Northern Virginia has a cute nickname.; the locals call it NoVA. This part of America is a highly desirable location for professionals and families living in the Washington, D.C. Metropolitan Area. Property owners in the NoVA area, with one or more single-family rental homes in their real estate portfolio, count on RentSimple for superb Northern Virginia property management. Many federal workers live in the nice neighborhoods of Northern Virginia and commute to work in Washington, D.C., or work remotely from luxurious single-family rental homes.
Rental Values in Northern Virginia
Rental properties are a terrific investment in the nicer neighborhoods. Rental statistics for the Northern Virginia area are available as free reports from the Northern Virginia Association of REALTORs® (NVAR).
Here are some highlights from the NVAR Rental Statistics 3rd Quarter, 2020:
Entire NVAR Region
- Rental volume: 2,265 units
- Average listing price: $2,616
- Average rent: $2,613
- Average listing-to-rent ratio: 99.9%
Alexandria
- Rental volume: 307 units
- Average listing price: $2,624
- Average rent: $2,621
- Average listing-to-rent ratio: 99.9%
Arlington
- Rental volume: 395 units
- Average listing price: $2,687
- Average rent: $2,681
- Average listing-to-rent ratio: 99.8%
Fairfax County
- Rental volume: 1,506 units
- Average listing price: $2,583
- Average rent: $2,581
- Average listing-to-rent ratio: 99.9%
Fairfax City
- Rental volume: 32 units
- Average listing price: $2,691
- Average rent: $2,688
- Average listing-to-rent ratio: 99.8%
Falls Church City
- Rental volume 25 units
- Average listing price $3,325
- Average rent $3,281
- Average listing-to-rent ratio 98.9%
Why use a Northern Virginia property management company?
This question is the easiest to answer, using a simple analogy. No matter how talented a brain surgeon is, it is unwise for a brain surgeon to perform self-surgery. Similarly, a property owner who invests in a rental home benefits by leaving the management duties to the hired professionals that specialize in handling these affairs.
When property owners are asked their opinions about using a Northern Virginia property management company, the most common remarks are that they wished they had considered using one sooner.
Northern Virginia property management is much easier when a professional company handles it. Owners benefit from a company focused on investor returns, which guarantees rent with stress-free property management.
The goal for property owners of rental homes is to generate automated passive income. Can you imagine not having to worry about collecting rent during the pandemic? Yes, that concept is a huge relief for property owners who hire a property management company that is so confident in their process that they offer a rent guarantee.
Here are some advantages of hiring a property management company:
- A professional property manager knows the local real estate market extremely well.
- A pre-showing evaluation of a vacant rental home generates ideas and suggestions for any cost-effective and worthwhile improvements that will capture higher rent.
- Hiring a property manager saves property owners time. Having a property manager reduces headaches, allowing owners to focus on their business efforts, family life, and other obligations.
- Property managers handle maintenance, rent collection, tenant screening, and all the emergencies that seem to happen in the middle of the night.
- Property managers have resources and knowledge that property owners may lack.
- Property managers have the enthusiasm to take care of the issues efficiently.
- Hiring a property manager gives owners more time to focus on expanding their real estate portfolio. An owner cannot be scouting valuable property acquisitions if constantly doing maintenance. It’s the same reason a brain surgeon hires a plumber to fix a toilet.
- Property managers save owners money because they reduce the downtime of vacancies, help avoid bad renters, and ensure quick and effective maintenance, avoiding long, drawn-out, and potentially dangerous do-it-yourself disasters (Please, do not try this!).
What about the fees?
Warren Buffet once said. “The price is what you paid. The value is what you get.”
The well-known investment analysis website Motley Fool gives a real-life example:
A property owner thought a vacant rental home would rent for $800 per month. A professional property manager suggested that $895 per month was a better market price, and it was! The higher rent covered the fee for the property manager of 10% of the monthly collected rent, making it a proven value for the property owner to hire the manager. The owner got the same income stream he expected without any of the property management hassles.
Find out the rental market valuation of your home with a free rental analysis.
Reach out to us today with any questions you may have. We are ready to help you with Northern Virginia rental homes that are great spaces for great people producing lasting returns for property owners.
