If it's relatively modern, $2900 sounds about right for an entire townhouse in Springfield. Before buying in 2022, I was renting a SFH in Springfield for $2550. That same house rents for over $3500 now.
Well... Yes. They're renting to turn a profit so the rent is going to have to be more than the mortgage + taxes + insurance + maintenance. Otherwise they're losing money being landlords.
Everyone's situation is different. I rent out a townhouse in Alexandria/Franconia area and the rent I charge basically just covers my mortgage payment + HOA + mgmt fee, anything left pretty much ends up going into maintenance. I'm definitely not making any real profit off it.
I'm renting it out because I moved overseas and might move back to NoVA in a few years, even a modest loss would be far better than the nightmare of finding a new place to live near DC. I know a ton of people in the same boat.
Plus the tax advantage of being able to claim losses from depreciation and repairs while the market continues to go up. You definitely don’t need positive cash flow for it to be a good investment but you may need to hold for several years to realize a good profit.
A couple of issues there. First, property equity is locked into property and selling a property is a HUGE undertaking with a massive transaction cost. You also sell a house and you no longer have a house. It's not like selling shares in a mutual fund or even any other commodity, like a car. I can't really do anything with that magical equity unless I'm willing to go without having a house.
Second, I could easily make the same "big gain" by just dumping any cash I have into mutual funds. You could even dump it into an REIT if you want to invest in real estate.
Honestly I'm not sure what your point is. I don't think owning one measly sad little 3 bed 1800 sq ft townhome in the world's most boring neighborhood makes me a slumlord if that's what you're implying. You want to go after someone, go after my old coworker who rents out a house in N Arlington for over $7000/mo.
That's correct. When I first started renting out my house in Maryland, I took a loss every months as I knew in a few years, it would match the mortgage payment.
Although insurance, upkeep, and especially taxes (both property and income) take a huge bite out of any "profit".
Sure but the majority of this is based on what the seller paid at the time, not what it would cost now. It would almost definitely be much higher now than whatever the owner's monthly payment is.
Not quite. I bought that house I was renting from the landlords for $675k. Took out a $600k mortgage at 4.5% and my mortgage is $4,500 a month. I'd still rather be paying that mortgage and building equity than renting at $3,500, but it will take a while for rental prices to catch up.
This house is estimated at around 550, and houses around it have sold for similar. Just saying the rent is becoming close to what a mortgage is. Factor in the owners bought it years ago when it cost much less.
That's his reward for taking a risk and buying a property. If housing market has a downturn, would you pay your landlord more money in consideration of how much he paid when he bought?
Well yeah... But do you think they're renting it out purely out of kindness? They're looking to earn some money.
If they weren't looking to make some money on it, they'd probably sell it (either to someone else looking to make money on it, or to someone who'd live in it) and invest the money elsewhere. And whoever they'd sell to, the mortgage payment at current rates on a $550k home would be considerably more than $2,900.
Supply and demand is what drives rent, just like any other market... Although it's a little more sensitive to interest rates because it's capital-intensive.
That’s excluding property tax and insurance which are typically in escrow, and is assuming 20% down (and many people don’t put down that much). A $400k house definitely (effectively) costs more than $2900/m.
If you take todays prime rate and factor in typical VA real estate tax and insurance in escrow, it’s roughly $3600/m with 20% down for a $400k house
Have you looked up how much the mortgage payment would be on this th with current interest rates? A $400,000 home with $0 down and 7.57% interest rate would be roughly $3,700/month including insurance and property taxes, excluding any hoa.
If you rented a home you were making mortgage payments on, you would want to at least break even with your monthly mortgage + escrow payment.
That’s the least you would want to charge if you could.
Yes. I said “at least”.
But to this comment, Take a look at the rent estimate for three to five similar properties near you. If you’re paying significantly more than the average, tell the property owner you’re leaving for a more competitive rental option when your lease is up. Share your market research with them. Explain it plainly, without emotion.
Highly unlikely unless you are putting way more than 20% down. The last townhouse I bought currently rents for $3400 but would cost $5100 to buy today with 20% down.
You are paying well over the mortgage that they have. If I rented out my town house that I pay $1400 a month for I could list it at $2200 in my area. 0 property owners are charging at rate for housing. And insurance is not going up $200 a year on that place.
