Washington, DC Metro Area Rental Rates Rising

Rental rates in the Washington, DC metro area (including Northern VA and MD) are rising. They’ve risen so much that the Washington, DC metro area came in 9th in the list of metro areas in the U.S. with the greatest increase in rental rates.

Here’s the list in order…

1. Greenville, SC (+11.2%; $669 average monthly rent)
2. Chattanooga, TN (+10.4%; $726 average monthly rent)
3. Savannah, GA (+8.4%; $866 average monthly rent)
4. Portland, OR (+8.1%; $875 average monthly rent)
5. San Jose, CA (+8.0%; $1,716 average monthly rent)
6. Nashville, TN (+8.0%; $786 average monthly rent)
7. Tacoma, WA (+8.0%; $900 average monthly rent)
8. Denver, CO (+7.5%; $873 average monthly rent)
9. Washington, DC (+7.4%; $1,473 average monthly rent)
10. Raleigh, NC (+7.4%; $785 average monthly rent)

Good for landlords and investors

This is good news if you’re a landlord/investor because it’s more money in your pocket and a higher return on your rental property investment. For those that are renting their property out because they are upside down, but don’t want to or can’t do a short-sale, the rental rate may soon able to cover your mortgage rather than you losing money every month.

Not good for renters

This is not good news for renters. It means more money and less negotiating power when getting a rental. For several years now, rental rates have been very low compared to mortgage amounts for the same property making renting a very attractive prospect. But that’s starting to change. For those on the fence about renting or buying, you want to start explore your options when it comes to buying. Rental rates are on the way up yet, prices are at realistic levels and mortgage rates are still very low (for the moment).

Note: This figure is for the general DC metro area – each specific area and subdivision is different. Contact me to find out what the rental market is like in your specific area or the area you’re looking to rent in.

H/T Bill Lublin

GrowSmartBiz Conference – Helping Small Business Owners Grow Their Business

Network Solutions and The University of Maryland’s Robert H. Smith School of Business have put together the first-ever GrowSmartBiz Conference, a one-day educational conference and networking event featuring renowned small business leaders and well-known industry experts from across the U.S.  I am fortunate to have been chosen as one of the panelists at the conference and am looking very forward to it.

The conference will focus on key areas of business that small businesses view as critical to their success according to the 1,500 small businesses that were interviewed for the Small Business Success Index (SBSI).

The goal of the event is to provide small business owners with the proper tools in today’s marketplace that will best grow their business. The event is being held on Tuesday, September 29, 2009 at the Renaissance Hotel in Washington, D.C.

What topics will be covered?

• Driving Small Business Performance with Marketing & Innovation
• Raising Capital with Effective Finance Strategies
• Staying Ahead in the Current Economy
• Social Media Marketing

Is there a keynote speaker?

• Yes – Chris Anderson, Editor-in-Chief of WIRED magazine, Author of “The Long Tail” and most recently, “Free fame!”

What will you get out of it?

• Insights into best practices of successful small businesses
• Strategies for growth despite the current economy
• Cost-effective ways to market and promote their businesses
• Tips for raising capital
• An opportunity to connect with small business owners, experts, and solution providers

Who should attend?

• Small business owners
• Entrepreneurs
• Aspiring CEOs

For more information, check out the GrowSmartBiz Conference web site, the GrowSmartBiz page on Cvent.com or the Network Solutions’ blog.

To save $100 on registration, click on the GrowSmartBiz  icon/widget located at the bottom of the right hand column of any page on LoudounScene.com.