This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!
Question: Have rental prices in Arlington followed a similar trend as the ownership market?
Answer: The rental market for apartments was hit hard during the pandemic with rental rates dropping roughly 15%-20% in Arlington and the D.C. Metro, but rents quickly climbed back up last year and seem to be stabilizing.
As you would expect, the pandemic had the opposite effect on the detached and townhouse rental markets, sending those prices up, but at a lower rate than the appreciation we’ve seen in the cost to buy.
Below, I’ve compiled rental data from the MLS in Arlington over the last five years. Note that very few commercial apartment buildings listed in the MLS so this data is limited to non-commercially owned rentals (for apartments, that is mostly individually owned condos).
Further, it’s difficult to say what percentage of non-commercially owned properties go through the MLS for rent but I would guess that it’s less than half of rented apartments, but likely a majority if detached and townhouse properties. Despite the limited data set, we still have more than enough information available through the MLS to generate outputs that represent the true rental market.
Here are some highlights from the data table:
- The total number of rentals that came to market in 2021 increased sharply over previous years with 48.8% more apartment rentals and 24.9% more detached/townhouse rentals, compared to the averages over the previous four years
- The increase in rent for 3-4 bedroom and 5+ bedroom single-family homes from 2019-2021 was 6% and 12.7%, respectively
- In 2021, the average tenant for a single-family or townhouse paid at or over the asking price
- Rental prices for 3-4 bedroom townhouses is nearly identical to those of 3-4 bedroom detached homes
- The average rent for a one-bedroom and two-bedroom condo is down from 2019 highs by 5.7% and 3.2%, respectively
If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].
If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at 703-539-2529.
Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703-390-9460.
A 4 BD/3.5 B home with floor-to-ceiling windows and stone accent fireplace is included in Just Reduced.
Good Tuesday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier today…
New Addison Heights Home by National Landing Attractions!
A 19-year-old man and a teen boy are facing charges after two girls overdosed at Wakefield High School last week. Police and medics responded to the school just before 11:45…
The Arlington Sports Hall of Fame is extremely pleased to announce that our 2023 Annual Induction Dinner, again in partnership with the Better Sports Club of Arlington, will be held on Wednesday, Oct. 11, at the Knights of Columbus, located at 5115 Little Falls Road, Arlington, Va.
Our dinner will pay tribute to all the honored members of the Hall of Fame and will induct the following six new Class of 2023 inductees, joining the 62 athletes, coaches and contributors who have been inducted into ASHOF since its founding in 1958:
Noel Deskins (Yorktown Class of ’79): Track & Field record-holder & Athlete of the Year at YHS and JMU
Eric Metcalf (O’Connell Class of ’85): Star NFL running back, football and track & field record-holder and Hall of Famer at both O’Connell and the University of Texas
Opening night in Ballston, thanks to a partnership with Marymount University will feature renowned soprano Sharon Christman singing songs of Franz Schubert, Leonard Bernstein, Fanny Mendelssohn, Richard Strauss and some thrilling instrumental music.
But that’s not all! Get ready to