The Rental Market is brisk in Fairfax Virginia and Northern Virginia despite the high demand for homes being sold.
June was a strong month for rentals
Our strong June was partially attributed to a significant drop in sales of existing homes in the month of June. A rise in interest rates in early June led to the decline in sales and increase in Leasing but Circle Property Management sees this trend reversing as rates decline off of their highs.
Average Rents are still rising at a three year high!
Best June in three years
June 2013 826 rental units leased
June 2012 763 rental units leased
June 2011 779 rental units leased
Closing Comments
We continue to see low inventory of homes For Sale and For Rent which has led to a steady rise in values both in the rental market and homes sales market. Although the rental market has suffered slightly from demand by consumers purchasing homes in lieu of renting, we still see strong demand it's just not like 2011 and 2012 when the rental market averages were stronger than sales.
Link: Powerpoint Presentation
Link: Chart
About The Author
Eric Guggenheimer - SFR, ARM ® » Principal Broker, Certified Property Manager, IREM, ARM, NARPM, NVAR, NAR, VAR
