An overview of rental property in Hampton Roads

Situated on one of the world’s most spectacular natural harbors, steeped in American history yet poised to lead American manufacturing and energy production into the 21st century, Hampton Roads, Virginia combines the best of the past with the best of the future. Hampton Roads has the largest concentration of military installations in the country with all branches of the military represented, and military operations contribute more than $11 billion per year to the area’s economy. Recession-proof and ripe for development, the Southeastern Virginia area is rich in opportunity and conducive to business.

For renters, Hampton Roads rental property represents a good bargain. For developers and owners, rental property here represents a sound and secure long-term investment.

For young and mobile families, rental property in Hampton Roads offers good value for money. Although demand for rental properties remains strong, turnover also remains high as military families are constantly receiving requests for new duty stations. Comfortable, well-appointed two- and three-bedroom apartments start at less than $1,000 and require only modest deposits and move-in fees. Spacious, extremely well-appointed, upscale luxury apartments average $1,200 to $1,500 per month with six-month and one-year leases. Every month, many attractive rental properties are available for immediate occupancy.

How are rentals here different from other places?

Unlike most other places, a rental property in Hampton Roads represents an excellent investment. A major reason for this is that high demand from military families and skilled manufacturing workers keeps apartment occupancy rates high, and rents remain comparable to rates throughout the Eastern and Midwestern metropolitan areas. Well-managed apartment complexes continue to offer tax breaks and respectable returns for astute investors. Condominiums, townhomes, and tiny homes stand out as the most lucrative investments among rental properties here, as young families seek their blend of comfort, amenities, space, and affordability. Opportunities for floppers are slim as existing home inventories continue to outpace demand. However, buying and holding a 1,500-square-foot home makes a lot of sense for an investor looking to take advantage of historically low prices until the housing market recovers.

It can also be your safe haven.

Rental properties in Hampton Roads include second homes that double as vacation rentals. Waterfront homes in Virginia Beach, Virginia easily pay for themselves through summer rentals. Owners confidently ask for over $200 for one night rentals and over $2000 for weekly rentals. As families choose to stay closer to home during their summer vacations, demand remains strong; and many families pay less for luxurious vacation rentals than they would for far less satisfactory hotel or motel accommodations. Most vacation home owners make modest returns on their investments, taking full advantage of the tax advantages the properties offer.

And why is rental property a good investment here?

For aspiring entrepreneurs, commercial rental property in Hampton Roads has exceptionally strong appeal. Especially office space and plants for light manufacturing have become the bargain of a lifetime. With a well-educated and highly motivated workforce, this area has become one of the nation’s premier locations for back office operations. IT, operations, and human relations managers like the location, amenities, and competitive leasing rates. With the benefit of its huge shipping operations and because of its proximity to Washington, DC, Baltimore and Atlanta, Hampton Roads also attracts entrepreneurial wholesalers and logistics managers.