For renters who choose single-family homes over apartments, the cost can be high, and Arlington, Virginia, and D.C. are near the top of the list of luxury houses for rent.
Real estate site Point2 ranks Arlington No. 10 in the nation for what it called Tier 1 luxury houses for rent, with 29.67% of rental houses costing at least $5,000 a month. Of those, 3.3% of house renters in Arlington fall into Tier 2, paying $10,000 a month or more.
The District is close behind, with 29.09% of single-family houses renting for $5,000 a month or more, and 2.55% renting for $10,000 a month or more.
The availability of newly-built houses entering the rental market has grown significantly since the pandemic. According to RentCafe, in 2023, 27,500 houses for rent were completed, a 75% year-over-year increase. Nearly 45,000 single-family houses planned for the rental market are currently under construction across the country.
The number of single-family renter households at all price points has topped 14 million and currently accounts for 32.5% of all renting households, according to 2022 Census data.
The number of single-family house renters with a household income of $150,000 or more has grown the fastest, more than doubling since 2017, according to Point2 research.
Five of the top six metro areas for Tier 1 luxury single-family house rentals are in California, led by Irvine, at almost 74%, and Los Angeles, at almost 60%. Glitzy Los Angeles is by far the leader in rentals for single-family homes going for $10,000 a month or more, at almost 29%.
Boston ranks No. 3 for Tier 1 luxury single-family house rentals, at 43%.
Point2’s full analysis of luxury single-family house rentals by market and commentary is online.
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