head_left_image

Thinking Of Renting When You Come To Fort Belvoir Or NGA? Let Me Be Candid With You

Rental Shock at Fort Belvoir
We hear a lot of talk about it being a "buyer's market" in Northern Virginia.  That may or may not be true depending on where you want to live.  But without a doubt it has become a Landlord's market when it comes to rentals close to Fort Belvor or the new NGA facilty in Springfield.

At least two or three times a week I get an email request from someone relocating to the area.  They want a reasonable commute to Fort Belvoir, NGA or access to public transportation to DC.  Easy enough to do.  Then the hard part or perhaps the reality part hits.  Most often they want a a 3 or 4 bedroom detached home with a garage for under $2000 a month.  Unfortunately reality is the rental prices for a detached homes meeting this criteria starts closer to $2300 and more likely will be $2500 or more per month. 

The reaction is always the same...ouch...okay I cleaned it up a bit but the reality is landlord's are taking a look at the explosive growth and saying GOTCHA.  Recently I talked to one of my clients who has been in the same rental for 3 years.  They asked to renew their lease for another year and the landlord wanted them to increase their rent by almot $500 per month to stay.  Sure enough when I ran the comps for them that was close to the current rent for other properties in the same neighborhood.  They worked out solution but it was a shock to them how much prices had gone up.

If you are coming to the Fort Belvoir or NGA you need to be prepared.  If you increase your commute time you will have better luck finding a nice home in Prince William County at the $2000 price point.  If you want to stay close to your new job then take a deep breath and be prepared for rental sticker shock.

 

 

 

 

 

 

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

Comment balloon 12 commentsCindy Jones • March 11 2011 01:23PM

Comments

The rental market is definitely seeing a lot of action, and increased prices.  When you find a rental you want, have the application and the funds ready to go. 

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) almost 8 years ago

Cindy, 

We are definitely seeing the same thing here and expect rentals to continue to increase in price.  I do think that will drive home sales as well, when the cost of renting seems like less value and it's almost cheaper to buy.  

Excellent point. 

All the best, Michelle

Posted by Michelle Francis, Realtor, Buckhead Atlanta Homes for Sale & Lease (Tim Francis Realty LLC) almost 8 years ago

Rental prices have gone up in the area.  And the inventory seems to go quickly as well.

Posted by Pat Fenn (Marketing Specialist for CJ Realty Group/Cindy Jones Broker ) almost 8 years ago

It can be very shocking to see rental prices at times when folks aren't expecting it.

Posted by Steve Scheer, Highlands Ranch Real Estate - Denver Real Estate (Realty Oasis - Metro Brokers) almost 8 years ago

Chris Ann-absolutely!  They go fast.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) almost 8 years ago

Michelle-that could be the tipping point in our area too.  Some of the rentals are more expensive than buying but if you know you are only going to be in the area for a year buying doesn't make any sense.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) almost 8 years ago

Pat-I'm concerned when searching for rentals that I find a home listed for sale as a short sale AND up for rent.  That's a red flag for me.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) almost 8 years ago

Steve-unfortunately our rental prices have always been a bit on the high side.  Now they have jumped even more in areas close to expanding Fort Belvoir.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) almost 8 years ago

Yikes is right.  However, we all get used to the prices if we stay here long enough.  When I first moved to No. VA in 1998, I sold my home for $82,000  It was in a great area in SoCal and we had just lost 3 military bases.  However, purchasing a home in the $300's at that time was sticker shock!

Posted by Gail C. Harris, Reach the BEACH with Gail C. Harris (cell: 703.868 (Resource Network, LLC SFR, AHWD, ACRE, SMAR Board Director) almost 8 years ago

Gail-when one of my friends left the area and she told me she was renting a nice 2 BR/2BA house for under a $1000 a month in her new location I wanted to pack up and move with her :-)

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) almost 8 years ago

Cindy - it would be interesting to compare the rental cost to the cost of ownership perhaps it is time to buy instead of renting

Posted by Kathy Clulow, Trusted For Experience - Respected For Results (RE/MAX All-Stars Realty Inc. Brokerage) almost 8 years ago

Kathy-depending on the location buying could be a better dea.  However most of the rental calls are from folks who will only be here a year or two.  In that case renting is the best option.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) almost 8 years ago

This blog does not allow anonymous comments