Property Management Blog

In Reston, where our offices are located, it’s really a booming area, as is Tyson’s Corner, which is closer to the beltway. Other areas around northern Virginia and closer to Washington, D.C. are far more concentrated and developed. There are a lot of older houses being torn down and new houses being built up. In places like Reston and Tyson’s Corner, however, you’re seeing a lot of mixed use development. There is a lot of rental housing, actually. These aren’t condos, but apartment rentals. This tells us that rentals are here to stay. It could be because the millennials want to rent a little longer. Eventually they will buy homes, but right now they want flexibility. They don’t want to be tied down quite yet, so they’re waiting longer to purchase. The other demographic is the older population. People in rental apartments in Reston are a cross section of people. There are a variety of people looking for good housing. 

With builders and developers constructing more high rises, we know that the rental market is strong. The sales market will continue to grow, but there are a lot of rentals that can create opportunities for investors who want to rent out homes. Northern Virginia is expensive. We know many property managers across the country in different markets who help investors purchase homes and then end up managing those properties. For example, in Atlanta, you can buy a home for $150,000, and make good cash flow. Here, you have to put a lot of money down to get any cash flow, and the prices are a lot higher. However, appreciation is strong here, and we have a robust market. So, look for pockets that are booming like Reston and Tysons Corner. 

If you’re interested in northern Virginia rental property and you’d like to talk about investing, please contact us at Richey Property Management. We own several properties in and out of the area, so if you’re interested in investing in other markets, we’d be happy to be a resource for that as well.