Why are rental prices sky high in Woodbridge Virginia?
Rental housing is in short supply, so landlords can ask top dollar for their houses.
It's a classic example of supply and demand. Low supply, high demand leads to high rent.
For example, a lovely 4 bedroom, 2.5 bath, 2 car garage single family home in Old Bridge Estates just rented for $3,000 per month to a military man coming to DC for a one-year class.
That house was up for sale or for rent. If it were purchased with a VA, no money down loan, the monthly payment, including taxes, insurance, and home owners association dues would have been less than $2,245.00. The folks could buy the house, enjoy cheaper housing while they are here, and rent the house for positive cash flow when they leave.
Another couple is looking at houses that are for rent for $3,100 - $3,800 per month in Fairfax County and Alexandria. They could buy a house similar to the houses they have seen for less than $3,000.00 per month. When they leave the area, they could rent the house for positive cash flow.
There just isn't enough rental property on the market, so rent is expensive in Northern Virginia.
Are you curious about renting vs owning? Want to know more? Give Erick Blackwelder (that's me) a call at 703-677-1120 for a free, over the phone rent vs own analyisis in the areas where you want to live.
I can help you find a home to buy or rent. Your choice.
Call now, 703-677-1120.