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Apartment Shortage/Massive Rent Increases?
Posted by: Bern ()
Date: November 05, 2010 11:56AM

Does anyone else here rent in Fairfax county?

My lease renewed this month and the rent went up a pretty astronomical 10% (that is a $170 a month increase for a 2 bedroom). They also boxed me into a 9 month lease instead of a 12 month if I wanted to get the best deal (aka, the smallest increase). The apartment manager said there is an apartment shortage, etc, etc. I found this article which seems to agree with his statement.

http://www.nahb.com/news_details.aspx?newsID=10261

I am really concerned that this might be started a trend (especially since they boxed me into 9 months, they could be planning another massive increase at that time). I can already buy a townhouse for about $300k and have a mortgage that is the same as my rent, but with the market the way it is now I might have to hold onto it for 10 years to make it a worthwhile investment.

Has anyone else heard anything about big future rent increases in Fairfax? Sure its nice tha this area has jobs and is still seeing positive growth, but there is no way my salary is going to increase by enough each year to even cover the increases in rent let alone higher costs for food, gas, etc, etc.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: whatzit tooya ()
Date: November 05, 2010 12:47PM

I am noticing that apartments that went for say, $900 earlier this summer are now $1,150 just in the space of 3 months...and places that use to run almost constant 1-month rent free specials are not doing it anymore.

I wonder how they plan to rent out these places....most want 36x the rent in salary- if most jobs are only hiring for say, 30k- this means they can only afford 833 a month in rent. how can one afford rent in the area?


Housing programs like the FCRP (http://www.fairfaxcounty.gov/rha/rentalhousingprograms/fcrp.htm) have waiting lists 3 years long! And just to qualify for a 1 bedroom on their scale, one must make $11.23 an hour full time- most people I know that have lost their jobs have gotten one- but it only pays 9-10 an hour and is part time. What about those on unemployment benefits too- where will they rent? Especially once those benefits dry up?

I count my blessings I have a job and a condo now....



Edited 2 time(s). Last edit at 11/05/2010 12:48PM by whatzit tooya.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: Bern ()
Date: November 05, 2010 01:08PM

I noticed the same thing when I looked around to find a cheaper place after the increase. Nobody around where I live was offering any discounts and all were boxing even new tenants into the 9 month lease option for the best rate.

I guess it doesnt matter what the economic situation is in the country, if there is a way for someone providing a service to gouge their consumers with pretty much impunity it is going to happen. Not like there are any choices to move somewhere else nearby and save when every complex is doing the same thing.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: F that noise ()
Date: November 05, 2010 01:41PM

At Camden Monument Place:

2008-2009 $950 for a studio.
2009-2010 $1170
They wanted 1380 for 2010-2011, but for a studio it's just not worth it.

Pretty consistent pricing throughout the county though. It's ridiculous.


I told them that ~20% increases each year is insane. They didn't even attempt to work with me on the price. Rent is skyrocketing out of control for the working class in Fairfax county

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: F it good ()
Date: November 05, 2010 01:49PM

The problem is (with Monument Place, Fairfax Corner, other new complexes in the area), nobody is building new complexes that are just your standard garden style anymore. The only new complexes coming in are super posh condo style with high end everything. So you can either pay 2 arms and 1 leg for those places or downgrade to something that is only 1 arm and 1 leg.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: FUNdamental ()
Date: November 05, 2010 02:22PM

Banks are now quietly telling new home buyers they need 30% down to get a mortgage at today's low rates. So, if you are buying a townhouse for $420,000, your down payment is over $125,000.00. Who has that kind of stash?

So, home sales are stagnant; where else are you going to live?

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: Les ()
Date: November 05, 2010 03:10PM

I see a lot of vacancies in Reston. They may have decided that they need the higher rents since people are doubling up and vacancies aren't getting taken anyways. The rents are rising on old complexes.

http://www.apartmentguide.com/apartments/Virginia/Reston/Fairway-Apartments/3651/

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: Bern ()
Date: November 05, 2010 03:33PM

According to this article:

http://www.bizjournals.com/washington/stories/2010/08/30/story18.html

The vacancy rate in the county stabilized at 3.9% and it is probably going down a bit more with the new people moving in to grab the available jobs.

They are building a new complex in the Fair Oaks area but it is like I said, they keep building these high end properties that go for higher than average rent anyway and it drives up the rent for everyone else since only a certain chunk of the population can afford or is willing to afford to pay that much for an apartment.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: Les ()
Date: November 05, 2010 03:38PM

Foreclosure moratoriums ended this summer (July). The banks are gradually evicting them and turning into renters. It should accelerate next year.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: eesh ()
Date: November 05, 2010 04:45PM

Archstone apartments are the absolute worst for getting people to move in with rent specials and then rape them when it comes time to sign a new lease.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: osmosis11 ()
Date: November 05, 2010 05:09PM

That could explain that over in Falls Church, a one bedroom rent is 1400. I got my 1st least in June 2010 for 300 less. Still alot.

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Border Security is CHEAPER Than Wars
Posted by: WingNut ()
Date: November 05, 2010 05:33PM

file.php?40,file=192503,filename=obama-d


idontlikebeingrightaboutshitlikethisbutiam



Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.

