Hampton Roads is home to a huge number of military personnel, with 43,000 active-duty members stationed in the area. That means there's a tremendous demand for rental properties in the seven cities that make up this area.
If you're looking to expand your real estate investing efforts, Hampton Roads is a good place to start your search.
Every investment strategy starts with identifying the best locations for rental properties. Read on for tips on where to look for smart investments in Hampton Roads, VA.
Norfolk
This city is the site of the world's largest naval base, making it ideal for those looking for investment properties to fulfill military housing demands. Lapped by a glorious shoreline, Norfolk has 244,000 residents, lovely parks, and a vibrant nightlife.
It also offers many activities for residents to enjoy, such as:
- Chrysler Hall
- The Virginia Opera
- Chrysler Museum of Art
- Harbor Park Stadium
- The Waterside Festival Marketplace
These factors make Norfolk an attractive place for renters looking for their next home. The housing market is competitive, although the real estate industry has seen prices cool in the last few months.
Now is the time to invest if you want to take advantage of this price slump; it won't last long.
Virginia Beach
Virginia has some of the highest rental rates in the country, and this coastal city is one of the most expensive areas overall. That's because of the high demand driven by its seaside location and many amenities.
The city boasts popular opportunities for outdoor recreation like kayaking, hiking, and waterparks.
Over 450,000 people live here to take advantage of a strong job market and excellent schools in the area. This is also a top destination for short-term rental properties thanks to the high numbers of tourists who arrive in the summer.
Chesapeake
Chesapeake boasts a calm, peaceful atmosphere and a slower pace of life. About 240,000 people live in this area, which offers beautiful scenery, good amenities, and a high-quality school district.
As an added attraction, the city is home to several annual events, such as the Chesapeake Jubilee and the Chesapeake Wine Festival.
Chesapeake offers just the right blend of urban and rural environments that appeal to a wide range of potential tenants. Real estate prices in this area are in line with the national average to allow you to explore the benefits of renting without worrying about high mortgage payments.
Maximize Your Real Estate Investing Efforts
Whoever said owning a rental property was a source of passive income never tried to manage one. Carrying out all the duties associated with being a landlord takes up a huge amount of time and can be stressful for busy investors.
After pinpointing the best places for real estate investing in Hampton Roads, the next most important thing to do is hire a reputable property management firm, like Renters Warehouse.
We offer a wide range of property management services to ensure you get to enjoy the benefits of owning rental properties without the hassles. Explore a better way to keep your tenants happy and preserve your investment in Hampton Roads, VA.
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