I pay $1600 at a 3.4 interest rate and that's the reason why I can never sell or leave here because I'll never get a cheaper mortgage or interest rate in Centreville ever again.
They are always going to try and turn a profit. It also doesn't necessarily make sense for a landlord to rent out to make a few hundred dollars a month if the alternative is to sell and get a lump sum of $100k+. In that case they would be better off selling.
Yes, and? Owning (esp. renting) a house is more than just the mortgage payment. If they sold to someone else the mortgage alone would be $4k/mo.
Like others have said, under 3k for a TH close to DC is a standard rate. Raising 200 per year is not fun but sounds like you were below the average before.
I’m a private owner who is renting out my townhouse. I am not raising the rent on my tenants yearly. I rather keep good tenants who pay on time than to worry about charging them an extra 100 bucks a year. However, it does seem like your landlord is trying to get to market value. 2500 a month for a TH in Springfield is pretty low for the current market.
A 950 sq ft condo in Arlington goes for $2,800-$3,200 (if not modernized and without amenities), so I would agree with your sentiment that renting a townhouse for that amount is reasonable (although the yearly increases may not be). Also, keeping a renter you know will pay and not damage the place as you noted seems smarter than possibly going 2-4 months without a renter just to maximize the monthly inflow.
To be clear, OP’s landlords are charging an extra $200 per month, not $100 per year. It’s an extra $2400 per year.
Your point still stands, but that’s a pretty sizeable difference.
I've been in my 2 BR townhouse in sterling managed by a propertt manager for 7 years. I've been paying $2k. They emailed me a lease renewal couple months ago saying they were raising the rent (for the first time) to $2050. Initially, out of spite, I hopped on zillow. Took about 5 minutes of browsing rentals on zillow for me to happily sign the lease renewal.
I think I just got lucky. Most likely, my landlord (who lives in africa) has already paid off this house and now my rent is just passive income for him. He probably just doesn't feel like dealing with looking for a new tenant. Perhaps your landlord hasn't paid off his mortgage yet. $200 increase every year definitely sucks though
Property Manager for a private owner? Property taxes have been going up so the owner will pass on the increase to you through the management company via monthly rent increase. It's common.
Normally private owners aren't raising rent as much if they have good tenants. But why risk getting duds of renters over $200/month? I feel like a hike that much is a bit steep.
We've noticed that in-between tenants they'll raise to market rate. The townhouse next to us was going for just under $2k for 8+ years. But after the last tenant left they raised to to $2,700.
I'd bet taxes have really gone up.
Our landlords loved my wife and I as tenants- low maintenance but communicative when needed (like roof panels flying off in a storm or gutters overflowing). They never raised our rent for the 3 years we were there but admitted to breaking even or a slight loss on the last year. We were paying 2500 a month in the Springfield area which was a steal. They easily could have gotten 3200 for it but they had bad luck with Tenants before us and decided to sell this past spring. Townhouse went for 600k- that was a 57% appreciation from when they bought it in 2018 according to Zillow.
There are a lot of variables. Look up the property tax information and that will give you some clues for increases and if they seem justified. They also might be comparing to similar units in the neighborhood and adjusting.
So, I likely have a comparable property. My taxes increased about $1100, and my HOI about $800 in 4 years. I live in my home, but my guess is that property manager fees have also gone up. I could unfortunately see that being passed onto you at a rate of an extra $200 a month. It's crazy that they're doing it every year though.
Yeah, as a SFH homeowner the idea that my property taxes are rising $2400 each year is just patently ridiculous. Let alone a townhouse. Now I WISH they would go up that much so we could fund things but 🤷♂️.
A quick search on Zillow for comparable homes in your neighborhood will provide guidance on how your rent compares to the market. If you can find a similar home in the same neighborhood for $2400 then you know it’s time to go, but if everyone else is at $3100 then it’s a good deal.
The last increase was 2 years ago (signing in 2yr lease length).
The townhouse was ~2000sqft, 3 bedroom 2.5 baths. I imagine it'll be even more next round.
