Rental Trends

This biweekly sponsored column is written by the experts at Gordon James Realty, a local property management firm that specializes in residential real estate, commercial real estate and home owner associations. Please submit any questions in the comments section or via email.

Renters consider Arlington one of the nation’s very best places to live, according to a recent survey by rental listing company Apartment List.

Only Plano, Texas, and Boston, Massachusetts, ranked higher in the company’s nationwide survey of 18,000 renters in 100 cities. The survey aimed to shed light on what the nation’s renters are looking for in the place where they make their home. Arlington earned an A-plus overall and in many other categories, including satisfaction with schools, the economy and safety.

“Arlington earned one of the best three scores in the nation with excellent grades across all categories,” Andrew Tam, Vice President of Data Science at Apartment List, said regarding the survey. “The U.S. renter population is at its highest level in 20 years, and Arlington clearly meets the needs of this large and highly mobile demographic.”

Arlington renters gave it the nation’s highest marks for safety. In the survey, 93 percent said they were satisfied or extremely satisfied with the city’s safety and crime rate. In addition, the survey showed that:

• Renters gave Arlington A-plus marks for satisfaction with the daily commute and access to recreational activities
• The county scored high for renters’ confidence in the local economy; 46 percent feel it is on the right track and 21 percent think it is on the wrong track
• Arlington’s lowest grades were for satisfaction with schools and local taxes, which both earned A-minuses.

About three quarters of Arlington renters said they expect to buy a home in the future.

Washington, D.C., and other D.C.-area suburbs also ranked high. D.C. came in seventh, just four spots behind Arlington. Silver Spring came in 25th with an overall grade of an A-minus while Alexandria received a B-plus.

All that satisfaction comes at a price, as most residents know. Of the 100 places included in the survey, Arlington was the ninth most expensive with a median two-bedroom rent of $2,000.

However, among the 100 cities surveyed, Arlington renters are the least cost burdened, defined as spending more then 30 percent or more of their income on rent. The company’s analysis showed 40 percent of Arlington residents are cost burdened, while several cities have more than 65 percent of renters that fall into that category. Nationwide, nearly 52 percent of renters are cost burdened, according to Apartment List.

Arlington’s top scores on the survey aren’t too surprising. The county frequently tops lists of the best places to live, including a second place finish in Businessweek.com’s ranking and third place on Livability.com list of the Top 100 Best Places to Live.

This biweekly sponsored column is written by the experts at Gordon James Realty, a local property management firm that specializes in residential real estate, commercial real estate and home owner associations. Please submit any questions in the comments section or via email.

The beginning of a new year brings a great opportunity to assess where you stand and to set some goals for the coming months. For residential property owners, taking an honest look at how your business is performing and the opportunities you have to make it run more smoothly can make owning an investment property more profitable and more enjoyable.

While your goals will depend on your specific situation, these five resolutions can help many landlords avoid problems and find greater success.

1. Commit to preventive maintenance.

Maintaining your rental property can prevent costly repairs, saving you money and hassles due to emergency maintenance issues. It is a good idea to do a thorough walkthrough to evaluate the systems, plumbing, roof and appliances in your rentals at least once a year.

Note anything that needs immediate repair or replacement and budget for items that have limited life left. In addition, make a point of scheduling routine seasonal tasks in spring and fall, such as clearing gutters, cleaning the dryer vent and getting an HVAC check-up.

2. Foster good relationships with your tenants.

Satisfied tenants are more likely to stay, pay rent on time and take good care of your property. And that will make your job as a landlord easier and boost your bottom line.

Set the stage for a good relationship by clearly outlining all policies and responding quickly to questions and repair requests. Then, preserve the relationship by keeping your promises and maintaining a friendly but professional demeanor at all times.

3. Keep an eye on the local market.

Watching rental prices in your neighborhood will help you know whether or not you should raise the rent and by how much. And if you understand what amenities Arlington tenants are looking for, you’ll have an easier time determining what upgrades are worth investing in, such as an in-unit washer/dryer or bathroom renovation.

Having a desirable property and charging optimal rent is key to attracting good tenants and being able to earn a profit.

4. Brush up on local landlord-tenant laws.

Don’t get into hot water because you aren’t aware of your responsibilities. Virginia law recently changed so that more rental owners fall under the commonwealth’s Residential Landlord and Tenant Act, so make sure you understand the rules that apply to you.

Evaluate your lease agreements and policies to confirm that they follow the law. Arlington County has several guides and documents to help landlords on its website.

5. Value your time.

Assess how much time you’re spending on the business of being a landlord and how much you have left for family and other pursuits. Your time is worth something, so look for any processes you can streamline or consider whether there are parts of the job that might be worth outsourcing this year.

Some reflection, thought and planning will hopefully help you find greater satisfaction and success as a property owner in 2016.

The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.

This biweekly sponsored column is written by the experts at Gordon James Realty, a local property management firm that specializes in residential real estate, commercial real estate and home owner associations. Please submit any questions in the comments section or via email.

Real Estate is often considered a “high-risk, high-reward” marketplace. However, that conception generally applies to short-term investments that have been made without performing a thorough analysis of the marketplace, startup costs, and, most importantly, industry trends.

So while “house flipping” may have the allure of a quick buck, it also comes with many financial risks. But, looking at recent trends provides an insight into the potential economic gain from adding a rental property to your investment portfolio instead of a short-term investment.

There are many important aspects to consider when evaluating if owning a rental property is the right decision for you. Looking at current demographics in cities, we can see a movement toward urbanization for retirement. This stands in sharp contrast with the retirement plans of older generations who mass-migrated out of the city post retirement. The urban lifestyle provides an ease of living that many baby boomers are not willing to give up in order to pursue the retirement dream of a relaxing life outside the city.

