Our rental market is very strong currently and started to get tight a few years ago. There is a very low inventory, particularly larger properties where families would like to live. Many folks for a variety of reasons can’t get a loan to buy a home. But of course they still have to live somewhere and Falls Church is a first choice for many people
NOTE: Not all rentals are listed in MLS. Quite a few are done privately or via other sources (Craig’s List, Military by Owner, etc.). Thus the stats here don’t show everything. However we’re confident it captures the overall trend.
[box type=”download”] For 2012:
- As of March 12th, there were 10 Active rentals (1 detached, 2 townhouses, 7 condos) with 3 in the Application Registered category. More will likely come on as Spring arrives. But this low inventory and the speed at which these rentals are taken is quite amazing. This trend was also seen in the first three months of 2011, 13 rentals in the same time period.[/box]
[box type=”download”] For 2011:
- 81 rentals (37 detached; 12 townhouses, 32 condos
- Days on Market: Was an amazing 15 days. By property type…Detached (13 days); Townhouse (9 days); Condo (23 days). All are averages.
- Only 9 (1%) did not get list price. A handful got more than list.
- Currently: As of January 31st, there were ?? active rentals. (WILL GET THESE #s LATER)
Without question, this is a very strong rental market. Just like buyers, renters know the value of an established community with strong schools, great location, and a high quality of life.[/box]