Real estate is a reliable and profitable investment choice for most people, but it can be a lot of work unless you have a property manager. One of the most stressful tasks of being a landlord is finding tenants. However, there’s no denying that it’s easier to fill up vacancies in some neighborhoods than in others.
First-time renters often go to places with vibrant activity choices, rent is affordable, and commuting is easy. If you want to be a successful real estate investor, you need to target this particular demographic by investing in neighborhoods they like. Wondering what areas fit the bill? We’ve got you covered.
This article will reveal the most popular Washington DC neighborhoods for first-time renters.
- Navy Yard
First on our list is the Navy Yard. The area, formerly a shipping yard, is now a thriving riverfront community with various restaurants and outdoor activities to keep the residents busy.
If you’re a sports fan, you could catch a game at the nearby Nationals Park and cheer on the local MLB team. Although if luscious parks are more your thing, you can take a walk through one of the 20 acres of parkland in the neighborhood. The most popular one is Yard Park, a scenic escape from the hustle and bustle of everyday life.
Moreso, the neighborhood is undergoing extensive redevelopment, both residential and commercial. That means there’s a high tendency for properties to appreciate.
- Foggy Bottom
Foggy Bottom is one of the more affordable neighborhoods in Washington DC, making it a pretty good deal considering all its other perks. For one, it’s located near the center of the territory, so you’re never far from any other point in Washington. That makes commuting a breeze and is something tenants often look for in a home. Moreso, it’s pretty close to Georgetown University, so that vacancies won’t be much of an issue.
Besides affordable rent and easy commuting, the neighborhood also has more to offer. It’s a cultural hub with many museums and historical places to visit, including the John F. Kennedy Center for the Performing Arts.
- Adams Morgan
Adams Morgan is a hub of diverse cultures and activities, making it the ideal neighborhood for tenants looking for a vibrant lifestyle. Its nightlife is a bubbling experience, with many international restaurants, bars, and clubs a short commute away.
In addition to its energetic scenery, Adams Morgan is quite popular amongst young professionals because of its proximity to commercial centers. Although, a significant percentage of the neighborhood consists of families with school-age children.
- Dupont Circle
Dupont Circle is famous amongst first-time renters because of its vibrant and unique spirit. It helps that it is in a convenient location with readily available means of public transportation to help residents get around. Although, one of the best perks about living in Dupont Circle is the diversity. There’s an international restaurant around every corner, so tenants in the area enjoy a burst of flavor in their palettes quite often.
Another reason to consider Dupont Circle is that most people there are renters, so vacancies fill up quite quickly.
- Lanier Heights
Lanier Heights is a charming neighborhood in the District of Columbia and is one of the best places in the area to call home. It’s a haven for people looking to get away from the hustle and bustle. So anyone looking to retreat into a small community has the luxury of sharing their space with less than five thousand people. That’s probably why the crime rate is also considerably lower than in other neighborhoods.
Despite its scanty population, there are many things to keep residents busy. There are plenty of local restaurants with fantastic food options. Also, the neighborhood has plenty of parks or bike trails if you’d like a scenic trip.
- Penn Quarter
Penn Quarter is another lovely neighborhood conveniently bordered by Pennsylvania Avenue to its south and Downtown Washington to its west. If you’re familiar with the DC area, you can imagine how close that is to the famous Capital One Arena. Games, concerts, and other live events are pretty popular in the neighborhood and never more than a stone’s throw away. That’s a pretty good selling point during an open house.
If your prospective tenants are more on the artistic side, you can always win them over with the variety of museums and art galleries. Plus, you can always grab a bite at one of the bubbly restaurants around the corner.
Chinatown and Penn Quarter often overlap, but they’re distinct neighborhoods. That means Chinatown isn’t far from all the places Penn Quarter residents get to enjoy. The community is pretty self-sufficient, containing several restaurants, bars, shopping malls, and other services within the area. It’s currently one of the top ten neighborhoods to live in, primarily because of its diversity in ethnicity and economic activity.
Other than the vibrant nature of the neighborhood, tenants enjoy access to several cultural and historically relevant places. Museum-hopping is popular because the area has several galleries.
Finally, the last spot on our list belongs to Georgetown. It’s a quaint area that attracts several tourists to its vibrant locations. So if you’re leaning towards investing in a vacation rental, Georgetown is perfect for you. Renters and tourists alike get to enjoy a large selection of engaging activities. There’s something for everyone, from the scenic views at Georgetown Waterfront Park to historical landmarks like Tudor Place and the Exorcist step.
In addition, the dining scene is an exquisite experience featuring a mix of high-end restaurants and expedient fast food spots. While live music, and bars define the nightlife.
There you have it! The most popular Washington DC neighborhoods for first-time renters are affordable areas with various accessible amenities for homeowners and tenants to enjoy. Remember that location is an essential factor to consider if you decide to invest in real estate, so you must be thorough in your house buying.
If you need assistance, keep in mind a local rental management company can help with your search.