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5 Best Northern Virginia Cities for Rental Property Investors in 2024

Rental property investors who are looking to expand their real estate portfolios want to purchase properties located in profitable areas. Fortunately, the state of Virginia is home to several communities that will likely grow significantly in 2024. 

The greatest successes come from making the right investment decisions, but it can be difficult to predict the future in terms of which investments make the most sense. 

If you’re thinking about investing in real estate throughout Virginia, here are five of the most worthwhile locations to check out. Each community stands to serve as a wise investment choice for property owners seeking greater profits in the coming years. 

In this article, we will explore Arlington, Alexandria, Ashburn, Gainesville, and Brambleton, and in addition, we will cover the unique features that make these communities so desirable for rental property investors. 

1- Arlington

Arlington is drawing more and more young professionals and families to the area, and it currently sits at the 5th highest-earning county in the state (in terms of median household income). Because the population stands to increase in the coming years, it’s an excellent area for rental property investors to check out. With higher incomes and growing populations, investors will likely earn more in rent than they may in other areas within Virginia. 

Some of the best housing areas in Arlington include the Waverly Hills Historic District, the neighborhood of Fairlington, and the area of Rosslyn. 

Due to the close proximity to Washington, D.C., many newcomers will stay for the easy access to local attractions. Furthermore, the Metrorail, Metrobus, and Capital Bikeshare travel options make commuting in this area incredibly convenient. 

Current Apartment Rents in 2023:

Studio – $2,050

1 Bedroom – $2,505

2 Bedroom – $3,468

3 Bedroom – $4,216

Fairlington and Shirlington

As mentioned above, the Fairlington neighborhood is quite a popular area in Arlington, and both Fairlington and Shirlington cover sections of Arlington and Alexandria (another area covered on this list). 

According to the locals, Fairlington is a quiet, inviting neighborhood that includes several parks and attractive landscapes while Shirlington is ideal for strolling. It’s a pet-friendly neighborhood, as is evident by the Shirlington Dog Park. 

Both neighborhoods are conveniently located near Interstate 395, local restaurants and shopping centers, sporting areas, walking trails, and the rest of the Arlington and Alexandria areas. 

2- Alexandria

Just west of Washington, D.C., and near the banks of the historical Potomac River sits Alexandria. This charming neighborhood offers picturesque views, cobblestone streets, and beautiful rowhomes. It’s close in proximity to local shopping locations and restaurants, and it’s only a short metro ride away from the D.C. area. 

This town is renowned for being easily accessible, livable, and charming. There are a variety of attractions available, from local educational institutions that draw in students from across the country to locally owned small businesses. 

More than 155,000 people call this area home, and the majority choose to live in Alexandria due to its easy alignment with modern lifestyles, its easy-access amenities, and sophisticated infrastructure. 

A big perk for rental property investors is the fact that, due to Alexandria’s relative affluence, more people are looking to rent homes rather than buying in the area. According to Zillow, average home values in Alexandria were at $641,415 in 2022, but monthly rents usually average only $1,944 for studios and one-bedroom apartments.

Current Apartment Rents in 2023:

Studio – $1,769

1 Bedroom – $2,127

2 Bedroom – $2,464

3 Bedroom – $2,672

3- Ashburn

Ashburn is located in Loudoun County, which is part of the Washington, D.C. metropolitan area. This proximity provides residents with easy access to job opportunities, cultural attractions, and entertainment options in the nation’s capital.

The Ashburn area is a popular destination for renters to live and rental property investors to buy in. It has a fair number of condos and apartment buildings that young professionals and families will love, in addition to the selection of townhouses and single-family homes available. 

Ashburn is also home to several well-respected schools. The Loudoun County Public School system is known for its high-quality education, but there are also prestigious private schools in the area.

The region has a strong economy with a focus on technology and telecommunications. Companies in the tech industry, including data centers, have a significant presence in Ashburn, leading to job opportunities and economic growth.

Additionally, Ashburn offers a suburban lifestyle with a mix of residential neighborhoods, parks, and recreational locations. This atmosphere is appealing to families and individuals who value a quieter environment while still having access to urban amenities.

Ashburn, like much of Northern Virginia, generally has good infrastructure, including roads, public transportation, and healthcare facilities. It also tends to have lower crime rates compared to larger cities.

Finally, while the cost of living in Ashburn might be higher than in some other Virginia locations, it provides a good balance between affordability and quality of life. The real estate market offers a range of housing options, from single-family homes to apartments and townhouses.

Current Apartment Rents in 2023:

Studio – $3,337

1 Bedroom – $3,314

2 Bedroom – $2,339

3 Bedroom – $2,879

4- Gainesville

Gainesville is located in Prince William County, which is relatively close to the Washington, D.C. metropolitan area. This convenient location allows residents to enjoy the benefits of suburban living while still having access to the cultural, educational, and employment opportunities in the capital. As such, it’s a great option for rental property investors looking to expand their portfolios.

The Prince William County Public Schools system serves the area, and many of its schools have been recognized for their provision of quality education. This can be appealing to families with children.

Gainesville is also known for its shopping and dining options. The Promenade at Virginia Gateway is a popular shopping center that features a variety of stores, restaurants, and entertainment options.

There are bountiful recreational opportunities available in and around Gainesville. Parks, trails, and outdoor spaces provide opportunities for residents to enjoy outdoor activities. The area often hosts community events, festivals, and farmers’ markets, fostering a sense of community and providing opportunities for residents to connect.

While Gainesville is a suburban area, it’s relatively well-connected to major transportation routes, including I-66 and Route 29. This can make commuting to nearby cities more manageable.

Current Apartment Rents in 2023:

Studio – $1,560

1 Bedroom – $5,089

2 Bedroom – $4,979

3 Bedroom – $7,889

5- Brambleton

Brambleton is a master planned community designed with a focus on creating a well-rounded and vibrant living environment. This type of community planning includes a mix of residential, commercial, and recreational spaces, which foster a sense of convenience and community.

Brambleton offers a variety of amenities and recreational facilities for its residents. This includes parks, playgrounds, sports courts, swimming pools, and walking trails, all of which contribute to a family-friendly and active lifestyle. Brambleton, like many master planned communities, has its own shopping centers with retail stores, restaurants, and entertainment options. This convenience provides residents with easy access to essential services and entertainment without needing to travel far.

The Loudoun County Public Schools system, which serves the Brambleton area, is often recognized for its high-quality education, which can be an appealing feature for families with school-age children.

Brambleton typically offers a diverse range of housing options as well, including single-family homes, townhouses, and apartments. This variety allows individuals and families to choose housing that suits their preferences and needs.

Current Apartment Rents in 2023:

Studio – $2,101

1 Bedroom – $1,700

3 Bedroom – $3,200

4 Bedroom – $3,750

Virginia is home to many affluent neighborhoods, as well as up-and-coming communities for young professionals and families. Due to the close proximity to Washington, D.C., each of these locations stand to be ideal for rental property investors. Investing in properties within these communities enables future tenants to take advantage of all the modern conveniences of the area, including high-quality schools, easy access to jobs and recreation, local shops, restaurants, outdoor areas, and more. 

Stay tuned for more on the Virginia housing market to discover which areas present the greatest potential for your unique needs and goals. Virginia is a highly diverse state, and as such, you’re sure to find investment opportunities that will make your money work for you.

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