July 14, 2024

Fryer And Brown

Creating Your Dream Home

An Overview of Rental Property at Hampton Roads

An Overview of Rental Property at 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 twenty-first century, Hampton Roads, Virginia, combines the best of the past with the finest of the future. Hampton Roads has the nation’s largest concentration of military installations with all branches of the armed services 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 opportunity-rich and business-friendly.

For tenants, rental property in Hampton Roads represents a good bargain. For developers and owners, rental property at this place represents a solid, secure long-term investment.

For young and mobile families, rental property in Hampton Roads offers good value. Although demand for rental properties remains strong, the turn-over also remains high, because military families constantly receive orders for new duty stations. Comfortable, nicely appointed two- and three-bedroom apartments start well under $1000, requiring only modest deposits and move-in fees. Extremely well appointed, spacious upscale luxury apartments average between $1200 and $1500 per month with six-month and one-year leases. Every month, many attractive rental properties are available for immediate occupancy.

How are rentals over here different than at other places?

Unlike most other places, rental property in Hampton Roads represents an excellent investment. A big reason for this is that the high demand from military families and skilled manufacturing workers keeps apartment occupancy rates high, and rents remain comparable with rates in all eastern and mid-western metropolitan areas. Well-managed apartment complexes continue to offer tax advantages and respectable profits for shrewd investors. Condominiums, townhouses, and small houses stand out as the most lucrative investments among rental properties here, because young families seek their combination of comfort, amenities, space, and affordability. Opportunities for “floppers” are scarce as inventories of existing homes continue to exceed demand. However, buying and holding a 1500 square foot home makes perfect 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 property in Hampton Roads includes second homes that double as vacation rentals. Beachfront homes in Virginia Beach, Virginia, easily pay for themselves via summer rentals. Owners confidently ask over $200 for single-night rentals and well over $2000 for weekly rentals. As families elect to stay closer to home during their summer vacations, demand remains strong; and many families pay less for luxurious vacation rentals than they would pay for far less satisfactory hotel or motel accommodations. Most vacation home owners turn modest profits on their investments, capitalizing most on the tax advantages the properties afford.

And why is rental property a good investment at this place?

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