Barkan Management Company
Barkan’s substantial experience and a focus on total quality assure your complete satisfaction when you engage us as your full service rental property manager.
Washington, DC, referred to by many as just Washington, is the capital city of the United States. The city has a population of 689,545 residents, making it the 20th most populous city in the country. As the heart of the U.S. government, Washington is the political center of the United States. Several prolific organizations also call the city home, including the World Bank Group, the American Red Cross, the International Monetary Fund, and over 170 foreign embassies.
In addition to its political significance, Washington is also known for its tourism. The city attracts millions of tourists every year, most of whom gather to see the many monuments and landmarks that dot the capital. These include the Capitol Building, the National Mall, the Lincoln Memorial, the Washington Monument, the Martin Luther King Jr. Memorial, and the White House.
Washington also boasts a thriving arts and culture scene. Museums located in the city include the Smithsonian American Art Museum, the National Museum of Natural History, the National Gallery of Art, the National Museum of African Art, and the National Museum of American History. There are also several performing arts companies based in Washington such as the Washington Ballet, the Washington National Opera, and the National Symphony Orchestra.
Colleges and universities in Washington include the University of the District of Columbia, Howard University, Georgetown University, George Washington University, and Johns Hopkins University. Other attractions include the National Zoological Park, the John F. Kennedy Center for the Performing Arts, Ford’s Theatre, the Library of Congress, the Thomas Jefferson Memorial, and Arlington National Cemetery.
Given that Washington is a focal point of the U.S. government, it comes as no surprise that real estate in this city is rather expensive. The median listing price for a home here is $629,000, though prices can go as high as $18.5 million. Perhaps this is why the city also has a large renter population. In fact, 58.4% of Washington’s residents rent their homes.
Image via towncharts.com
In addition to a wide pool of renters, Washington is also ideal for landlords because of its high rental prices. The average rent for an apartment in this city is $2,160, which has been steadily on the rise since 2012. Most of the rental units also command rent between the $1,501 to $2,000 rental range or above $2,000.
Image via rentcafe.com
Lastly, Washington DC is known to have a low vacancy rate, which means landlords won’t have a hard time finding tenants. In 2019, the vacancy rate in the city was 5.01%, whereas the national rate was at 5.97%.
Washington DC welcomes new residents each year. Whereas some of these new residents purchase homes, others look for a space to rent. Property investors can capitalize on this demand, but managing a rental property is not the same as buying one. Most of the time, landlords end up giving up their properties because they can’t perform their duties effectively.
Whether you lack time, expertise, or interest in the job, a Washington DC rental management company can help. With professional assistance, you can pass on all of your duties to an experienced manager. They will be the person to make sure your rental property is occupied, earns money, and remains in good condition. The following are just some of the responsibilities a management company can assume:
If you need a professional property management company in Washington DC, Rental Choice is the first place to go. Look for the best companies in your area with the help of our comprehensive online directory. We only list reliable property management companies, so you can rest assured your investment is in good hands.