Spotlight on Rosslyn-Ballston Corridor, Virginia
The Rosslyn-Ballston Corridor (RB Corridor), spanning two square miles, is composed of the Rosslyn, Ballston, Courthouse, Clarendon, and Virginia Square neighborhoods of Arlington, VA. The area’s history as a transit hub dates back to 1843, when present day Arlington County and Georgetown were connected via The Aqueduct Bridge over the Potomac River.
The two bookends of the strip are rapidly growing, as Ballston currently totals more than 8.3 million square feet of office space, 1 million square feet of retail space, and 8,000 residential units. Rosslyn is quickly expanding as well, as it is now home to 13,000 residents and transforming from an all-commercial area to a walkable, transit-oriented location. The other components of the corridor are Courthouse, Clarendon, and Virginia Square, all of which are significant employment centers and dense residential areas. The vibrant area has turned into the Millennial capital of the Washington, D.C. area, as young professionals are increasingly attracted to the wide variety of amenities in close proximity.
Mixed-use development is thriving in the area, as investors look to capitalize on the increasing popularity of the neighborhood. Notable developments looking to transform the district include JBG’s Central Place, two office towers which will total 625,000 square feet; The Shooshan Company’s Marymount University at Ballston Center, composed of a residential building with 267 units and an office/classroom property with 166,000 square feet of space; and Forest City’s Ballston Common Mall Redevelopment, a planned open-air town center with 580,000 square feet of space.
The area is served by five closely spaced Metro stations providing access to the Blue, Orange, and Silver lines as well as local and regional bus routes. Major thoroughfares near the RB Corridor include Interstate 66, Route 50 (Arlington Boulevard), Route 29 (Lee Highway), and the George Washington Parkway. Residents in the area benefit from the numerous transit options in close proximity, carrying passengers throughout the Washington, D.C. metropolitan area.
The featured properties in this month’s rent survey represent six communities in the RB Corridor built between 1949 and 2014. Three of the properties are newer, Class A construction and three are renovated assets. Occupancy rates for the communities range from 85% to 97%. Average rental rates per square foot range from $2.27 to $3.54, with average unit sizes ranging from 690 square feet to 1,006 square feet. Common area amenities in the area typically include fitness centers, swimming pools, ground floor retail, business centers, and courtyard areas or rooftop decks with grills. Unit amenities include in-unit washer/dryers, hardwood or vinyl floors, stainless steel appliances, granite or quartz countertops, private balcony/patios, and floor-to-ceiling windows. Residents pay application fees of $40 to $60 and post security deposits ranging from one half month up to two month’s rent. Amenity and move-in fees range from $99 to $500. Pets are allowed in the majority of the surveyed communities with residents paying non-refundable pet deposits up to $300 to $1,000 and monthly pet rents ranging from $25 to $60.