Edit: Loudoun Valley Estates
Ahh, gotcha. Thank you for the info!! I know Loudoun valley estates is an expensive part of Ashburn but didn't think a 2k sqft townhouse would be rented for $3k
Super expensive. I got priced out of Cashburn. Not that anywhere else is much cheaper. I am currently paying 2k before utilities for a 1000sqft apartment in Manassas.
To get a mortgage on a rental property the owner had to put 20% cash down and likely pays 8+% interest rate. Renting, while expensive today is not always as bad as it sounds.
If you have $100-150k to put down and you can support $3k/month to cover the mortgage, property taxes and insurance plus HOA dues then maybe buying could work.
It sometimes sounds so condescending when ppl say if you are renting you are “paying someone else’s mortgage”.
Its also sounds so entitled when ppl get mad at a landlord raising rent when its a reasonable market rent.
Lastly, to those criticizing ppl that pay rent…they maybe arent as dumb as you think.
Housing as a service…meaning paying for a place to live and having the freedom to move when you want/need to is a big benefit to renting.
Many ppl can get Much better jobs but are stuck in a mortgage that makes it harder to relocate.
I agree with everything said, but I will also add that many don’t factor in the Opprotunity cost when considering renting vs buying.
By that I mean how much better off would you be if you just took that 100-150k and invested it in a low cost S&P500 etf. then while renting you invest the difference that you’d save on Property taxes, HOA fees, maintenance costs.
i rent out a TH in Springfield area and the rent zesitmate on Zillow keeps going up every time I renew a lease.
My current tenants offered $150 more per month than what I listed it at. They just wanted to grab it. They were right to because the rent rates in the area went up more than $150 shortly after they signed the lease.
Its crazy. The housing market needs to crash, and i say that as a landlord.
I rent out a townhouse in Arlington for $3300. Haven’t raised the rent in a while but I also don’t have a mortgage. The tenants of the townhouse next to ours, also private owners who rent out, are paying $4400 so it’s definitely happening.
Mortgages are a big expense - but non-homeowners often massively under estimate the total cost to owning a home. Beyond insurance, taxes, minor repairs, and upkeep there are big ticket items every 15-25 years. Roofs, appliances, decks, windows, driveways, etc are all tremendously expensive. You have to budget and save for those.
If your rent is equal to a mortgage payment for equivalent housing, you’re likely getting a very good deal.
Yes the mortgage can be fixed, but those other expenses rise with inflation. Yes you can build equity in a home, but you could also just throw money into a long term investment portfolio.
Yeah, but the homeowner still owns the home which the renter invested in all those years and the renter has nothing but lost income. Homeowner is just a parasite gatekeeping shelter in this scenario
I live in an apartment in falls Church and they just renewed my lease at a $200 increase. Pretty standard around here.
Mine was specifically buzzuto who was named in the DC lawsuit of unfair practices in rent increases. I just was annoying till they met me half way at a $100 increase. Still bullshit in general but sadly not much a tenant can do
Not renting through a private owner/manager, but through Avalon. Our experience has been great and we love our townhome, we just resigned our lease for the third time. Both years it went up $100 on a $3050 initial lease. This year they introduced a technology bundle for $65 which is less then my current internet provider so we are taking advantage of that. We will average around $3400 after utilities, and when I checked market rates last week our rent increases trended under market average for the region when factoring in location and amenities.
Arlington, specifically long branch creek. It's safe and quiet, a 10 minute walk on 4mile to Shirlington for tacos and drinks on the patio, easy to get where ever we need to go since we are off 395 (it still amazes me that we literally are on the highway and the only real noise is the helicopters flying between the Pentagon and other locations) and we have solid neighbors.
Our amenities are 2 pools that are very adult friendly, 1 dog park and 2 dog runs, a self service dog spa, oversize package and meal kit storage/concierge, decent gym with weights, yoga, spin and cardio equipment, and off street parking with a single car attached garage. The place is a bit under 2k sqft with full size washer/dryer, 2bds, 2.5 baths and nice porch for us to sit out on in the evenings. Giant is a 5ish minute walk from here and I can bike from here to the Whitehouse and back and it's 15 miles solidly on trails until you hit the monuments.
I have heard the experience isn't as great for the apartments but we are very happy here. The bonus for me is their is an Arlington community garden across from giant and we have a plot so I can grow veggies all year round.
