What's in a Rental?

Our office lists properties for rent for private owners. Often the potential tenants are confused about how the process works because they are used to renting from an apartment complex. Here are a few things that I tell prospective tenants to help keep it all straight:

Apartment Buildings

• An apartment complex typically charges a lower security deposit. They have a staff of maintenance people, so if a tenant leaves the place a mess they can have it fixed quickly and easily by their own staff.
• Apartment complexes typically own a building with 50 or more units and charge enough in rent that a percentage of occupancy covers their expenses and mortgage. This means they can afford to carry a certain number of vacant units in any given month.

Private Owner

• A private owner often charges 1 month's rent for security deposit. If a tenant leaves the carpets or walls a mess, they have to hire someone to fix it or make the time to fix it themselves.
•  Private owners are responsible for the mortgage, whether they have a tenant or not.

Of course there are a number of other considerations, but these are the key ones that come to mind.

I'm posting this in honor of our Rental listing on Cheyenne Way in Haymarket that goes active in the MLS today. Two levels, 2 bedrooms, 1.5 baths. Fenced yard with deck. Updated kitchen! If you have any questions about Cheyenne Way...please contact us!

The Silver Line of the Dulles Metrorail Project

If you have driven near Tyson's Corner or Reston Virginia in the last year or two you've probably noticed an enormous amount of construction. Some of this construction is Phase 1 of the Dulles Metro Rail project. For the past month or so I've been hearing a lot about local residents opposing the Silver Line. The Silver Line of the Dulles Metrorail is expected to extend The Washington, D.C. area's public rail transport system or "the Metro" from Falls Church to Washington Dulles International Airport (IAD), and into the city of Ashburn at Ryan Road. You can see a map of the proposed stations here.

Phase 1 of this project is well underway and scheduled for completion in 2013 according to the Dulles Metrorail Project's Website. Phase 2 extends the rail from Wiehle Avenue in Reston to Ryan Road in Ashburn with stops at Reston Parkway, in Herndon/Monroe Street, Route 28, Dulles Airport and Route 606 ending at Ryan Road in Ashburn. according to their website, the proposed completion date for Phase II is 2016.

According to some comments I've seen in various articles and blogs, the opposition is not to the rail itself, but to the taxpayers bearing the financial burden of building the rail system. There are concerns that the cost of use on the Dulles Toll Road & The Greenway (Virginia Highway 267) will increase exponentially. Further, the use of PLA's (Project Labor Agreements) is expected to vastly increase construction costs, decrease the likelihood of Virginia workers getting these jobs, and reduce in-state competition due to the low number of Virginia Unions.  For more information on this opposition, see the article here. The Reston Chamber of Commerce has also expressed opposition to these PLA's. You can read more about that here.

From a strictly Real Estate point of view, the Silver line means better access to two major airports as well as commuter options for residents who work in or near the District of Colombia. It means a likely increase in property value for residents in Herndon, Reston and Ashburn once it is completed. However, it is always interesting to see how these types of changes affect the community in which they occur during the building process.

For photos and updates on Dulles Metro Rail construction, click this link.

Reston Condo on the Lake

One of the many perks of working in Real Estate is the chance to see all kinds of homes, all kinds of decor, and all kinds of lifestyles. Last week we listed a condo in Reston that backs right up to lake Thoreau. We had the honor of listing another Harbor Point Condo last year, and I fell in love with the serenity of the location. There's a grocery store AND a Starbucks literally around the corner from here, you're convenient to a commute, and you get to wake up every morning and look out your master bedroom & living room windows at this.

This particular Reston Condominium conveys with a boat slip, so you can kayak or fish in your back yard. What a magnificent place to live!
For a google map view, click here