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
2011 Employment Forecast: 85,300 new jobs
2011 Construction Forecast: 2,000 new rental properties begin construction
2011 Rental Vacancy Rate Forecast: 4.3 percent
2011 Asking Rent Forecast: Increase 4.6 percent to $1,435 per month
Statistics courtesy of Marcus & Millichap's 2011 Real Estate Investment Research National Apartment Report.
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.