(Updated at 11:05 a.m.) Arlington Public Schools Superintendent Francisco Durán has proposed a 2024-2025 budget that he says avoids new expenses in a lean fiscal year compounded by state funding uncertainty.
He presented an $824.7 million budget — which increases the current budget by $12.2 million, or 1.5% — to the Arlington School Board last week.
It’s March and the month to come is packed with holidays, events and the arrival of spring.
There’s warmer weather, cherry blossoms, Daylight Saving Time, March Madness and St. Paddy’s Day, just to name a few.
This regularly scheduled column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. If you would like to work with Eli and his team in Northern Virginia and the greater D.C. Metro area, you can reach him directly at [email protected].
Question: Does the cost of renting a home in Arlington increase at a similar rate as the cost of buying a home in Arlington?
Answer: The cost of renting and buying a detached home increases at a similar rate, but the cost of renting a condo has outpaced the cost of buying a condo.
Condo Rents Rising Faster than Condo Prices
Since 2020, the cost of renting a detached home in Arlington increased at a similar rate as the cost of buying a detached home; 26% and 28%, respectively.
However, the cost of renting a condo increased significantly faster than the cost of buying a condo; 21% and 6%, respectively.
Sale Price to Rental Rate Multiple Shifts with Interest Rates
The table below shows the average price and $/SF of buying a detached home or condo relative to the average annual rent for a detached home or condo, in Arlington. Higher multiples show that buying is becoming more expensive relative to renting.
Takeaway: Condo buyers are more rate sensitive than detached home buyers and are more likely to rent (higher rental demand = strong condo rent appreciation) than buy (weakened purchase demand = low condo value appreciation) when interest rates increase. Notice how quickly the sale price to rental rate multiple drops from 2020/2021 to 2022/2023 (rates skyrocketed spring/summer 2022). (more…)
New Apartments Now Open — “JBG Smith Properties… delivered its first new residential project in Crystal City, representing a nearly half-billion-dollar investment and continued confidence that residential demand will keep growing in the area. The side-by-side towers — named The Grace and Reva and standing 26 and 27 stories, respectively — replace a blocky 11-story office building that was demolished in 2019. Their combined 808 luxury units, costing the company some $422 million per its most recent investor package, crown the company’s 3,700-unit residential portfolio in… National Landing.” [Washington Post]
Arlingtonian Advances on Jeopardy! — “In a battle that went down to final Jeopardy!, Arlington attorney Luigi de Guzman advanced in the quarterfinals of the show’s Tournament of Champions. The show aired Thursday night. The 43-year-old attorney was the only contestant to answer final Jeopardy! correctly.” [Northern Virginia Magazine, The Sun]
Is your summer camp calendar still open? Consider Art House 7 for your kids, a creative, well-loved space with a fabulous range of quality summer camps for ages 5-14. Your kids will love the imaginative themes and fun teachers. We’ll be making pottery, painting, drawing, printmaking, and sculpting. Among our camp themes: modern masters of art, “green” art, animals, fairytales, and folk stories. Our weekly camps are morning or afternoon, Monday-Friday.
Art House 7 is near the Lee Harrison Shopping Center in Arlington. We have a 2-story studio and free parking.
Good Friday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar.
The following articles were published earlier today — Mar 1, 2024.
The Women’s Crawl is coming to Falls Church on May 9, 2026!
Hosted by the team behind the Shrinks on Tap Podcast and presented by Expand Psychology, this one-of-a-kind event is more than a night out—it’s a movement.
Workers lowered signage today (Friday) from the now-former Giant supermarket in the Lyon Village Shopping Center.
Several passersby watched with interest as the team unscrewed the letters G-I-A-N-T from the storefront at 3115 Langston Blvd. One visitor, apparently a would-be customer, walked up to the grocery store’s closed entrance and peered inside before returning to her car and driving away.
A mini-baby boom could deliver Arlington Public Schools a slight enrollment bump through 2033, according to the latest 10-year projections.
The report says live births are predicted to increase by 13%, or about 300 babies, through 2028. This modest increase contrasts with a report last year predicting short-term increases followed by declines in the outer years due to declining births.
Rustico is closing its doors in Ballston.
The craft-beer-centric restaurant serving “artisan pizza” and “creative American cuisine” at 4075 Wilson Blvd plans to welcome its last customers on Sunday, March 10.
(Updated at 11:55 a.m.) Two years ago, Grace Community Church held its meetings at the Thomas Jefferson Middle School auditorium.
Now, it is hosting big acts in contemporary Christian music at its new home in Ballston Quarter, which seats 500 people.
Car Fire Near Ballston — A vehicle caught fire in the northbound lanes of N. Glebe Road near 16th Street N. yesterday morning, closing the busy artery for an extended period of time. [Twitter]
Local Republicans Oppose Arena — From the Arlington GOP: “Arlington Republicans issued a “snap poll” to see whether our members supported or opposed the Potomac Yard stadium proposal. While the Committee hasn’t taken a position on this matter, here are the results after ~24 hours.” [Twitter]