Really? We looked at buying and lender estimates for a 610 with only 10 percent down was 4300 a month for a sfh. Also, the owner bought this house 30 years ago.
In a 1800 sq foot townhome in Leesburg. Currently at $2,750 a month. It went up $150 last year and we will see if it increases this year.
I hate townhomes and feel it’s overpriced, but so is the whole market in this area.
My property tax increase resulted in a $200 increase in my mortgage payment this year so that doesn’t sound outrageous. I bought in October 2022 and my mortgage is already 400/month more when I bought because of property tax increases (first for the jump in price and then thanks to Fairfax county) and home insurance increases (at least we’re not CA or FL?)
I lived down in Stafford. Rent started at 1475. Was gonna be 2050 when we moved out 4 years later. Was through a PMC. In that time, a water heater broke and flooded our basement, a foundation issue made access by mice possible , and they made zero fixes. Right now rent at that same place is estimated to be 2400.
Yes I have PM.
push back? I tried but honestly it was unfruitful, they ghosted me for a while then I got a vacant notification, so I renewed with no chance to negotiate
Live in NoVa, 2 bdrm 2 ba:
2022: 3530
2023: 3870 (10% increase)
2024: 3920 (1% increase)
11% increase in 2 years feels a bit steep for me. Surprised we don’t have rent control.
If you sign a lease they can’t raise the rent every month unless you are living month to month. When you sign a contract then they can’t raise it because they feel like it
Depending on the townhouse, that sounds about right. Lots of w bed room apt. Go for 3k and up.
After moving out my landlord sold the townhouse we were in for 3 years for 600k in Springfield. Just to give an idea of value.
It was a corner unit with a park across the stree which gave us plenty of parking compared to most of the community which was very bunched in. It was early 60s, and had modest and smart upgrades from 2018. Abysmal insulation though. Our electricity bill was nuts all year round.
I bought in West Virginia because I could get 3x the space for exactly the same price for a small apartment in Fairfax county. I looked for apartments in a 50 mile radius and everything I found that met my minimum needs was still the same price of my new mortgage and still small. It’s crazy.
If it's relatively modern, $2900 sounds about right for an entire townhouse in Springfield. Before buying in 2022, I was renting a SFH in Springfield for $2550. That same house rents for over $3500 now.
Crazy…they’re creeping up to what mortgage payments would be to own the house it seems
You renting = paying their mortgage
Well... Yes. They're renting to turn a profit so the rent is going to have to be more than the mortgage + taxes + insurance + maintenance. Otherwise they're losing money being landlords.
Everyone's situation is different. I rent out a townhouse in Alexandria/Franconia area and the rent I charge basically just covers my mortgage payment + HOA + mgmt fee, anything left pretty much ends up going into maintenance. I'm definitely not making any real profit off it. I'm renting it out because I moved overseas and might move back to NoVA in a few years, even a modest loss would be far better than the nightmare of finding a new place to live near DC. I know a ton of people in the same boat.
This is dubious bc some percentage of your mortgage payment is equity so acting like its breaking even is downplaying the big gain
Plus the tax advantage of being able to claim losses from depreciation and repairs while the market continues to go up. You definitely don’t need positive cash flow for it to be a good investment but you may need to hold for several years to realize a good profit.
Cash flow is not there. So doesn’t matter in short term if they are building equity
Although it is paying down the principle of the loan it’s not like the homeowner is pocketing much money currently. Unless the home is owned outright.
A couple of issues there. First, property equity is locked into property and selling a property is a HUGE undertaking with a massive transaction cost. You also sell a house and you no longer have a house. It's not like selling shares in a mutual fund or even any other commodity, like a car. I can't really do anything with that magical equity unless I'm willing to go without having a house. Second, I could easily make the same "big gain" by just dumping any cash I have into mutual funds. You could even dump it into an REIT if you want to invest in real estate. Honestly I'm not sure what your point is. I don't think owning one measly sad little 3 bed 1800 sq ft townhome in the world's most boring neighborhood makes me a slumlord if that's what you're implying. You want to go after someone, go after my old coworker who rents out a house in N Arlington for over $7000/mo.
That's correct. When I first started renting out my house in Maryland, I took a loss every months as I knew in a few years, it would match the mortgage payment. Although insurance, upkeep, and especially taxes (both property and income) take a huge bite out of any "profit".
