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An overview of rental property in Hampton Roads

Situated on one of the world’s most spectacular natural harbors, steeped in American history but poised to lead American manufacturing and energy production in the 21st century, Hampton Roads, Virginia combines the best of the past with the best of the future. Hampton Roads has the highest 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 Southeast Virginia area is rich with opportunity and conducive to business.

For renters, Hampton Roads rental property represents a good bargain. For developers and owners, rental property in this location represents a solid 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 and well-appointed two and three-bedroom apartment homes start under $1,000 and require only modest deposits and move-in fees. Spacious and extremely well-appointed upscale luxury apartments average between $1,200 and $1,500 per month with six-month and one-year leases. Each month many attractive rental properties become available for immediate occupancy.

How are rentals here different from other places?

Unlike most places, Hampton Roads rental property is a great investment. A major reason for this is that high demand for military families and skilled manufacturing workers keeps apartment occupancy rates high, and rents remain comparable to rates in all eastern and midwestern metropolitan areas. Well-managed apartment complexes continue to offer tax breaks and respectable returns for astute investors. Condos, townhomes and tiny houses stand out as the most lucrative investments among rental properties here, as young families seek their combination 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 perfect sense for an investor looking to take advantage of historically low prices until the housing market picks up.

It can also be your safe haven.

Rental properties in Hampton Roads include second homes that double as vacation rentals. Oceanfront homes in Virginia Beach, Virginia easily pay for themselves through summer rentals. Owners confidently ask $200+ for single night rentals and $2000+ for weekly rentals. As families choose to stay closer to home during their summer vacation, 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 earn modest returns on their investments, taking full advantage of the tax advantages the properties offer.

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

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

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