If you have been considering renting out your home in Arlington, Virginia, the time to take the plunge is NOW! Around the nation, people are leaving metropolitan areas and opting to live in suburbs instead, where they can afford more spacious homes in top-ranked school districts without the noise and expenses that come with living in large cities.
Renting out your home in Northern Virginia
The onset of the COVID-19 pandemic only exacerbated this trend, and record numbers of families have been moving away from their metropolitan apartments in favor of larger, single-family homes in neighboring suburban areas.
This is especially true in Northern Virginia, which has seen suburban areas like Arlington bring in three times the number of D.C. residents between March and December 2020 than they did in 2019. As growing numbers of families decided to move to Northern Virginia suburbs during the pandemic, Washington D.C. lost roughly 2.6 times more people in 2020 than it did in the previous year.
As remote work continues to take off and the cost of living in metropolitan areas continues to increase, this trend will only grow in the coming years. This opens the door for landlords who have homes in places like Arlington, Virginia to make a profit when renting out their property.
Renting out your Arlington home can help you make a passive income over the upcoming years. If you are on the fence about whether or not taking this step will be right for you, here are three factors to keep in mind:
1. Rising Rental Rates in Arlington, VA
The number one reason why anyone considers renting out their property is to make money. If you’re not going to make a profit, there is no reason to take any risk and allow tenants to rent your home.
Fortunately, if you have a home in Arlington, you will not have to worry about whether or not you will make a profit. In addition to bringing in more residents from Washington, D.C. last year than in previous years, rental rates in Arlington are on the rise.
This is especially true for single-family homes. According to a Patch report, the fair market rent estimate for a one-bedroom rental property in Arlington increased from $2,250 to $2,320 over the past year, and the estimate for a four-bedroom rental property increased from $4,060 to $4,120.
Lasting trends from the COVID-19 pandemic, like increased remote work and a greater need for economic stability, will continue to boost rental rates moving forward. If you want a way to increase your income, you should consider renting out your Arlington property.
2. Renters are Looking for Homes in Arlington
Even if rental rates are increasing, it won’t matter if you are not able to find reliable tenants to rent out your property. The good news is that if you rent out your Arlington property, you don’t have to worry about finding reliable tenants. For one, when you work with a great property management company, like RentSimple, finding tenants is no longer your responsibility.
Additionally, Arlington is becoming an increasingly desirable place to live, so there are many renters who are looking for homes in this area. Arlington’s population is growing at a rate of roughly 0.34% annually, leading to a competitive housing market. According to a housing market study, Arlington’s inventory of available homes has been declining, which has caused rental prices to increase while also creating a demand for homes in the area.
With such high levels of demand, especially for homes with more than one bedroom, you should not have any difficulty finding tenants to rent out your Arlington property.
Here are a few of the main factors that draw renters to Arlington:
The Village at Shirlington is the premier destination for shopping, dining, and entertainment in Arlington. Visitors can enjoy a movie at the AMC theater, eat at restaurants like Guapo’s Restaurant and Stellina Pizza, take in a performance at the Signature Theatre, or shop at any number of boutiques.
The Village at Shirlington hosts community events and allows shoppers to “sip and stroll,” so they can buy cocktails and drink them as they walk through the shopping center.
Since 1969, countless Arlington residents have enjoyed free concerts at Lubber Run Amphitheater. This venue hosts musicians who play music of all genres, and it also holds family-friendly concerts on a regular basis.Music enthusiasts love to hear local and touring acts perform at this historic venue.
The Pentagon is the headquarters for the United States Department of Defense. Every year more than 100,000 people visit the Pentagon to tour this massive low-rise building and learn about each of the branches of the US military.
The Pentagon also employs a large percentage of the Arlington workforce, which is one of the main reasons why people choose to live in the area.
People from around the world travel to this 624-acre cemetery in order to reflect and pay respect to United States heroes. At the Arlington National Cemetery, visitors can see The Tomb of the Unknown Soldier, tombstones for Medal of Honor recipients and other notable people throughout history, and the graves of former presidents William Howard Taft and John F. Kennedy.
