WHY OWN A PROPERTY IN
Why Own Property in Northern Virginia?
This area has some unique demographics that makes it especially lucrative to invest in real estate. Our economy is based mostly on high tech and government jobs. We have an economy that holds up well compared to a Rust Belt city with many cyclical manufacturing jobs, for example. We also have many people with well paid jobs who may be working in the area for a short period of time and do not necessarily want to set down roots.
All of that leads to a housing market with high rents and an abundance of well qualified renters. Owning rental properties in any area is a challenge, but it can be quite profitable here in Northern Virginia.
Property Appreciation in Northern Virginia
Properties have a history of appreciating faster in Northern Virginia relative to the national average. Again this is due to the strength of the local economy and the high quality of life the area offers. Looking back several years, single family homes in Northern Virginia have appreciated about 20% faster than average. The numbers are similar for townhomes and condos.
Residential real estate is quite simply a fantastic investment in this area. Perhaps the best statistic that shows how lucrative it can be is that 51% of households in cities like Alexandria and Arlington are rentals. That is a phenomenally high number for a city with this type of economy. Not only do property values appreciate quickly, but rents are high and there are an abundance of high quality renters always coming and going.
It has been this way for decades, simply put, our economy makes this just about the best area in the country to become a landlord.
Property Values in Northern Virginia
If you have spent any time at all in Northern Virginia, you know what a spectacular place it is to live and work. We truly are blessed to live here. We get to experience the best of all four seasons, we are surrounded by natural beauty, and the cost of living is quite reasonable relative to the abundance of high paying jobs.
If you live in Northern Virginia and have ever thought about getting into the real estate business, you may be pleasantly surprised to learn of some other advantages that come with living in this area as well.
Taking Advantage of Real Estate Investment Opportunities
Even though this is a superb area to invest in the real estate market, there are always challenges. Owning a managing a property does take a special skill set that not everyone has. That is why finding a qualified property manager is crucial.
Taking advantage of the quickly appreciating housing market is probably a lot easier than you may think. With the right property manager, you really don’t need any of the skills that are required to be a successful landlord.
We have been in this business for a long time and have put together a highly qualified team of professionals to make things easy for our clients. If you are a rental property owner or are thinking of becoming one, we can provide you with everything you need to be successful and can take care of all the details.