Investing in the DC area is always a sure bet. Combining the country’s most stable economy, transient population, and most desired places to be makes it easy to find a tenant for your property.
Arlington, VA, is a stone’s throw from the Nation’s Capital. It boasts thriving nightlife, lush parks and trails, and great public transportation. People who work in DC prefer the lower rents and (somewhat) quieter streets.
Smart investors looking for rental properties that are easy to keep occupied should look into buying a 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.
Arlington’s most northern reaches allow you to walk to DC by crossing one of the many bridges that connect the two. In addition to its proximity to DC, Arlington is easily accessible via various interstates and major roadways.
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. Many small restaurants allow for frugal dining, while plenty of public parks are available to enjoy for free.
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.
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.
If you’re buying a rental property now, even with minimal work, likely, you’re not going to rent for higher than your mortgage. Investing in rental properties is 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.
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 to make ends meet.
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.
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.
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.
Arlington rental properties are a good option if you’re looking for a long-term investment in a stable economy. 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.
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