Last edit at 11/30/2015 01:37PM Last edit at 5/14/2015 03:52PM Last edit at 1/28/2014 05:57AM Last edit at 11/29/2015 01:10PM Last edit at 3/14/2011 11:52PM Last edit at 7/20/2012 04:07AM
Last edit at 6/29/2013 11:18PM Last edit at 3/19/2011 01:02PM Last edit at 3/26/2012 09:07PM



Edited 1 time(s). Last edit at 12/15/2015 10:48PM by WingNut.


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Re: Apartment Shortage/Massive Rent Increases?
Posted by: say ()
Date: November 05, 2010 07:35PM

Of course those corporate landlords are going to gouge you. They want to set the rent at absolute maximum possible. The only thing that stops them is when nobody will rent their roach traps.

Best bet is rent a condo from a private indivual, preferably one who is upside down, and can't sell it. You can dicker with such folks.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: hoocoodanode ()
Date: November 05, 2010 08:04PM

Bern Wrote:
-------------------------------------------------------
> Does anyone else here rent in Fairfax county?
>
> My lease renewed this month and the rent went up a
> pretty astronomical 10% (that is a $170 a month
> increase for a 2 bedroom). They also boxed me into
> a 9 month lease instead of a 12 month if I wanted
> to get the best deal (aka, the smallest increase).
> The apartment manager said there is an apartment
> shortage, etc, etc. I found this article which
> seems to agree with his statement.

I don't rent anymore, but I was discussing this with someone who does. She believes they want people to get into 9-month leases instead of 12-month leases because of the time of the year. Apparently, it's harder to get renters in the winter months, so they give better deals for 9-months to lessen the chance of a bunch of vacancies during the winter months.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: eesh ()
Date: November 05, 2010 08:55PM

osmosis11 Wrote:
-------------------------------------------------------
> That could explain that over in Falls Church, a
> one bedroom rent is 1400. I got my 1st least in
> June 2010 for 300 less. Still alot.





1400 for a one bedroom is just ridiculous.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: VA Phins Fan ()
Date: November 06, 2010 12:35AM

I used to live at Camden Monument, was paying 1475 for a 2 bedroom/2 bathroom then when it came time to renew our lease they told us the place was going for "market-value", which was going to over $1900 to renew. No thanks!

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: T2T ()
Date: November 06, 2010 01:17AM

FUNdamental Wrote:
-------------------------------------------------------
> Banks are now quietly telling new home buyers they
> need 30% down to get a mortgage at today's low
> rates. So, if you are buying a townhouse for
> $420,000, your down payment is over $125,000.00.
> Who has that kind of stash?
>
> So, home sales are stagnant; where else are you
> going to live?
>
>

You get a 2nd mortgage to avoid paying the private mortgage insurance.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: Nyah Nyah Na Boo Boo - I own ()
Date: November 06, 2010 08:37AM


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Re: Apartment Shortage/Massive Rent Increases?
Posted by: HooLeo ()
Date: November 06, 2010 09:16AM

The reason rents are so high is because of the number of illegal aliens
who gravitate towards the low end of the scale. Look at the apartments
on Jermantown Road between the school and the Giant and you will notice
they all have a bunch of anchor babies. I wouldnt want to live there but
I can remember when it used to be affordable and a nice area. You also
didn't have to watch your back if you wanted to walk up to Rt. 50 but
not anymore.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: ThePackLeader ()
Date: November 06, 2010 09:19AM

I was a psychic 25 years ago, and I instructed the fam on buying this house. Now I'm glad that I did.

==================================================================================================
"And if any women or children get their legs torn off, or faces caved in, well, it's tough shit for them." -2LT. Bert Stiles, 505th, 339th (On Berlin Bombardier Mission, 1944).

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: Damn Illegals ()
Date: November 06, 2010 11:11PM

Yea I hear you about the affordable places. You can live somewhere cheap, but you might as well not have any nice things or own a car newer than a 95.....

If they are boxing everyone into a 9 month lease then logically it would seem that the people who are forced to renew with a 9 month lease must have moved in AFTER the summer. Now they are just setting themselves up to empty the entire place out at once.

Who wants to move during summer anyway. Too damn hot.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: Mr. Misery ()
Date: November 07, 2010 01:41PM

F that noise Wrote:
-------------------------------------------------------
> At Camden Monument Place:
>
> 2008-2009 $950 for a studio.
> 2009-2010 $1170
> They wanted 1380 for 2010-2011, but for a studio
> it's just not worth it.

This is criminal. The rent is TOO GOD DAMNED HIGH. I want that guy for fucking president. Jimmy McMillan in 2012.

---------------------------------------------------------------------
I apologize to those I unfairly hurt. To Harry Tuttle in particular.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: Radiophile ()
Date: November 07, 2010 05:47PM

F it good Wrote:
-------------------------------------------------------
> The problem is (with Monument Place, Fairfax
> Corner, other new complexes in the area), nobody
> is building new complexes that are just your
> standard garden style anymore.

A few years ago they bult some "garden style apartments" near fair oaks hospital. A neighbor of mine works with one of the investors. He tols me that was the first "gardern style" apartment complex in something like 30 years to be built in Fairfax County. The land is too expensive and rents would have to be through the roof to justify it.

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Re: Apartment Shortage/Massive Rent Increases?
Posted by: jamika ()
Date: May 13, 2022 01:48AM

This article https://www.nyrentownsell.com/blog/rent-increase-laws-how-much-a-landlord-can-raise-rent-in-nyc/ is based on a case study done by the author. This article speaks about how much landlords can increase rent by state, city and nationwide. It consists of multiple charts that are useful to do a visual understanding of the data.

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