If you’ve been thinking about renting out your home in McLean, Virginia, the time to take the leap is now. Since the start of the COVID-19 pandemic, countless people who work in metropolitan areas have been looking for homes in suburban areas like those found in Fairfax County. The suburbs offer more square footage, lower costs of living, and the opportunity to live in a quiet area without sacrificing great amenities.
According to Zillow’s 2020 Urban-Suburban Market Report, 61% of its traffic growth for listings was due to growth in suburban search traffic. Realtor.com reported that over half of the property searches on their website were from people looking to move out of metropolitan areas to nearby suburbs. Even though COVID-19 won’t stay around forever, there are certain trends from this pandemic that aren’t going away anytime soon.
Economic insecurity has caused people to look for affordable homes in affordable areas, and remote work has decreased the need for people to live in close proximity to their workplace while simultaneously increasing the need for larger properties with space to work from home.
As more people who work in metropolitan areas like Washington, D.C. start moving to the suburbs, it is becoming easier for landlords with properties in neighboring suburbs to rent out their properties and make a profit.
If you’re still considering whether or not you should rent out your McLean property, here are three factors to keep in mind:
1. Rising Rental Rates in McLean, VA
Ultimately, the number one reason why any landlord rents out a property is to earn a passive income. Making money is key. Luckily, considering rising rental rates in suburban areas, there is plenty of money to be made by renting out your property in McLean.
Rental prices in McLean are on the rise, and when you hire the right property management company, you can take advantage of these prices and make a nice profit each month. The average rent for a unit in McLean is $2,273 per month, which reflects a 3% increase from average rental prices in 2020. As people continue to look for larger homes in suburban areas, these rates will continue to increase.
Now is the perfect time to start renting out your property in order to capitalize on these rising rates. Many people in the Washington, D.C. area are flocking to the suburbs in search of multi-bedroom homes with home offices and a manageable cost of living.
If you have a spacious property in McLean, you can take advantage of this and make a strong passive income over the coming years.
2. People WANT to Live in McLean!
Aside from the fact that a great property management company, like RentSimple, will do the hard work for you, you will have no trouble finding a tenant for your McLean property.
McLean is becoming an increasingly desirable and popular place to live, and there is no shortage of people looking for homes in this area. Homes in McLean are selling nearly twice as fast this year as they did last year selling in 23 days on average, and there has been a growing number of renters looking for homes in the area.
However, despite the large number of people looking to move to McLean, less than 1% of the homes in this town are available to rent. If you have a home in this area, it will be in high demand.
Here are a few reasons why renters are becoming more interested in moving to McLean:
McLean has several trendy and luxurious neighborhoods that attract families, couples, and singles alike.Some of the top neighborhoods in McLean are Hansborough, Salona Village, Langley, The Reserve, and Ingleside.
Ingleside is close to the downtown McLean area and McLean Central Park, and it is also home to Langley High, ranked the third-best high school in Virginia according to U.S. News. The Reserve is a gated community known for its luxury homes with spacious, well-manicured yards. Langley is also in the Langley High school district. Additionally, Langley is home to CIA headquarters and the popular Langley Fork Park. Salona Village is known for its great restaurants and the beautiful Pimmit Bend Park. Hansborough features expansive homes close to the McLean Community Center and Dolley Madison Library
If your home is in or near any of these neighborhoods, you won’t have any trouble finding tenants.
High Quality Schools
McLean, Virginia is home to some of the highest-rated schools in the entire state. Niche ranks The Potomac School in McLean as the #1 private school in Virginia and the Madeira School as the third best private school in Virginia. McLean also features McLean High School and Langley High School which are ranked as the third and fourth-best high schools in the state.
McLean’s Haycock Elementary is the 6th best public elementary school in Virginia, and Cooper Middle School and Longfellow Middle School rank 5th and 6th respectively for best public middle schools in Virginia.
Parents who work in the Washington, D.C. area can not ask for a better place for their children to receive a high-quality education than McLean, which is why this town draws thousands of families.
Short Commute to Washington, D.C.
Although remote work is becoming increasingly common (roughly 11.27% of McLean’s population telecommutes), there are still people who have to travel to the city for work or who have a flexible remote work schedule that requires them to come to the office from time to time.
McLean is an attractive option for these individuals because it is safe, quiet, and affordable, but still close to Washington, D.C. For this reason, it is home to many government officials and business executives.
Commuters will find that on average, McLean is roughly a 21-minute drive from the Metro Center, a 32-minute drive to Union Station, and a 16-minute drive to Reagan National Airport. Those who take the train can reach Union Station in 1 hour and 12 minutes and Reagan National Airport in about 1 hour and 15 minutes.
