You already know how valuable real estate can be for your investment portfolio. You may already have some active properties in the market. But how do you decide on the location?
Northern Virginia is full of unique property management opportunities. The best place to invest may be right under your nose. Below we discuss two great all-around choices that will help you get started on your property management journey.
Keep scrolling to learn more.
Founded by descendants of Robert E. Lee, historical Leesburg is a growing real estate market in Northern Virginia.
With a 45-minute drive time from Washington D.C., this Arlington suburb experienced steady population growth in recent years. D.C. commuters are flocking to the suburban town as rents increase in the nation's Capitol.
While mostly a commuter town, Leesburg has also seen employment growth within its own borders. Its unemployment rate is also half of the national average.
As home values increase, there will most likely be an increase in those opting to rent instead of own a home. Those looking for a convenient and spacious alternative to Washington D.C. will be eyeing this suburban bedroom community.
Although the property market has waned slightly in comparison to this time last year, the city of Alexandria continues to prove itself as a reliable investment location. Its proximity to the nation's Capitol makes it a prime rental spot for commuters.
Alexandria is home to many governmental arms, like the National Science Foundation and the Patent and Trademark Office. Only a 10-minute drive from the Pentagon, the city's largest employer is the U.S. Department of Defense.
Alexandria's proximity to D.C. means that there will always be a continued demand for rental property. Government contractors often set their headquarters here. Government employees often call the city home.
The city is also testing out a new co-living initiative. If implemented, it could ease the problem of rental affordability for tenants. It could also mean that property owners could fill vacancies quicker, ensure cash flow remains consistent.
If you have the capital to invest, Alexandria will provide consistent returns for the years to come.
Choosing the Best Place to Invest
While there are pros and cons for any opportunity, we believe that these locations will provide the best return on investment in the following years.
Overall, rental rates are increasing across the board in Northern Virginia. At present, there is nothing to foreshadow a slowing down of this trend.
If you like consistent returns, but a slightly lower amount per month, Alexandria is the city for you. If you prefer higher rent prices in a slower, more suburban setting, then we suggest you look into Leesburg.
Get Your Property on the Market
Where is the best place to invest in Northern Virginia? Well, we believe there are two equally profitable opportunities. It's prime time to get your real estate out in the market.
Want to learn more? Contact our property management experts today to get started on your first investment.