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As you likely know, Amazon has picked Arlington as its location for HQ2. For many people living in Northern Virginia, the next question is what is going to happen to the housing market now that Amazon is coming in? Well, we’re here to help answer that. Read this blog for information on how Amazon will affect the rental and housing market.
The Amazon Effect: The Impact of Amazon on Housing Prices
- The rising cost of property: If you have lived in northern Virginia for a while, you know that rent in the area has been increasing. Since 2000, the cost of rent in northern Virginia has been on the rise with the number of affordable market-rate rentals decreasing. Additionally, since Amazon’s announcement, the average home price in Arlington County increased by 11% in comparison to the same time last year.
- The decrease in available property: Another trend that came to light after Amazon announced their HQ2 was that the number of household and apartment listings available decreased immensely. Even with the decrease in homes available, the sales pace has stayed steady. This leads experts to believe that many people simply took their homes off of the market.
- The competition between investors and renters: The Amazon Effect has also created competition between renters looking for their next home and investors wanting to transform property into rentals. This can also be attributed to the decrease in property and rentals available.
- Rentals selling fast: Of the properties that did stay on the market, these rentals are going fast. The people that want to move are doing so quickly before the new Amazon employees arrive. This may also be a cause for the decrease in rentals available.
- Development: It is expected that the new Amazon employees will want to rent for the first year or two living in the area. After that, though, they will likely look to buy. In an area that already doesn’t have a surplus of land, this is a major concern. This may eventually cause Amazon employees as well as other residents to start looking at houses farther outside of the city.
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What Can You Expect from the Amazon HQ in Virginia?
After a yearlong cross-country search, with over 200 cities competing for the spot, Amazon has recently announced they will be hosting their HQ2 in Northern Virginia. So what can we expect from the new headquarters?
Find a few key highlights here.
Self Storage for Downsizing Apartments
With the rising cost of both rental prices, you may be considering moving into a smaller apartment ahead of the Amazon employee arrivals. Downsizing into a smaller apartment as soon as possible can allow you to stay within budget, live in an area close to the city for less, and get your pick of the houses before there is more competition.
One major concern with downsizing into a smaller apartment is that there won’t be enough space for all belongings and possessions. With a storage unit rental, this won’t be the case. A storage unit rental allows you to store any items you do not need daily in a location close to your home. This is a great option for out of season clothing and decorations.