5 Reasons To Buy a Rental Property In Washington DC
There’s no doubt that Washington DC is the hub of political activity within the US. This interest makes it a top place to work and live and includes a diverse area of neighborhoods to invest in. Although the main metro area is a hive of energy, other metropolitan locations such as Arlington, Montgomery, and areas of Maryland are also thriving spots.
There are plenty of reasons to invest in a rental property in Washington DC so explore the below reasons to see why this could be an option for you.
Big businesses are creating jobs
In 2017, Amazon publicized their plans for the new HQ2 site in Arlington, and with further developments recently announced, it could open up plenty more jobs in the future. This growth and predicted expansion in the future make the commuter areas of Arlington and Alexandria a hotspot for property investment.
The market is blossoming
Over the past decade, the market has seen exciting growth. For example, the average price of a house rose by approximately 20% between 2013 and 2018. Plus, with Amazon’s new HQ setting up shop in the area, the market is ramping up to meet the demand of people moving to the area. However, it is said that the full effects of this big business expansion will take place over the next decade, so there’s plenty of time to snap up a good deal as the region grows. To take advantage of this growth and invest well, it’s a great idea to speak to property experts in DC if you’re thinking about rental opportunities. It’s also a great idea to consider DC property management services to manage your portfolio.
It’s a desirable place to live
Reports have suggested that certain areas in Washington DC are some of the most desirable places to live, with Northern Virginia being one of the top spots. These popular zones have also been recorded as having some of the more profitable returns. This could become stronger as more people aim to move closer to work.
New developments are creating demand
When choosing how to invest in the area, it’s essential to consider where other people buy rental properties. A good indicator that a location will start to see growth is where new developments are being planned. Consider where the next theater, mall, or sports arena will be homed, and begin to design your investment opportunities near these areas. An example of this in action is the area of Union Market. What was once a deserted spot with rundown buildings is now a thriving real estate opportunity due to the development of a new food hall and restaurant/bar area. Plus, it’s accessible via the Metro.
Renters are willing to pay a premium
Rental prices are rising in the area, and renters are willing to spend a little more to get the right property. The metropolitan spots are also popular places for ease of commute and quality of life.
Washington DC is proving to be a top spot for rental investment, so why not check out the area to see what you could get for your money.
