Amazon HQ2 is expected to be completely finished and ready to open its doors in 2025. Building anticipation for HQ2, Amazon has posted preliminary designs and plans for this $2.5 billion new headquarters which will be built in National Landing in Northern Virginia.
Current and prospective Amazon employees and residents of National Landing, which encompasses Alexandria and Arlington, are not the only ones who are anticipating the opening of this new headquarters. Many landlords and real estate investors are also excited about the prospects that can come from Amazon HQ2.
If you have been considering investing in or renting out real estate in the Northern Virginia area since the announcement of Amazon HQ2, here are five numbers that you should consider:
Amazon HQ2 – 3,500 new jobs created in Arlington
Right now there are already over 1,600 HQ2 employees based out of Arlington, and Amazon is currently seeking 1,900 more employees. According to Amazon, this is a record high for the location, and it will have a significant impact on the economy and real estate market in Northern Virginia.
Why should you care about these 3,500 new jobs?
- Amazon HQ2 employees will look to rent homes in the surrounding areas that are within walking and biking distance from the new headquarters
- Growing numbers of people moving to Arlington will increase the demand for housing in the area, increasing property values and rental prices
- Property owners in Arlington and Alexandria looking to rent out their property will have no trouble finding tenants looking for homes to rent
31 – percent increase in rental rates after the launch of HQ1
While there are no guarantees that every situation will play out exactly the same as it did in Seattle, experts look to the housing market shifts in Seattle after HQ1 for an idea of how HQ2 will influence the market in Northern Virginia.
According to Zillow, rental rates in Seattle in the eight years following the announcement of HQ1 increased by 31%. Real estate investors should expect to see similar increases in Arlington and Alexandria over the next few years.
Why should you care about this 31% increase in rental rates?
- Increased rental rates mean increased cash flow each month to cover other expenses
- High rental rates allow you to time the market and wait until the best time to sell without worrying about making ends meet
- Rising rental rates means you can sit back, relax, and enjoy a steadily increasing passive income
4.9 million – square feet of HQ2 campus
With current plans for the second phase of Amazon HQ2, the campus will total 4.9 million square feet.
Plans for this campus include over 2.8 million square feet of office space, 20,000 square feet in community space for community meetings and educational initiatives, over 1.1 acres of open public space for farmer’s markets and a community park, and over 50,000 square feet of retail space.
Why should you care about the 4.9 million square feet of space that will be used and developed by the Amazon HQ2 campus?
- New public and community spaces with parks and other amenities will raise local property values
- Retail space for new businesses and restaurants will drive more renters and employees to the area, increasing rental rates and property values
- A thriving community space with retail opportunities will draw even more businesses and companies to Arlington and Alexandria, further increasing property values
900 – foot long pedestrian bridge from Crystal City to Ronald Reagan Washington National Airport
In addition to its other plans to make Arlington and Alexandria more walkable cities, Amazon also intends to create a 900-foot long pedestrian bridge allowing people to walk from Crystal City in Arlington to the Ronald Reagan Washington National Airport.
This will decrease traffic congestion, helping those living in Crystal City and surrounding areas to make it to and from the airport much faster. Along with transit improvements, this pedestrian bridge has the potential to notably decrease commute times.
Why should you care about the 900-foot long pedestrian bridge?
- Shorter commute times will make Arlington more desirable for employees (even those who don’t work for Amazon) who work near the airport or travel frequently for work
- This new infrastructure will increase property values in Crystal City and surrounding areas
- The bridge will decrease traffic congestion, making commuting easier and increasing the likelihood that those working in the D.C. area will opt for neighboring suburbs like Alexandria where there are larger homes and a more affordable cost of living
0 – hassle when you work with RentSimple
If you choose to invest in a Northern Virginia rental property, RentSimple is the best property management company you can use to manage the rental process.
Here at RentSimple, we like the number zero.
Why should you care about our love of the number zero and our zero-hassle philosophy? Because when you work with us, you can expect:
- Zero of your dollars lost in rent money from tenants due to our Guaranteed Rent policy.
- Zero minutes of your time spent trying to contact service providers to handle maintenance requests
- Zero of your dollars spent making repairs due to pet damage
- Zero hidden fees or unexpected costs added to your bill
- Zero responsibility for you to set rental rates, take care of tenant requests, and collect monthly rent
RentSimple truly simplifies the rental process and allows real estate investors to make the most of their investment. Learn more about how RentSimple can help you manage your Northern Virginia rental property when you visit our website.