Want to know details on the current rental market?
Rent prices are and have been increasing just like home sale prices. Demand for rentals is higher than the supply.
Let’s take a look at 3 bedroom rents and the price increase since last year:
- Alexandria $2,744 up 7%
- Manassas $3,437 up 63%
- Arlington $3,392 up 6%
- Fairfax $2,990 up 17%
- Sterling $2,350 down 43%
- Woodbridge $2,013 up 20%
- Lorton $2,696 up 7%
Rental supply and pricing will continue to increase the more mortgage rates increase due to more people will be renting.
Depending on your situation, buying a home can be the best financial decision you can make. Your mortgage never goes up, your rent will and will pay for your landlords investment.
I’d love to go over your current situation and develop a strategy for your success. I will give you all the knowledge you need to make the best decision that works for you!
Lisa Joy
Data from Rent.com & Bright MLS