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Tysons Corner Rental Buildings Getting Creative
The landscape in Tysons Corner seems to be constantly changing. Especially if you stay away for a bit. The next time you come it seems dramatically different. Like seeing your nephew every year at Christmas and marveling that they’re 2 inches taller. That’s what’s happening in Tysons Corner. The Best Western Hotel is gone. That was at the corner of Route 7 and Westpark. In it’s place will soon be 2 new apartment buildings. That is on top of the other new ones that have already joined the skyline. There is the Ovation, the Ascent, the Nouvelle, the Vita, the Adaire, and even the Haden.
I just spit out names of six. Yes, I said “six,” new apartment buildings in Tysons Corner.
Have you heard of supply and demand? Let me refresh your memory if you have and forgot. Too much supply equals drop in prices. Too little supply and heavy demand equals prices being bid up. With a whole bunch of brand new rental buildings in Tysons Corner, and more to come, this is a case of the first supply and demand scenario I mentioned. Too much supply.
In order to combat this excess supply and also try to fill their vacancy and maintain somewhat of a premium in pricing (for their newness, and their great amenities), these rental buildings are getting creative in their offerings and incentives.
One such creative enticement to renters is no restrictions on pets whatsoever. I recently spoke to a renter who chose one of the above, Nouvelle, because of their very open pet policy. The Nouvelle had, or has, no size restrictions and no breed restrictions on their dog. This was huge to them, as they talked to many private owners of many different properties who wouldn’t even consider them because of their large dog. A dog that also happens to be considered a dangerous breed by some.
If you go, today, to the website for the Ovation you’ll see in big visible letters “$1000 off and Reduced Pricing*.”
So if you’re thinking of renting in Tysons Corner. There are now a lot of options. The above brand new rental buildings offering lots of creative incentives. Some are even offering a free first month’s rent or other things like a unique or discounted membership to the Tower Club. Or there are also the more affordable options of older apartment buildings: Avalon, the post, etc. And there are condo communities such as: the Gates of McLean, the Fountains at McLean, the Rotonda, the Colonies, Lillian Court, the Encore, the Regency, and more.
One principle that holds true in all of real estate, whether buying a home, selling a home, or in this case renting a home: Choice is good.