Those who love to unwind in the great outdoors enjoy exploring the Mount Vernon Trail which starts at George Washington’s Mount Vernon home and ends at Theodore Roosevelt Island. Arlington residents can take in the Washington, D.C. skyline and the Potomac River while jogging, hiking, or cycling the 18 miles of paved pathway.
People with all sorts of different interests from all walks of life can find plenty of fun activities and opportunities for entertainment in Arlington, Virginia.
Highly Ranked Schools
Arlington is a town that prioritizes education. It is one of the most educated cities in the nation with over 71.5% of Arlington’s 25-and-older population holding at least a bachelor’s degree according to Forbes. Arlington is close to major universities like George Mason University and The Art Institute of Washington, which draws thousands of students to the area each year.
These schools as well as the other highly ranked schools in the Arlington County Public Schools district attract many families to the suburbs of Arlington.
Although remote work is becoming increasingly popular across the nation, there are still many people who need to drive or take the metro to work if they work in Washington, D.C. One reason why Arlington is growing in popularity is because of its short commute.
When leaving from Arlington neighborhoods like Rosslyn or Courthouse, the average metro commute to Washington, D.C. can be as short as 10-20 minutes. This means that people who need to commute to the city to work, or people who want to enjoy the attractions that Washington, D.C. has to offer can do so in no time flat while living in a safer area with a more affordable cost of living and larger homes.
Arlington is home to some of the top-rated and most attractive neighborhoods in all of Virginia, like Rosslyn, Courthouse, and Shirlington.
Shirlington features Village at Shirlington, one of the top shopping and entertainment districts in Arlington. It is known for its diverse cuisine, luxury shopping, and its celebration of the arts. Shirlington also boasts WETA-TV where PBS Newshour is filmed.
Courthouse has many high-value homes, and it is the hub for Arlington’s local government and much of its public transportation systems. People love to visit the Courthouse for its rich history and scenic views.
Rosslyn is home to Williamsburg Middle and Yorktown High, and serves as the commercial district in Arlington. It is home to many Fortune 500 companies, museums, and trails. People like homes in Rosslyn because of its proximity to great bars and restaurants as well as downtown Washington, D.C.
As these neighborhoods continue to develop and add new amenities, they will continue to be popular areas for people to live, and more people will want to move to these suburban neighborhoods.
3. RentSimple Makes Renting Out Your Home…Simple
While you don’t want to miss out on rising rental rates and increased housing competition in Arlington, deciding to rent out your property is not an easy decision. Finding tenants, setting prices for rent, and maintaining your property can seem like a massive headache and make you feel like renting out your property is not worth it.
However, with the right rental management company, this could not be further from the truth.With RentSimple, renting out your property will be…simple. We understand that renting out a home can be a complicated process, so we’ve decided to take on all of the hard parts and leave you with one simple task: collecting your profit. If you are concerned about how you can find tenants that will treat your property with respect and pay their rent on time, don’t worry! We will find tenants for you and make sure they pass a credit check and a background check.
If you are worried about knowing the right prices to charge for rent or how to collect rent from tenants, don’t stress! We have extensive knowledge of rental prices in Arlington, and we handle all the rent collection for you. If you are afraid that you will lose money from tenants skipping out on rent or that you will lose time dealing with property maintenance requests, don’t fret! We offer a Rent Guarantee, and we are available to maintain your property and take care of tenant requests.
When it comes to all of the stressful aspects of renting out a property, we have you covered. There is no need for you to miss out on a great opportunity to earn a passive income because the thought of renting out your home seems too stressful. RentSimple makes the rental process stress-free for you and for your tenants.
Just like our name suggests, here at RentSimple, the heart of our brand is simple: take care of landlords and tenants. It’s why we offer guarantees to make sure you’re covered on rent payments, pet damage, and eviction costs if necessary. It’s why we provide high-quality service for your tenants so that they are 100% satisfied with their rental experience. It’s why we choose properties and tenants with care.
If you have been waiting for the right time to start renting out your property in Arlington, start working with us today.Learn more about RentSimple, and see why countless landlords trust our guaranteed rent, worry-free property management company when you visit our website.