How is the pandemic affecting rental values in NoVA?
Per the GMU Center for Regional Statistics information, Arlington is at a 14.8% drop since March 2019 to 2020. Between December and January, rents decreased 2.5%. For the first time in 10 years, I saw a sign for “2 months free rent!” That is a huge staggering change and the housing marketing for purchases and sales is appreciating… we see people leaving their leases and taking advantage of the low interest rates and purchase buying power is significant!
We see certain zip codes in Arlington with more inventory, due to increase in investors selling their formerly tenant occupied properties. ALSO, on the flip side of this discussion are the moritoriums on evictions, so there are people who are not having to pay rent because of hardship due to covid based on the legislation put in place for eviction moratoriums.