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Reston Virginia Rental Investors Market Update

By
Real Estate Agent with Keller Williams Realty

What are the current Rental Market conditions in Reston, VA?

Lake Thoureau Reston VAReston Town CenterReston Town Center Paramount Condos

       Reston has grown from being a quiet and small town into one that is sought after for both housing and jobs. This modern and community orientated town is located within the Fairfax County, which is based in the greater Washington D.C area.Around sixty thousand citizens already inhabit the suburbs of Reston, which are extremely family friendly.

 When it comes to the rental market in Reston now is certainly the right time to get involved as an investor. The rental market in Washington D.C and surrounding areas, including Reston is said to be the strongest in the nation. Renting property as oppose to buying it has become so popular that many condo developers have decided to rent out their condos as oppose to selling them. One of the main reason for this and for the fact that the renting market is overtaking the buying in choice of popularity is down to the current economic and housing situation, which is making renting a much cheaper alternative to actually owning the property.(Quite good especially if your looking for housing that would sell for $600K and above but sometimes rents for $2400+)   

The housing market and especially the renting market in Northern Virginia and in particularly  Reston has been and will continue to be strong, even in tough times such as the current housing crisis. One of the main reasons for this is due to its close proximity to Washington D.C and the access to jobs in the Dulles Corridor.

 The Dulles Metrorail expansion will also be a major appreciation benefit to long term property investors and will bring more people into the town that are looking for rental property.The Dulles Metrorail Wiehle Avenue (Reston Station) is set to open Spring 2013. 

    Reston Town CenterLake Anne Reston VA

   The area of Reston has developed and prospered so fast over the years that the housing there sadly always seems to be at a premium and the house prices have shot up during the last five years. This of course refers to the price of housing if you are buying, which again demonstrates the benefit of renting within the Reston area.

  The current RENTAL Market snapshot is 69 rentals available as of 11am May 15th, 2011. The median rent is $1,800.00 with an average of 18 days.   We normally recieve 2 to 3 applicant per property in a two week time frame.  Almost every property type will rent quickly if it is priced right.  So if your a condo owner or an Executive home owner you should have good luck renting if you do price correctly.

   This is due to the fact that many people have seen the advantage of renting and have held for what ever reason to rent instead of buying. 

  Foreign investors are now buying property in Reston with the intention of renting it on to a third party. We have seen condo units with all cash offers for sales prices routinely. What is really interesting is where the money is coming from and the amounts. The money is coming from China,India, Europe, Argentina, etc. 

    It is clear within Washington D.C and the surrounding area, such as Reston that renting is overtaking the option of buying property. Apartment vacancies within Reston and the rest of the Fairfax County in Washington D.C are now half thenational average and many home sellers are making the decision to rent out their properties instead of selling them.

  As you can see the rental property in Reston is booming and this is despite the economic situation!

   So my advice to you if you are currently thinking of moving or downsizing your home is opt for a rental option and save yourself a stash of cash in the process if your not an investor!

 Please contact HPE Property Management, LLC  if your considering renting your house or would like to buy an investment property.

 Joseph Holbrook

HPE Property Management, LLC

www.hpepropertymanagement.com

 

 Short SalesKeller Williams Realty Reston, VA

 About HPE 

HPE Property Management, LLC provides comprehensive property management services for residential property owners. We provide superior service to our military, diplomatic services personnel, government contractors, professional investors as well as the landlord by default owners.
 
HPE Property Management has established itself as a leading provider of property management services in Northern Virgnia by delivering the service, expertise and experience discriminating property owners and investors require.

There are a variety of factors that determine true success in real estate investments. Marketing your property correctly, qualifying and retaining the best tenants, maintaining your property in top condition - these are all crucial elements that determine your ultimate return on investment. Choosing a seasoned property manager is the single most important decision you can make in protecting your real estate investment and maximizing cash flow.

If you must shop around for a property management company or Realtor, please contact us last!
 
We believe we can win your business and provide you a level of trust.

Please call (703) 651-9169 for additional information or view our website pages for more info.

 

 

 

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