Arlington Virginia Property Management
Understanding Arlington Virginia Property Management
Are you curious about professional Arlington Virginia Property Management? Wondering what a shifting real estate market will mean for Northern Virginia homeowners?
Arlington County has a history of strong resales for both single family homes and condos and shows no signs of slowing down. Sellers are feeling the heat and looking increasingly to professional, Arlington property management firms to help them get the most out of their investment while they await the return to a more predictable selling economy. However, with the boom of Amazon HQ2 and National Landing as the region’s newest technology sector, Arlington will continue to remain a premium location to own real estate.
Do you own a residence or investment property in Arlington? Here’s what you should know about the local rental market.
It’s no secret that many people are having major success in the real estate investment industry right now. Property values across the country have shot up in the past two years as needs changed due to the pandemic.
If you live in the Arlington area, some unique features of our economy make this an especially attractive area to become a landlord. Our economy is strong and resilient and prices are continuing to appreciate. In addition, our job market makes this an exceptionally good area for rentals.
Why Own Property in Arlington, Virginia
Arlington, along with the rest of Northern Virginia, may be the best place in the country to become a landlord, especially right now. Our economy is extremely resilient due to our proximity to the nation’s capital. We have an abundance of secure and high paying jobs and our local economy does not ebb and flow like a city that may rely on heavy manufacturing. Simply put, we are recession proof and that provides an advantage when running any kind of business.
Strength of the Arlington Virginia Rental Market
Dig a little deeper into the Arlington market and it looks even better for real estate investors. Many people are brought to this area by their careers knowing that they will not stay long. Jobs associated with the military and government and their contractors pay extremely well and it’s quite common for those employees to be relatively transient. They are only in the area for a couple of years at the most. This means they are unlikely to want to set down roots and buy a home of their own. An abundance of highly paid and well qualified renters is hard to find and we certainly have it here in Arlington.
As if that is not enough, our economy is about to be bolstered by the addition of 25,000 jobs at the new Amazon headquarters. Nationwide there is a real concern that real estate values may be peaking after the pandemic shake up. That may hold true in other markets around the country, but 25,000 new and high paying jobs are more than enough to keep Arlington growing for the foreseeable future.
Single-Family Home Market Appreciation
According to recent data, single family homes in the Arlington market have appreciated between 3.2% in 2018 and 7.2% in 2021. As an investor, this is what one would like to see, constant steady growth as opposed to booms and busts. The 7.2% is actually quite modest compared to some of the other markets that saw enormous growth during the pandemic, but we all know that is not sustainable and those markets will see a correction in the coming years. Our unique job market keeps Arlington immune from those corrections and lets investors enjoy steady and consistent property appreciation and rent growth.
Townhome & Condo Market Appreciation
The townhouse and condo market has seen similar growth over the past few years and is expected to continue. These properties have been selling for over asking price and are typically in the market for less than a week before an offer is accepted. This is exactly what new investors should be looking for, steady consistent growth as opposed to trying to perfectly time a boom and bust cycle.
New investors in the Arlington market are facing a golden opportunity to get involved in real estate. If you are thinking of taking advantage of all the area has to offer and investor, you will want an experienced property manager on your side. Give us a call and let’s discuss how we can help you.
What Arlington Real Estate Statistics Show
Let’s begin with some local NVAR statistics to help put things into context:
Arlington County home price appreciation: Arlington County approximately 17.2%
Median Sale Price: $635K, +%12.49
Active inventory: low, decline of 37.5%.
In light of these statistics, a significant number of Arlington homeowners who would otherwise be putting their homes on the market are instead opting to rent. For some who are underwater on their mortgages, selling in this current climate is not a viable option at all. For homeowners anticipating a relocation to a different part of the country or an assignment abroad, becoming a landlord means getting help.
That’s when those who’d be selling in a stronger market start seeking Arlington property management firms for assistance in placing tenants and caring for their homes once they’ve moved.
WJD Understands the Arlington Rental Market
WJD has been managing properties for Arlington property owners and investors for more than three decades. We understand the current regional rental market.
1. The Washington area–Arlington especially–tends to maintain a robust rental market no matter which direction home sales are trending in. Why is the D.C. area so “bulletproof” when it comes to rentals? It’s a unique market–and some of the reasons for the strength of rentals in Northern Virginia is due to the temporary assignments of many workers in our area–as well as the political, government, and military roles that rule much of Washington-area life.
2. An increase in interest rates is predicted to increase the number of renters in 2022-2023. According to Bloomberg, “Rental prices for single-family homes grew an average of 7.8% in 2021, an all-time high, according to the most recent data available from CoreLogic Inc. In December, U.S. home rents jumped 12% year over year for the month.” Single-family rent increases are setting new all-time highs. Moreover, as noted by Bloomberg, “the appeal of rentals has grown in recent years as people have been priced out of the housing market or are unwilling to take on the financial burden of a mortgage.”
What Owners Say About WJD Management
“We have been using WJD to manage our rental condo in Fairlington Villages for the past 27 years, and our unit has always been rented, for 27 years! WJD is responsive to the needs of the tenants and resolves problems efficiently. The staff at WJD is caring and gets the job done. Thank you!” – Kim W.
We’ve Specialized in Northern Virginia Property Management for Over Three Decades
WJD has been serving landlords in Northern Virginia for more than 35+ years. We offer a comprehensive range of property management services, and our fees are very competitive. Our office is located close by in the City of Fairfax, and we are the leading Arlington property management specialists in Northern Virginia. Contact us today, and we’ll give you a free rental market analysis right away.
Why Own Rental Property in Arlington Virginia?
Arlington County is a county in the Commonwealth of Virginia, often referred to simply as Arlington or Arlington, Virginia. The county is situated in Northern Virginia on the southwestern bank of the Potomac River directly across from the District of Columbia, of which it was once a part. The county is coterminous with the U.S. Census Bureau’s census-designated place of Arlington. Arlington is considered to be the second-largest “principal city” of the Washington metropolitan area.
In 2019, the county’s population was estimated at 236,842, making Arlington the sixth-largest county in Virginia by population; if it were incorporated as a city, Arlington would be the fourth most-populous city in the state. With a land area of 26 square miles (67 km2), Arlington is the geographically smallest self-governing county in the U.S., and by reason of state law regarding population density, it has no incorporated towns within its borders. It is the 5th highest-income county in the U.S. by median family income,and is the 11th most densely populated county in the United States. According to Niche.com, it is the best city to live in America as of 2020.
Arlington is home to the Pentagon, Reagan National Airport, and Arlington National Cemetery. In academia, the county contains Marymount University, George Mason University’s Antonin Scalia Law School, the administrative offices buildings and graduate programs for the Schar School of Policy and Government and the Jimmy and Rosalynn Carter School for Peace and Conflict Resolution, as well as satellite campuses of the University of Virginia and Virginia Tech. It will soon house Amazon HQ2, the co-headquarters of Amazon. – Wikipedia