In cities like Washington D.C., there are things constantly drawing people to the city, from jobs to personal interests. Therefore, on top of baby boomers choosing to maintain their urban lifestyle, there is also an influx of young people to capitalize on as well. This creates a large market for rental properties in urban areas to satisfy this growing customer base.

Millennials are the most educated generation, making them more likely to have a well-paid, highly skilled job in an urban center as opposed to the low paying manufacturing jobs of the past. This allows Millennials to have more spending power for rental properties in the city.

The trends of Millennials are also affected by long term student debt, in addition to the after effects of the recession on their families. This, in turn, impacts important life decisions, including marriage and buying property. As more people are choosing to wait to commit, there is a large demand for rental properties in highly populated cities as people capitalize on the flexibility of renting.

If you are considering pursuing the opportunity of investing in a rental property, this could be the right time to start looking. With a growing rental market to serve, there are plenty of potential renters coming to the city in search of the flexibility your property could provide.

For the full article, please visit our website.

The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.

This biweekly sponsored column is written by the experts at Gordon James Realty, a local property management firm that specializes in residential real estate, commercial real estate and home owner associations. Please submit any questions in the comments section or via email.

With a mild fall topped off with Christmas Eve temperatures in the 70s, preparing for snow is probably far from your mind.

But January is typically the coldest and snowiest month of the year in the region. So now is actually the perfect time to brush up on shoveling requirements in Arlington County and, if need be, buy a shovel and some salt while they’re still well stocked.

The shoveling issue can be especially tricky for landlords and renters, who may not know whose job it is to get rid of the white stuff – and how quickly – after it falls.

Arlington County law specifies that property owners are responsible for removing snow from all public sidewalks adjacent to their properties. Not clearing the snow can result in fines, not to mention a slippery and dangerous situation for tenants and other passers-by.

If you’re a renter, especially one living a single-family home or other single-unit dwelling, it is important to check your lease. Your landlord may have given you the job of shoveling, along with lawn mowing and other simple property maintenance tasks. If the lease doesn’t outline shoveling responsibility, it is a good question to clear up ahead of those first flakes.

If you’re a landlord and your tenant is responsible for shoveling, sending an annual reminder outlining requirements is a good idea. If you take care of snow removal, make sure you have the proper equipment or a contract in place with a local vendor. In addition to sidewalks, make sure you clear all walkways and stairs on the property to prevent injuries and avoid potential lawsuits.

No matter who shovels, there are rules to keep in mind to make sure you comply with the county snow ordinance:

• A shovel-wide path won’t do. You have to clear the entire width of the sidewalk, up to 3 feet wide, so wheelchairs and strollers can pass.
• Once the snow stops, you have 24 hours to get the shoveling done if less than 6 inches has fallen, or 36 hours for larger accumulations. The county will post the official snow ending time on its website.
• You aren’t allowed to shovel snow from private property (your home) to public property (the street).

If a sidewalk remains snow covered after the time limit has elapsed, the county can opt to clear the snow and bill the owner for the cost.

The county could issue fines to property owners if the sidewalk isn’t cleared properly. For sidewalks less than 200 feet long, the fine is $50; for longer sidewalks, the fine is $100. Moving snow from private property to public property is considered a criminal misdemeanor punishable by a $250 fine.

And being out of town is no excuse for not shoveling, in the eyes of the county. So be sure to monitor the weather and make arrangements to get shoveling done while you’re away.

Some people are exempt from shoveling requirements, including owners who aren’t physically capable of shoveling. And technically, you can’t be fined if the county snowplow pushes snow back onto a sidewalk you’ve already cleared. But making sure the path remains clear will help keep you others safe, and it is part of being a responsible resident and good neighbor.

The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.

This biweekly sponsored column is written by the experts at Gordon James Realty, a local property management firm that specializes in residential real estate, commercial real estate and home owner associations. Please submit any questions in the comments section or via email.

When tenants begin their search for their new home, on average, they look at over 100 listings.

Ensuring that the advertisement for a rental property hits the right notes is critical, but also challenging — there are a lot of different factors to consider. For example, landlords need to answer all the questions they can for potential renters before they see the property so they know what to expect, but frequently end up writing a description that is too long and not focused on the most important factors.

Gordon James Realty created a guide that narrows down these factors into the top 6 things to best market your property:

1. Location, Location, Location. One of the most important considerations for a tenant when deciding to schedule a viewing for a rental property is location. We recommend adding a short and concise description that references proximity to transportation and local bars and restaurants. This helps to capture the interest of the tenant when they are comparing your advertisement to the 99 others.
2. Describing both the building amenities and specific features of the unit or property will help to generate additional interest. Pictures are helpful, but describing the specific amenities can be a big selling point, such as state of the art gyms or rooftop pools.
3. A brief history of the property can be a big selling point, such as a famous architect who designed the building.
4. Know your target market. If your property is in a residential area, focus on the factors that might be important to a family, like proximity to a local park, school district, or safety of the neighborhood. If your property is in a more urban area, highlight the proximity to nearby transportation or nightlife.
5. Upgraded property features are always a selling point for prospective renters. Popular ones include granite countertops, stainless steel appliances, a working gas or wood burning fireplace, high ceilings, or double bathroom vanity. This will help set your advertisement apart from the rest of the pack. If the property has undergone any recent construction or renovation, highlight this!
6. Pointing out local attractions or fun things to do on the weekend such as museums or award winning restaurants.

These are the key points to include in any property advertisement that allows your property to stand out and attract the most attention. Advertisements should go beyond the basics so that potential renters can get a feel for the property and decide whether they can see themselves living there. Remember, there is a lot of competition out there so creating a compelling ad can help sell your property before people even see it in person!

The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.