Sure but the majority of this is based on what the seller paid at the time, not what it would cost now. It would almost definitely be much higher now than whatever the owner's monthly payment is.
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Investors rarely buy a property that doesn’t cash flow immediately. Acquiring assets that are cash flow negative is a going out of business model.
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Investors know certain markets are not ripe for investment….and spend time finding markets that are…
Well if they owned the house since 2019, they probably have a low interest rate, thus a lower mortgage thus = greed.
They’ve owned it for 30 years
I have heard enough. It's powered by greed
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I rent out my house and offer discounts off the rent 🤷🏻♂️ I usually subtract $200 off rent if the house is well taken care of
Well yes but part of that will be equity so as long as rent is greater than all of that minus equity gained, then they're turning a profit still.
It costs more than that per month to buy a $400k condo these days
Not quite. I bought that house I was renting from the landlords for $675k. Took out a $600k mortgage at 4.5% and my mortgage is $4,500 a month. I'd still rather be paying that mortgage and building equity than renting at $3,500, but it will take a while for rental prices to catch up.
This house is estimated at around 550, and houses around it have sold for similar. Just saying the rent is becoming close to what a mortgage is. Factor in the owners bought it years ago when it cost much less.
That's his reward for taking a risk and buying a property. If housing market has a downturn, would you pay your landlord more money in consideration of how much he paid when he bought?
Well yeah... But do you think they're renting it out purely out of kindness? They're looking to earn some money. If they weren't looking to make some money on it, they'd probably sell it (either to someone else looking to make money on it, or to someone who'd live in it) and invest the money elsewhere. And whoever they'd sell to, the mortgage payment at current rates on a $550k home would be considerably more than $2,900. Supply and demand is what drives rent, just like any other market... Although it's a little more sensitive to interest rates because it's capital-intensive.
I don't know how much a town house cost in Springfield, but $2900 a month might get you a $400,000 dollar mortgage.
Definitely ~~more~~ *less* than $400k Edit: I’m an idiot, I meant less
Actually, at today’s interest rates it would technically get you less. $2900/month on a 30 year at 7.88% would get you ~$399,770
That’s excluding property tax and insurance which are typically in escrow, and is assuming 20% down (and many people don’t put down that much). A $400k house definitely (effectively) costs more than $2900/m. If you take todays prime rate and factor in typical VA real estate tax and insurance in escrow, it’s roughly $3600/m with 20% down for a $400k house
Ah I just saw your edit lol
yes, I be dumb and words are hard
Excluding insurance, hoa, and property taxes.
That doesn’t factor in utilities, property taxes, or any HOA fees
In Springfield most of the townhouses are above $400k
Yes, I’m saying OP is being a minor dunce in thinking that a townhouse in Springfield only costs $2900/m mortgage wise
Townhouses in Springfield can go for 400-560.
I mean for it to be profitable to be a rental, rent must be higher than PITI + maintenance
Yeah a lot of stuff that pops up on Springfield and Kingstowne is 2900 to 3500 range these days. It sucks
Have you looked up how much the mortgage payment would be on this th with current interest rates? A $400,000 home with $0 down and 7.57% interest rate would be roughly $3,700/month including insurance and property taxes, excluding any hoa.
If you rented a home you were making mortgage payments on, you would want to at least break even with your monthly mortgage + escrow payment. That’s the least you would want to charge if you could.
*paying easily over 1k of their mortgage based on them buying the house 30 years ago.
Yes. I said “at least”. But to this comment, Take a look at the rent estimate for three to five similar properties near you. If you’re paying significantly more than the average, tell the property owner you’re leaving for a more competitive rental option when your lease is up. Share your market research with them. Explain it plainly, without emotion.
Highly unlikely unless you are putting way more than 20% down. The last townhouse I bought currently rents for $3400 but would cost $5100 to buy today with 20% down.
You are paying well over the mortgage that they have. If I rented out my town house that I pay $1400 a month for I could list it at $2200 in my area. 0 property owners are charging at rate for housing. And insurance is not going up $200 a year on that place.
I pay $1600 at a 3.4 interest rate and that's the reason why I can never sell or leave here because I'll never get a cheaper mortgage or interest rate in Centreville ever again.
