This biweekly sponsored column is written by the experts at Gordon James Realty, a local property management firm that specializes in residential real estate, commercial real estate and homeowner associations. Please submit any questions in the comments section or via email.
Investing in the D.C. area is always a sure bet. The combination of the country’s most stable economy, transient population and most desired places to be makes it easy to find tenant for your property.
Arlington is a stone’s throw from the District. It boasts a thriving nightlife, lush parks and trails, and great public transportation. People who work in D.C. prefer the lower rents and (somewhat) quieter streets.
Smart investors looking for rental properties that are easy to keep occupied should look into buying property in this area.
While the pros are many, there is a downside. Let’s take a look at why you should and maybe you shouldn’t invest in an Arlington rental property.
Location, Location, Location
The most northern reaches of Arlington allow you to walk to D.C. by crossing one of the many bridges that connect the two. In addition to its proximity to D.C., Arlington is easily accessible via a variety of interstates and major roadways.
Less Expensive Than The City
While Arlington is not cheap, it still beats living in the city. Houses are readily available with off-street parking, both of which are almost impossible to find in the city. A variety of small restaurants allow for frugal dining, while plenty of public parks are available to enjoy for free.
Recreational Activities for Tenants
Clarendon is a millennial hotspot and is teeming with bars, ethnic restaurants, shopping and plenty of things to do. Restaurants, bars and even grocery stores are open late, catering to late night lifestyles. But it’s not just about the nightlife. Tenants will find plenty to satisfy every desire, from clubbing to bike riding to boating.
Superb Public Transportation
In addition to a vast Metrobus system, underground trains provide easy access from as far as Reston to parts of Maryland. During the week, commuter rails travel from Fredericksburg and Baltimore.
Hard to Get Short-Term Return on Investment
If you’re buying a rental property now, even with minimal work it’s likely you’re not going to rent for higher than your mortgage. Investing in rental properties are a long-term wealth building strategy. Rents are high in the area, but probably won’t be high enough to cover your initial investment for some time.
Difficult to Afford
High rents are great for landlords, but terrible for tenants. Even with a well-maintained property in a desirable neighborhood, it may take a lot of due diligence to find the right tenants. It’s not unusual for renters to hold multiple jobs in order to make ends meet.
High Maintenance Costs
If you can’t do the work yourself, you’ll find repairs to be costly. Expect to dish out more money than other areas for contractors and maintenance work.
Multiple Tenant Situations
Are you ready to rent rooms instead of houses? Because rents are so high, you will likely have several tenants renting individual rooms in shared living situations. Even if you advertise an entire house for rent, be prepared to take multiple applications for one group of people.
Short-Term Renters Are Common
Because many workers work on contracts, it’s common for tenants to need less than a year on their lease. Contracts can end without notice, so don’t be surprised if your six-month tenant has to leave a couple of months later.
If you’re looking for a long-term investment in a stable economy, Arlington rental properties are a good option. Though it may take some time to really start making money, if you are flexible enough to accommodate multiple tenants, you’ll find Arlington to be a great place to buy and rent properties.
Good Friday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier today…
A former ABC News producer whose Columbia Pike apartment was raided by the FBI last year has been sentenced. James Gordon Meek, 53, pleaded guilty in July to transportation and…
Metrorail service was suspended on the Blue and Yellow lines today after a train derailed.
4 bedroom 3 bath 2 car garage 1/4 acre Jamestown Williamsburg Yorktown pyramid
At Generation Hope, we’re dedicated to supporting teen parents in college as they work toward earning their degrees. We are in need of caring child care volunteers for upcoming events on Saturday, October 21st (in Washington, DC), and Saturday, November 4th (in Arlington, VA). Join our growing volunteer community and support us at an event this fall!
At all of our events, we provide free onsite child care for the children of the teen parents we serve, creating a nurturing environment for the kiddos while their parents learn valuable life skills and build community.
If you enjoy working with children and are looking to make an immediate impact in your community, please visit https://www.generationhope.org/volunteer to learn more.
Join us for Arlington’s biggest civil rights & social justice event of the year. The banquet is back in person at the Arlington Campus of George Mason University.
Our keynote speaker this year is Symone Sanders from MSNBC and former Chief of Staff for Vice-President Kamala Harris.
The Master of Ceremonies is Joshua Cole, former state delegate, NAACP President, and local pastor.
Tickets/seating are limited. Purchase your ticket today! Sponsorship opportunities available.
Cody Chance and Dick Nathan of Long & Foster are hosting an online workshop on the topic of “down-sizing” Wednesday, October 4 from 5:30-7:00 p.m. Every great endeavor begins with a great plan. This workshop will give you the tools