Why Owning Rental Property in Aurora Highlands is a Great Investment
If you’ve ever thought about becoming a rental property owner in Aurora Highlands, Virginia, now is a great time. Many opportunities await for first-time small business owners ranging from government grants, state incentives, to generous tax breaks. One of the first things you will want to study is your target area. Read on and see if Aurora Highland, Virginia could be your rental dream come true.
Welcome to Arlington County
The unemployment rate is 39% lower compared with the national average. Roughly 74% of residents have some college education all the way up to a master’s degree or higher.
The median age is 34 years old for both male and female and racial diversity hovers around 30%. Half of the residents are married or have been, and 38% of married couples have children under eighteen years of age. The majority of families rent versus owning a home at a ratio of 82:18, perfect for those looking to own rental property.
Single-family homes dot the landscape and as of June 2018, Zillow costs the average 3 bedrooms, 2 bath home at $660,000 while renting the same house will run an average of $3000 per month.
Residents of all ages can enjoy a myriad of activities close to home. For the college-bound student, it will come as a relief to know the Arlington / Greater DC area is home to many colleges and universities. Georgetown, Marymount, and Chamberlain, just to name a few, are within a fifty-mile radius making travel convenient. Not surprisingly, internships are numerous here attracting many young adults looking for things to do. The nightlife scene doesn’t disappoint. Heading north toward Pentagon City, a bastion of nightclubs awaits whether you’re looking for a quiet martini or a raucous dance floor. Restaurants are just as abundant in this area and the cultural diversity is reflected in the variety of food available. This translates into 206 pizza parlors, 118 Chinese restaurants, 159 Mexican restaurants, 62 Indian restaurants and 246 Italian bistros; enough thrill to satisfy an adventurous palate. You can make a casual day out of shopping from Crystal City’s stores or sleuthing through antique shops for hidden heirlooms. Some stores offer free parking for hassle-free shopping. There are plenty of family-friendly venues to explore from the educational: The Arlington House: Robert E. Lee Memorial, to the Great Waves Water Park, a mere five miles from Arlington.
There are many steps to becoming a rental property owner in Aurora Highlands, but the first thing to do is check to see if you qualify for any incentives the state or Arlington County offers to small business owners. This will give you a step up and help you network with other like-minded entrepreneurs. On the state level, Virginia offers the Small Business Job Grant Fund (SBJGF) which helps small businesses create jobs. You may be reimbursed up to $2000 for creating jobs along with free recruiting and training services if you qualify. In addition, Arlington County offers grants such as Industrial Development Authority (IDA) Performance Incentives along with the Rehabilitation Tax Exemption. On the government level, the new Tax Cut and Jobs Act (TCJA) that passed Congress on December 22, 2017, will greatly benefit landlords. The TCJA allows you take a pass-through income deduction so your rental income is taxed at the individual level and not at the business level. Another tax perk for a new landlord is the cost of furniture and appliances can now be deducted up to $1,000,000 in 2018 under Section 170 Expensing. Be sure to talk to a tax professional to find out about other tax benefits.
If you decide becoming a rental property owner is for you, you may consider hiring a property manager to handle the day-to-day minutia with your rentals. Property managers will advertise, schedule repairs, deal with tenants, collect rent, show the property, and anything else you deem necessary or would rather not deal with. The property management company likely has solid real estate statistics at their fingertips and know more about your neighborhood than you do. They can tell you about tenant retention rates or help you decide if raising rent is a good option to absorb rising taxes. And who wouldn’t want to hand off a 2 a.m. emergency plumbing nightmare to a professional team?
Once you feel like you’ve done enough research, get out and talk to other business owners that have rental property. Find out what some of their struggles are so you can avoid the same pitfalls and enjoy making your dream a reality.
Aurora Highlands Property Management
Our property management team specializes in residential areas throughout Aurora Highlands, VA. We offer multiple services to take your rental property and convert it into reliable income. We have a thorough screening process that helps to identify the right tenants for your property. Our team works hard to keep both parties happy through effective communication, bulletproof lease agreements, and timely monthly rent collection. We offer maintenance services to enhance the property and ensure that it will retain or increase in value. We oversee everything, allowing you to sit back and relax and know that your property and your tenants are in good hands.
Contact us today if you are ready to receive a comprehensive analysis of your rental property and to inquire about our Aurora Highlands area property management services.
I have been so impressed with not only the quality of service, but the punctual service and communication skills that I have seen through Keyrenter. I would absolutely recommend using Keyrenter.
Kimber C., Satisfied Client
Keyrenter is very organized. I have had several problems with my condo, and Keyrenter has been on top of everything. I can’t say enough good things about the company.
Steve S., Satisfied Client
I'm absolutely delighted with how easy Keyrenter made everything for me. From start to getting a renter into my house, it's all been convenient and simple. Great company, great service, great people!
Lorrie M., Satisfied Client
I've been a tenant with Keyrenter for the past 5 years. They have always been prompt in dealing with issues I've raised up and in responding to my requests for repairs and maintenance.
Tadd D., Satisfied Tenant
PROVEN AND TRUSTED