Rent is not high just because of scarcity. It&#x27;s high in North Virginia even there is plenty of new housing on the market - the problem is that developers are only building luxury apartments and trying to rent at above market prices. Most of these places are offering 3-4 months free up front because nobody is paying the obscene sticker prices for a 12 month lease.<p>It&#x27;s not just a local phenomenon - public REIT&#x27;s are buying up affordable units nationwide and renting them out at &gt;20% above market...<p><a href="http:&#x2F;&#x2F;www.multifamilyexecutive.com&#x2F;business-finance&#x2F;luxury-apartments-galore-at-what-cost_o" rel="nofollow">http:&#x2F;&#x2F;www.multifamilyexecutive.com&#x2F;business-finance&#x2F;luxury-...</a>