Great Attractions and Amenities
McLean is a family-centric town that offers desirable local attractions without the high costs of living in a metropolitan area.
Here are some of the top attractions that McLean has to offer:
McLean is home to many art lovers. According to Neighborhood Scout, “McLean has more artists, designers and people working in media than 90% of the communities in America.” Many of these people love spending time at the McLean Community Center, which is home to The Robert Ames Alden Theatre.
The Alden Theatre is a 383-seat performing arts venue that hosts comedy shows, dance performances, concerts, orchestra performances, and other art exhibitions from people across the nation and the world.
McLean Community Center also offers three art galleries: the Emerson Gallery, the Atrium Gallery, and the Ramp Gallery with free exhibits.
In addition to providing this much-appreciated Alden Theatre and breathtaking art galleries, the McLean Community Center also offers educational classes, special community events, visual art classes, and after-school programs for children and teenagers.
Clemyjontri Park is a place where children of all abilities can play together. The playground structures and swings have special safety features which allow children who are wheelchair users or children with sensory needs to have a great day at the park.
This park features a trackless train, a carousel, and a pavilion in addition to their playground.
Great Falls Park is one of the top recreation destinations in McLean. This 800-acre park offers stunning views of the Great Falls of the Potomac, clifftop hiking and mountain biking trails, and museum exhibits that people of all ages can enjoy.
Visitors love to see the wildlife as they explore the forests, swamplands, meadows, and ponds within Great Falls Park. The educational courses and tours available make this the perfect spot for parents who want to expose their children to different plants and animals, as well as schools who are looking for a great place for a field trip.
Those who need a bit of a respite from the fast-paced life of working in Washington, D.C. can unplug and spend some time in nature at Great Falls Park.
Tysons Corner Center is one of McLean’s premier shopping, dining, and entertainment destinations.
Tysons Corner Center features an AMC theater with IMAX, a Valet Car Spa Detailers for those looking to have their car detailed, and some of the best shopping opportunities in the town.At Tysons, you’ll find stores like Abercrombie & Fitch, Coach, Adidas, Eddie Bauer, American Girl, Banana Republic, Apple, Gucci, Louis Vuitton, and more. After spending the day shopping and watching a new movie, shoppers can satisfy their hunger at restaurants like California Pizza Kitchen, Chipotle Mexican Grill, Shake Shack, Silver Diner, and Panera Bread among other eateries.
McLean is a place that is rich in history, family values, and fun. It’s no surprise that thousands of people are looking for homes in this suburb, especially because it offers top-notch amenities without the astronomical cost-of-living and business of metropolitan areas like Washington, D.C.
Because of the great amenities and attractions that McLean offers its residents, finding tenants to rent your home in McLean will not be a problem
3. RentSimple Makes Renting Out Your Home...Simple
Even when you know that making this move will be profitable and that you will have no trouble finding tenants, renting out your home can seem daunting. If you’re thinking about renting out your home in McLean, you probably have a lot of questions running through your mind:
- How do I make sure the tenants I find are high-quality tenants that will take care of my property and pay their rent on time?
- How do I collect rent compassionately in a time when people are facing economic hardship?
- How do I figure out how much to charge and the going rates for rental properties in the area?
- How do I make ends meet or make a profit if my tenants skip the rent one month?
- How can I ensure that my tenants have everything they need without spending all my time conducting maintenance and responding to their requests?
The simple answer to these questions? You don’t. We do.
RentSimple is one of the top property management companies in Northern Virginia for a reason. We handle all of the hard stuff so that you can make money without any stress or hassle.
When you choose to work with RentSimple, you don’t have to spend time trying to find great tenants, learn how to take advantage of rising rental rates, worry about collecting rent, or focus on managing your properties.
We take care of all of that for you. We find amazing tenants that can pass a background check and a credit check. Since we are only focused on rental properties, we know exactly how much rent you will need to charge tenants for your property. We collect all of the rent and make sure that you receive your rent on time. If for any reason your tenants are not able to pay their rent in a timely manner, you can still breathe easy thanks to our Rent Guarantee. We pay 100% of all rent money owed.
We call ourselves RentSimple because we believe that it should be simple for you to rent out your property. The heart of our business is simple, too. We care about making sure that both landlords and their tenants are happy. That’s why we offer great guarantees for you and impeccable service for your tenants.
You’ll never have to worry about pet damage, adjusting rental prices, or eviction costs, and your tenants will never have to worry about receiving any maintenance or property management services.
As Northern Virginia becomes an increasingly popular destination for those who live and work in Washington, D.C., landlords who rent out properties in McLean are raking in profits. Work with RentSimple to rent out your McLean property, and you can join them!Learn more about RentSimple and how we can help you start renting out your property in McLean when you visit our website.