Single Family Management
There are 28 property management companies in Washington, DC 13 Companies specialize in Single Family property management. 15 Companies specialize in Multi-Family property management. 18 Companies specialize in HOA property management.
The average rent for a 3 bedroom house in Washington, DC is $2,050.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
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Washington, D.C. Property Management Companies
Our nation's capital is a prime housing market not only for homebuyers looking for a single-family residence, but also investors who are looking to purchase income properties to lease.
Though the recession and subsequent housing crisis have affected many metros nationwide, Washington, D.C. remains mostly unscathed. Unemployment in the district is low, while home sales and prices have remained steady. This is likely due to the strong business sector in D.C.
The capital has become a prime place for young businessmen and women to move to for work, as the number of companies making their way into the city each month is substantial. Also, plenty of residents in the area work in government, meaning there are many workers likely renting in the area.
Aside from great employment opportunities for new professionals, renowned landmarks, including the National Mall and the Smithsonian, and numerous esteemed educational institutions, such as Georgetown, reside in the area.
And while D.C. is known as a fast-paced political community, that doesn't mean there are no places to be entertained. The district is filled with various adored arts and culture venues, such as the John F. Kennedy Center for the Performing Arts and the National Symphony Orchestra.
Numerous Property Management Firms to Choose From in Washington, D.C.
With rental occupancy rates expected to remain high in D.C., property investors may want to snatch up some prime real estate. Once these properties are obtained, the next step for owners should be to hire a property management firm to run the residences.
A substantial number of management companies operate in the District of Columbia, and can more-than-ably assist property owners by handling contact with tenants and maintaining properties.
By allowing these professionals do to what they're best at, owners don't have to trouble themselves by controlling both the properties' finances and the renters who reside at those properties.
Washington, D.C. Rental Market at a Glance
|Washington, D.C. Area||US|
|2012 Population||5.8 million||380 million|
|2010 Percentage of renters||43.50%||34.00%|
|2013 (1st Q) Rental vacancy rate||6.0%||8.40%|
|2013 Median house price||$376,000||$185,000|
|2013 Median Family income||$61,835||$51,400|
|2013 Median rent (3 bedroom)||$2,050||$1,350|
Washington, D.C (population: 5,860,342) has steadily declined from 10.5% in the first quarter of 2010 to 6.0% in the first quarter of 2013. The median rent has increased slightly over the last two years, going from $1,885 in 2011 to $2,050 in 2013. The median family income is $61,835 and the median home price is $376,000.
Vacancy rates and population estimates taken from census.gov/housing
Rent data from HUD.gov
Median family income and price from CNNMoney.com
Percentage of renters reported by City-data.com
Finding Washington, D.C. Property Management Companies
Locating the right property management company for you is an important part of your property investment business.
Use All Property Management's database to choose from Washington, D.C.'s top property management companies. Just type your zip code into our search engine and you'll discover a variety of management firms in Washington, D.C. Request free quotes from the companies that interest you.
For those who can afford it, living in a top-rated Washington D.C. neighborhood is usually vibrant, scenic and consistently clean. Places like Georgetown, Woodlands, Kalorama, Dupont Circle, and Woodland-Normanstone Terrace often receive the highest reviews from users on websites like Yelp and StreetAdvisor.com, but all share a high cost of living that is prohibitive for most young families.
While architecture varies greatly throughout the nation's capital, brick rowhouses in neighborhoods like Petworth and Edgewood are commonplace and sometimes demonstrate fixer-up promise for aggressive investors and hands-on homeowners. The consistent challenge with these property investments is that neighborhood transformations--what critics often call gentrification--require time, patience and considerable money. The Southwest Waterfront neighborhood represents an exceptional turnaround in appearance and investment return, although the initial plan for neighborhood renewal and redevelop began in 1950. In some neighborhoods the turnaround is significantly faster but unpredictable. Columbia Heights began redevelopment in 1999 and initially seemed to tip toward gentrification, but today offers a blend of middle-income housing among luxury townhouses. Columbia Heights is also one of the most ethnically and economic diverse neighborhoods in Washington DC. Navy Yard or Near Southwest is another promising neighborhood in redevelopment, although private companies purchased much of the land surrounding the Nationals Park baseball stadium and new U.S. Department of Transportation office complex for commercial and residential projects. Other Washington DC neighborhoods include:
U Street Corridor
Anacostia Naval Station
Boiling Air Force Base
North Michigan Park
North Cleveland Park
Sursum Corda Cooperative