Alexandria and Northern Virginia in Top Ten Highest Rental Markets in the US
July 5th, 2011 Categories: Real Estate News
In a article published today by MSN Real Estate, Alexandria and Northern Virginia were cited as being in the top ten highest rental markets in the US.
The government and a higher than average employment rate in the greater Washington area puts landlords firmly in the drivers seat when it comes to rents.
Just a year and a half ago, the national rental-vacancy rate sat at a peak of 8%, its highest level in nearly a decade, with economic conditions driving tenants to move in with family or friends.
“The apartment market really turned around though in 2010,” says Axiometrics* President Ron Johnsey, who expects rents to continue to rise through 2013 at a national average of 5% to 7% a year. “In some markets, you’re seeing double-digit increases in rent.”
What does this mean for you? If you are looking to invest in rental property the signs point to excellent opportunities for solid rental income.
If, on the other hand, you are tired of paying as much for a rental as you could be paying on a mortgage then this is a perfect time to start looking. In particular, the condominium market in Northern Virginia is where you might want to start.
In either case, I’m here to help you find the perfect solution for your pocket book. Give me a call at 703.927.4554 and let’s make it happen.
Michael
*Axiometrics is an apartment research firm
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