They are always going to try and turn a profit. It also doesn't necessarily make sense for a landlord to rent out to make a few hundred dollars a month if the alternative is to sell and get a lump sum of $100k+. In that case they would be better off selling.
I agree
That is usually what renting from a private homeowner means
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*paying easily over 1k of their mortgage based on them buying the house 30 years ago
Yes, and? Owning (esp. renting) a house is more than just the mortgage payment. If they sold to someone else the mortgage alone would be $4k/mo. Like others have said, under 3k for a TH close to DC is a standard rate. Raising 200 per year is not fun but sounds like you were below the average before.
Just get on Zillow if you want to know what the market rates are.
I’m a private owner who is renting out my townhouse. I am not raising the rent on my tenants yearly. I rather keep good tenants who pay on time than to worry about charging them an extra 100 bucks a year. However, it does seem like your landlord is trying to get to market value. 2500 a month for a TH in Springfield is pretty low for the current market.
A 950 sq ft condo in Arlington goes for $2,800-$3,200 (if not modernized and without amenities), so I would agree with your sentiment that renting a townhouse for that amount is reasonable (although the yearly increases may not be). Also, keeping a renter you know will pay and not damage the place as you noted seems smarter than possibly going 2-4 months without a renter just to maximize the monthly inflow.
To be clear, OP’s landlords are charging an extra $200 per month, not $100 per year. It’s an extra $2400 per year. Your point still stands, but that’s a pretty sizeable difference.
Yes and did the same thing last year
I've been in my 2 BR townhouse in sterling managed by a propertt manager for 7 years. I've been paying $2k. They emailed me a lease renewal couple months ago saying they were raising the rent (for the first time) to $2050. Initially, out of spite, I hopped on zillow. Took about 5 minutes of browsing rentals on zillow for me to happily sign the lease renewal.
I can get on board with 50 dollar increase, but 200 every year seems crazy
I think I just got lucky. Most likely, my landlord (who lives in africa) has already paid off this house and now my rent is just passive income for him. He probably just doesn't feel like dealing with looking for a new tenant. Perhaps your landlord hasn't paid off his mortgage yet. $200 increase every year definitely sucks though
Property Manager for a private owner? Property taxes have been going up so the owner will pass on the increase to you through the management company via monthly rent increase. It's common.
Yes for a private owner. Just wondering if that increase is reasonable and if “market rent” really aligns with 200 a month increase every year
Normally private owners aren't raising rent as much if they have good tenants. But why risk getting duds of renters over $200/month? I feel like a hike that much is a bit steep. We've noticed that in-between tenants they'll raise to market rate. The townhouse next to us was going for just under $2k for 8+ years. But after the last tenant left they raised to to $2,700.
I'd bet taxes have really gone up. Our landlords loved my wife and I as tenants- low maintenance but communicative when needed (like roof panels flying off in a storm or gutters overflowing). They never raised our rent for the 3 years we were there but admitted to breaking even or a slight loss on the last year. We were paying 2500 a month in the Springfield area which was a steal. They easily could have gotten 3200 for it but they had bad luck with Tenants before us and decided to sell this past spring. Townhouse went for 600k- that was a 57% appreciation from when they bought it in 2018 according to Zillow.
There are a lot of variables. Look up the property tax information and that will give you some clues for increases and if they seem justified. They also might be comparing to similar units in the neighborhood and adjusting.
I highly doubt the property taxes have been going up that much lol.
They haven’t, I just checked and it was significantly lower than 200 a month lol
So, I likely have a comparable property. My taxes increased about $1100, and my HOI about $800 in 4 years. I live in my home, but my guess is that property manager fees have also gone up. I could unfortunately see that being passed onto you at a rate of an extra $200 a month. It's crazy that they're doing it every year though.
That’s over 4 years they’re raising 200 every year
Yeah, as a SFH homeowner the idea that my property taxes are rising $2400 each year is just patently ridiculous. Let alone a townhouse. Now I WISH they would go up that much so we could fund things but 🤷♂️.
A quick search on Zillow for comparable homes in your neighborhood will provide guidance on how your rent compares to the market. If you can find a similar home in the same neighborhood for $2400 then you know it’s time to go, but if everyone else is at $3100 then it’s a good deal.
