Zillow prices are not accurate. It would be surprising that their rental rates would be any different.

What Should I Do Instead?

You may be feeling confused about how to accurately price your rental. But there are legitimate ways to come up with an accurate rate. SmartAsset recommends charging between 0.8 to 1.1 percent of your home’s value.

If your unit is worth less than $100,000 (highly unlikely in Arlington), charge on the high end. But if it’s worth $350,000 or more, charge on the low end to attract more tenants.

Here are a couple of resources to help you research the Arlington rental market.

RentJungle

Keep in mind RentJungle focuses on apartments, which generally have more amenities than single-family homes. But you’ll get a good baseline for how much people are paying, and if you have a condo with good amenities, prices are comparable.

Neighborhood Scout

In addition to rental data, Neighborhood Scout gives a complete picture of the area, including how old most homes are and the average selling price. This gives a better indication of how your rental property stacks up against others.

Contact a Property Management Company

Many landlords are skeptical about paying someone to manage their rental, but property managers have a vast network of resources and neighborhood knowledge that save you money in the long run. In addition to helping you determine the right price for your rental, they can manage the screening process and make sure your property is maintained to meet all local regulations.

Don’t Skimp on This Important Step

Pricing your property appropriately is one of the most important things you can do to attract long-term tenants that will not only pay the bill, but take care of the place as well. Take your time and do your homework to insure you’re charging appropriately. Your bottom line depends on it.

Recent Stories

It has been an eventful couple of weeks for BMW drivers in the Crystal City and Pentagon City area. Last night another BMW was taken during a carjacking, by suspects…

There is a significant police presence at Wakefield High School this morning after a possible drug overdose.

One person was seriously injured and Bob & Edith’s Diner was damaged after two separate incidents of gunfire in Arlington last night.

Morning Notes

Rent Growth Slowed in 2022 — “Add together the past five years… and the Arlington apartment market has somewhat underperformed the nation as a whole, according to new data…  But…

Need help dealing with anxiety, depression or stress?

If you’re struggling to cope with anxiety, depression or stress, our virtual psychotherapy services can help. We offer a confidential and convenient service that’s tailored to your needs.

In our practice, cognitive behavioral therapy (or CBT) is an important tool we use to provide effective relief for those facing anxiety and depression. We believe that cognitive change can be used to improve behaviors and emotions, thus allowing you to achieve mental wellness. By understanding the cognitive distortions that lead to negative thought patterns, we are able to create interventions tailored to each of our clients. This empowering approach can help you gain control of how your own thoughts, beliefs, and behaviors impact your experience. With CBT, our service provides an effective treatment that can bring long-term change and mental stability.

Book a free consultation today and see how we can help you live a happier and healthier life.

Read More

Submit your own Announcement here.

St. Charles offers a play-based curriculum in a welcoming, Christ-centered environment.

Our program focuses on socio-emotional development and kindergarten readiness through hands-on and engaging activities. Our programs offer different schedules ranging from 7:30 am-5:30 pm for students, ages 2-5. We feature a full-day Jr. kindergarten class for older 4’s/5’s. Our facility includes a full-sized gymnasium, school chapel, and library. All of our students enjoy music and physical education weekly. Children have an opportunity to participate in enrichment classes such as soccer, basketball, ballet, and science.

We offer Summer Camp with weekly themes and twice a week water play, including Fun Friday moon bounce. Please join us for our Open House Feb. 3 at 9:30 am and 11:00 am. Click here to sign-up.

For more information or to schedule a tour, visit us at www.stcharlesarlington.org or call (703) 527-0608.

Submit your own Announcement here.

Almost, Maine

Just in time for Valentine’s Day, join us for a series of vignettes that revolve around the theme of love. Taking place in an almost-town called Almost, Maine, we will show you different, but important, facet of love in each

First-time Moms Meet & Greet

The truth, your first pregnancy and new mom months are full of twists and turns, ups and downs, and lots of questions! None of us really know the best way to do it – we just figure it out, together…

×

Subscribe to our mailing list