Alexandria is an independent city that is located alongside the Potomac River, and with a population of about 160,000 people, Alexandria’s cost of living is quite high. Being part of the Washington metropolitan area and situated just 7 miles away from downtown Washington this causes an increase in housing costs. If we talk about the housing market in Alexandria, the median property value is about $537,900, but what about the rental market? For a person who decides to rent they may wonder what the average cost of rent is in Alexandria, VA?
Statistics show that there are 57.3% renters in Alexandria, VA and with such a significant crowd of people who decide to rent it is important to know what the average cost of rent is in Alexandria, VA? Reports from December 2019 show that the average rent for an apartment in Alexandria, Va was about $1,913 per month which indicates a decrease of almost 3% compared to the previous year. The year 2018 shows that the average rent of price was about $1970 and this price can vary quite a bit depending on unit type, how many square feet of space and if you decide to go for alternatives that are cheaper or more luxurious.
Also if you own property and decide to rent it out, we recommend using a realtor for a number of reasons. They will market the property for you and they can schedule showings with prospective tenants. They show the property for you and they have a large database/network that will help them know the market value. They have access to Tenant Screening/Background checks and they’ll draft the lease agreement for you. So don’t delay in reaching out to any of our top real estate agents in Alexandria VA to help you find the best tenant or the best rental agreement.
One-bedroom apartments in the city of Alexandria could rent for about $1,750 per month on average and two-bedroom apartments rent for an average of $2,162. We can see a decrease in prices compared to last year. The average size for an apartment in Alexandria, VA is about 863 square feet but here are the alternatives that determine a variation of this number based on unit types.
Studio apartments are usually the smallest and the most affordable amongst them all. Next, we have the 1-bedroom apartments that get closer to the average in terms of square footage. Then 2-bedroom apartments and 3-bedroom apartments are the most generous by offering square footage that is above the average. Usually, older apartment buildings offer more space than news ones.
The cost of rent in Alexandria for an apartment ranges from $1,001 to well over $2,000 per month. In Alexandria 29% of apartments rent for prices that range between $1,001 - $1,500, and 49% of apartment rent for prices that range between $1,501 - $2,000 while 22% of the remaining apartments rent for more than $2,000.
Living in Alexandria, VA could be challenging at first if you want to buy a home or are in search of an apartment to rent, but with the information provided and the proper knowledge that a real estate agent can provide makes renting in Alexandria, VA a breeze