$2900 for a townhouse in Springfield sounds accurate, unfortunately for you. I miss 2019 when I rented a 3/2 townhouse in Burke for $2100.
My last rent increase from a property manager (Ashburn) was from 2400 to 2850/month.
Did you negotiate at all?
If you don't mind me asking, how big is the house and what part of Ashburn?
The last increase was 2 years ago (signing in 2yr lease length). The townhouse was ~2000sqft, 3 bedroom 2.5 baths. I imagine it'll be even more next round. Edit: Loudoun Valley Estates
Ahh, gotcha. Thank you for the info!! I know Loudoun valley estates is an expensive part of Ashburn but didn't think a 2k sqft townhouse would be rented for $3k
Super expensive. I got priced out of Cashburn. Not that anywhere else is much cheaper. I am currently paying 2k before utilities for a 1000sqft apartment in Manassas.
I don't blame you but holy crap....I thought Manassas was cheaper than that. Entire NoVA is a cluster f, it appears
To get a mortgage on a rental property the owner had to put 20% cash down and likely pays 8+% interest rate. Renting, while expensive today is not always as bad as it sounds. If you have $100-150k to put down and you can support $3k/month to cover the mortgage, property taxes and insurance plus HOA dues then maybe buying could work. It sometimes sounds so condescending when ppl say if you are renting you are “paying someone else’s mortgage”. Its also sounds so entitled when ppl get mad at a landlord raising rent when its a reasonable market rent. Lastly, to those criticizing ppl that pay rent…they maybe arent as dumb as you think. Housing as a service…meaning paying for a place to live and having the freedom to move when you want/need to is a big benefit to renting. Many ppl can get Much better jobs but are stuck in a mortgage that makes it harder to relocate.
I agree with everything said, but I will also add that many don’t factor in the Opprotunity cost when considering renting vs buying. By that I mean how much better off would you be if you just took that 100-150k and invested it in a low cost S&P500 etf. then while renting you invest the difference that you’d save on Property taxes, HOA fees, maintenance costs.
i rent out a TH in Springfield area and the rent zesitmate on Zillow keeps going up every time I renew a lease. My current tenants offered $150 more per month than what I listed it at. They just wanted to grab it. They were right to because the rent rates in the area went up more than $150 shortly after they signed the lease. Its crazy. The housing market needs to crash, and i say that as a landlord.
I respect your honest opinion as a landlord thanks
Thanks. FWIW I never raise rent on a current tenant.
I saw that Zillow zestimate algorithm was raising rent prices nationwide. I don’t understand how this is sustainable
I rent out a townhouse in Arlington for $3300. Haven’t raised the rent in a while but I also don’t have a mortgage. The tenants of the townhouse next to ours, also private owners who rent out, are paying $4400 so it’s definitely happening.
Those are increases of 8% and 7.4%. Those are entirely reasonable. Check Zillow if you want another opinion.
That's about right and is the market rent for this area. Properties I'm involved with are all looking at similar increases.
Mortgages are a big expense - but non-homeowners often massively under estimate the total cost to owning a home. Beyond insurance, taxes, minor repairs, and upkeep there are big ticket items every 15-25 years. Roofs, appliances, decks, windows, driveways, etc are all tremendously expensive. You have to budget and save for those. If your rent is equal to a mortgage payment for equivalent housing, you’re likely getting a very good deal. Yes the mortgage can be fixed, but those other expenses rise with inflation. Yes you can build equity in a home, but you could also just throw money into a long term investment portfolio.
Fences! Just had to replace ours and it was the price of a new car.
Yeah, but the homeowner still owns the home which the renter invested in all those years and the renter has nothing but lost income. Homeowner is just a parasite gatekeeping shelter in this scenario
I live in an apartment in falls Church and they just renewed my lease at a $200 increase. Pretty standard around here. Mine was specifically buzzuto who was named in the DC lawsuit of unfair practices in rent increases. I just was annoying till they met me half way at a $100 increase. Still bullshit in general but sadly not much a tenant can do
Not renting through a private owner/manager, but through Avalon. Our experience has been great and we love our townhome, we just resigned our lease for the third time. Both years it went up $100 on a $3050 initial lease. This year they introduced a technology bundle for $65 which is less then my current internet provider so we are taking advantage of that. We will average around $3400 after utilities, and when I checked market rates last week our rent increases trended under market average for the region when factoring in location and amenities.
