Reston Condos (Chantilly, Fairfax: real estate market, apartments, rentals)

[gm2858]

I am looking to buy a relatively new apartment in NOVA to rent out. I'm trying to get a feel for the rental market in Reston. I know its kind of far from DC, but is there decent demand for rentals?

Who would be my typical tenants? (ie. students, young professionals, etc.). I have not yet had the opportunity to visit yet, but have looked around Chantilly. Are the two neighborhoods fairly similar?

How hard has the downturn in the real estate market impacted the city, more specifically the price of condos. Any additional insights would be helpful. Thanks in advance.

[janning]

Well, if this helps, I'm actually someone looking to move to an apartment in Reston. I am a young professional moving from Michigan. To me, the prices of apartments and condo's seem on the higher side in Reston. Not being from the area, I can't really compare it to how they used to be.

[DFinnerty]

If you are looking to buy it flat out and using it as a tax shelter then you are all good. If you are looking to finance you should run numbers first to see what your maximum monthly payment on the place would be. Investment property is trickier to finance now but there are ways around problems. Reston in my opinion is the nicest place in Fairfax County where I have lived for about 25 years. Depending on which part of Reston things can be very different.

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