In this edition of The TurboTenant report, we'll explore the best places to invest in rental properties in Virginia. Discover the top five towns: Richmond, Norfolk, Virginia Beach, Leesburg, and Lynchburg. Our data is curated from studies on investment property hotspots, median sale prices, and exclusive TurboTenant insights. With information on leads and market demand, investors can assess rental market strength and potential vacancy rates.
Virginia: A State for Lovers and Investors
Virginia is a state of diverse attractions, from cities and mountains to rivers and history. Strategic location near Washington D.C. makes it a gateway to the South. Residents and tourists alike can explore historical landmarks like Jamestown or indulge in the natural beauty of Shenandoah National Park. With job opportunities and vibrant artistic communities, younger millennials are drawn to Virginia. The state's economic scene is boosted by the federal government's presence, including the C.I.A. headquarters and the Pentagon.
Virginia, also known as the "Mother of States," offers a goldmine for investors in rental properties. Now, let's dive into the top cities to invest in Virginia.
5: Leesburg
Located in Northern Virginia and a suburb of Arlington, Leesburg boasts a rich historical heritage. Home to prominent figures like Dolley Madison, General George C. Marshall, and the Lee family, this city offers excellent education, a close-knit community, and a charming downtown area. Leesburg's reputation for outstanding oyster restaurants mirrors the quality of its rental properties. The city's population growth, employment opportunities, and rising home values make it an appealing choice for landlords. With an average of 31 leads per property, landlords can expect to fill vacancies quickly.
Leesburg offers a picturesque setting for rental investment properties. With a median sale price of $452k, average rent of $1806, and an average of 31 leads per property, it presents a profitable opportunity for landlords.
4: Virginia Beach
Virginia Beach, with its beautiful beaches and vibrant culture, offers a delightful beach life experience. This city is not only about beaches but also boasts numerous neighborhoods with distinct cultures. With a population of around 425,000 residents, Virginia Beach is family-friendly and offers a vibrant town center, thriving art and music scenes, and mouthwatering restaurants. The economy benefits from military bases, agriculture, and tourism. Landlords can expect a high demand for rentals, with an average of 26 leads per property and less than two weeks on the market.
Virginia Beach, with a median sale price of $274k, average rent of $1172, and an average of 26 leads per property, offers a wide range of rental investment opportunities.
3: Norfolk
If you have a love for water, Norfolk is the place to be. With the Chesapeake Bay, Atlantic Ocean, and numerous rivers, this city offers ample opportunities for water activities, sailing, and breathtaking sunsets. Norfolk's charm is further enhanced by its extensive trees and flowers, earning it the recognition of a Tree City. Besides its scenic beauty, the city is known for its bustling downtown, headquarters for NATO, the world's largest naval base, and reputable universities like Old Dominion University and Norfolk State University. Norfolk's student population ensures a strong demand for affordable housing, with an average of 39 leads per property and only 16 days on the rental market.
Norfolk offers an abundance of natural beauty and cultural attractions. With a median sale price of $210k, average rent of $1045, and an average of 39 leads per property, landlords can benefit from a thriving rental market.
2: Richmond
As the capital of Virginia and a historical city founded in 1607, Richmond has a rich heritage and a flourishing culture. The city offers a vibrant culinary scene, world-class museums like the Virginia Museum of Fine Arts, and a wide range of amenities and communities. Richmond's economy thrives on government offices, finance, and the unique rail infrastructure of the Great Turning Basin and triple crossing of rail lines. The median sale price of properties in Richmond is a mere $235k, and with an average rent of only $1190, real estate is an affordable investment opportunity. Landlords can expect high demand, with an impressive average of 119 leads per property and rental turnovers in 15 days or less.
Richmond, with its affordable real estate market, presents a golden opportunity for landlords. With a median sale price of $235k, average rent of $1190, and an average of 119 leads per property, investors can reap lucrative returns.
1: Lynchburg
Known as the "City of Seven Hills," Lynchburg boasts a unique history that has shaped its vibrant modern culture. With historical streets, a lively downtown area, and abundant outdoor activities, Lynchburg offers an appealing lifestyle. The city's public school systems are highly regarded, attracting families and students attending one of the five colleges in the area, including Liberty University. Affordability is a significant advantage, with the average rent for a two-bedroom apartment at just $761. Lynchburg's job opportunities and close-knit community make it an attractive destination. Landlords can expect to fill their properties quickly, with an average of 41 leads per property and a rental turnover of only 10 days.
Lynchburg offers affordable rental options and a strong sense of community. With a median sale price of $153k, average rent of $761, and an average of 41 leads per property, it is the top choice for property investors in Virginia.
Once you've identified the perfect investment property in a prime location, TurboTenant can assist in streamlining the rental process with free online rental applications and thorough tenant screening, ensuring you find the ideal renters for your property.
About the TurboTenant Report
The TurboTenant Report analyzes data from active listings across all 50 states, along with third-party real estate data, population growth data, and employment growth data. Our aim is to empower both experienced and novice investors in making informed decisions when investing in rental properties. For custom data requests or more information, please contact [email protected].
Methodology:
To determine the best cities to invest in each state, we curated data from reputable sources and utilized TurboTenant's proprietary data. The selection criteria included factors such as employment growth, population growth, increase in home values, and rental yield. We combined this information with TurboTenant's insights on average rent price, number of leads per property, and average days on the market.
DISCLAIMER: TurboTenant, Inc does not provide legal advice. This material is for informational purposes only. Users are advised to comply with applicable local, state, and federal laws and consult legal counsel for any inquiries.
Sources:
- TurboTenant Rental Data
- Fastest Growing States Population
- The Best and Worst Cities to Own Investment Property
- Real Estate data provided by Redfin, a national real estate brokerage.