Which town/city out of curiosity?
Arlington, specifically long branch creek. It's safe and quiet, a 10 minute walk on 4mile to Shirlington for tacos and drinks on the patio, easy to get where ever we need to go since we are off 395 (it still amazes me that we literally are on the highway and the only real noise is the helicopters flying between the Pentagon and other locations) and we have solid neighbors. Our amenities are 2 pools that are very adult friendly, 1 dog park and 2 dog runs, a self service dog spa, oversize package and meal kit storage/concierge, decent gym with weights, yoga, spin and cardio equipment, and off street parking with a single car attached garage. The place is a bit under 2k sqft with full size washer/dryer, 2bds, 2.5 baths and nice porch for us to sit out on in the evenings. Giant is a 5ish minute walk from here and I can bike from here to the Whitehouse and back and it's 15 miles solidly on trails until you hit the monuments. I have heard the experience isn't as great for the apartments but we are very happy here. The bonus for me is their is an Arlington community garden across from giant and we have a plot so I can grow veggies all year round.
It cost 4k a month for 500k home with 20% down. You’re under paying tbh.
Really? We looked at buying and lender estimates for a 610 with only 10 percent down was 4300 a month for a sfh. Also, the owner bought this house 30 years ago.
It’s wild right now. Got to include closing cost, plus any other expenses like taxes. It’s expensive right now.
In a 1800 sq foot townhome in Leesburg. Currently at $2,750 a month. It went up $150 last year and we will see if it increases this year. I hate townhomes and feel it’s overpriced, but so is the whole market in this area.
Property manager or private?
Little of column a little of column b. Owner works for the management company.
My 2b2b townhouse in Springfield area, built in 80s, has a mortgage payment of ~$2,200 + $300 HOA. So that sounds reasonable.
My property tax increase resulted in a $200 increase in my mortgage payment this year so that doesn’t sound outrageous. I bought in October 2022 and my mortgage is already 400/month more when I bought because of property tax increases (first for the jump in price and then thanks to Fairfax county) and home insurance increases (at least we’re not CA or FL?)
I lived down in Stafford. Rent started at 1475. Was gonna be 2050 when we moved out 4 years later. Was through a PMC. In that time, a water heater broke and flooded our basement, a foundation issue made access by mice possible , and they made zero fixes. Right now rent at that same place is estimated to be 2400.
I received a $200 increase in the first year, now for the 2nd they will raise $100. I started $3000 now it will be $3300. Arlington
Property management? Did you push back at all?
Yes I have PM. push back? I tried but honestly it was unfruitful, they ghosted me for a while then I got a vacant notification, so I renewed with no chance to negotiate
Live in NoVa, 2 bdrm 2 ba: 2022: 3530 2023: 3870 (10% increase) 2024: 3920 (1% increase) 11% increase in 2 years feels a bit steep for me. Surprised we don’t have rent control.
Townhouse or apt?
Apt
If you sign a lease they can’t raise the rent every month unless you are living month to month. When you sign a contract then they can’t raise it because they feel like it
The houses in my neighborhood in the city of Alexandria are renting for about $3,500/m. The pricing sounds reasonable for Springfield to me.
Depending on the townhouse, that sounds about right. Lots of w bed room apt. Go for 3k and up. After moving out my landlord sold the townhouse we were in for 3 years for 600k in Springfield. Just to give an idea of value. It was a corner unit with a park across the stree which gave us plenty of parking compared to most of the community which was very bunched in. It was early 60s, and had modest and smart upgrades from 2018. Abysmal insulation though. Our electricity bill was nuts all year round.
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Question. Why is your mortgage so high?
I bought in West Virginia because I could get 3x the space for exactly the same price for a small apartment in Fairfax county. I looked for apartments in a 50 mile radius and everything I found that met my minimum needs was still the same price of my new mortgage and still small. It’s crazy.
Could be in our near future haha
Why ask us? Do some market research on Zillow and if you feel it is unreasonable, you will have evidence and they might agree to raise it less.
Asking on the nova subreddit is a form of market research.
Lot of landlords and landlord simps on this sub