Rents & Home Prices Near Metro Drop Significantly

Rents & Home Prices Near Metro Drop Significantly
Despite strong signs that the shift toward remote working and home delivery of goods will be durable the County’s planners, especially Plan Lee Highway, insist that people will return to old habits and Lyon Village must be destroyed to accommodate their notion.

Rents in R-B Corridor Decline
Before COVID, rent prices were typically higher near Metro due to the ease of walking to Metro for travel to work and other destinations. This is no longer true. Metro suffered a huge drop in ridership and rents dropped too. RentHop
● Rosslyn: down 13%
● Courthouse: down 9.9%
● Clarendon: down 6%
● Virginia Square: down 6.2%
● Ballston: down 8.5%

Arlington Developer Can’t Rent What it Built
Facing many vacant apartments and unwilling to lower rents, Dittmar Company is asking the County to approve their conversion to extend-stay hotel units for a period of 5 years. The problem buildings involved are Randolph Towers in Ballston, Courtland Towers in Courthouse and Virginia Square Towers in Virginia Square. ARLnow

Nationwide Home Price Trend
Home prices in car-dependent areas are up 33% since before the pandemic versus 16% for transit-accessible neighborhoods, reflecting the rise in remote work and the declining importance of proximity to public transportation. Redfin news release