TurboTenant Report: Discover the Best Places to Invest in Rental Property in Virginia

CEO Khai Intela
Discover the top cities in Virginia where you can find the best investment opportunities for rental properties. Virginia, the "Mother of States," offers a wide range of natural wonders, historical landmarks, and thriving communities. Located...

Discover the top cities in Virginia where you can find the best investment opportunities for rental properties.

Virginia, the "Mother of States," offers a wide range of natural wonders, historical landmarks, and thriving communities. Located in the Mid-Atlantic region, this state has become a magnet for young professionals and families seeking great job opportunities, beautiful landscapes, and a vibrant arts scene. If you're looking to invest in rental property, Virginia is the place to be.

#5: Leesburg - A Historic Gem in Northern Virginia

Lying just 45 minutes away from Washington D.C., Leesburg is a charming suburb with a rich historical background. Known for its notable residents, including Dolley Madison and General George C. Marshall, Leesburg offers a fantastic mix of excellent education, a close-knit community, and a vibrant downtown. With steadily increasing population, employment, and home values, Leesburg is an investor's dream. Landlords in Leesburg can expect to fill their properties in two weeks or less, with an average of 31 leads per property.

Leesburg Leesburg, a historic gem in Northern Virginia.

#4: Virginia Beach - Coastal Living at Its Finest

Virginia Beach, the largest city in Virginia, offers more than just a great beach. With a population of around 425,000, this family-friendly city boasts a vibrant town center, a thriving art and music scene, and delicious dining options. Military bases, agriculture, and tourism drive Virginia Beach's economy. Landlords can expect to find tenants quickly, with an average of 26 leads per property and less than two weeks on the rental market. Whether you're looking for long-term or short-term rentals, Virginia Beach has something to offer.

Virginia Beach Virginia Beach, the perfect blend of beach life and vibrant culture.

#3: Norfolk - A Water Lover's Paradise

Located by the Chesapeake Bay and the Atlantic Ocean, Norfolk is a haven for water enthusiasts. Sailing, watersports, and breathtaking sunsets are just a few of the attractions this city has to offer. Norfolk is also known for its extensive tree-lined streets and charming neighborhoods. As the headquarters for NATO and the largest naval base in the world, Norfolk attracts students from Old Dominion University and Norfolk State University, ensuring a steady demand for affordable housing. Landlords in Norfolk can expect an average of 39 leads per property and a rental market turnaround of 16 days.

Norfolk Norfolk, where water adventures and vibrant neighborhoods come together.

#2: Richmond - A Historical Hub of Culture and Innovation

As the capital of Virginia and one of the oldest cities in the United States, Richmond offers a unique blend of history, culture, and innovation. From world-class museums to thriving businesses and start-ups, Richmond has something for everyone. The city's economy is largely driven by government offices and finance, making it a hot spot for real estate investment. With a median sale price of $235k and an average rent of $1190, Richmond offers affordable options for both landlords and tenants. Landlords can expect an impressive average of 119 leads per property and a quick rental market turnaround of 15 days or less.

Richmond Richmond, a historical hub of culture and innovation.

#1: Lynchburg - A Hidden Gem with Great Potential

Known as the City of Seven Hills, Lynchburg is a historical treasure with a modern and thriving culture. With excellent public school systems and a rise in population growth, Lynchburg has become a magnet for families and students attending one of the city's five colleges, including Liberty University. Rental prices are extremely affordable, with an average of only $761 for a two-bedroom unit. Landlords in Lynchburg can expect a high demand for their properties, with an average of 41 leads per property and a rental market turnaround of just 10 days.

Lynchburg Lynchburg, a hidden gem with great potential for rental property investments.

Once you've found the perfect investment property in one of these fantastic cities, TurboTenant can help you streamline the rental process. With easy and free online rental applications and thorough tenant screening, TurboTenant ensures that you find the best renters for your property.

About the TurboTenant Report

The TurboTenant Report is a comprehensive analysis of data from active listings across all 50 states. Our goal is to empower both seasoned and novice investors to make informed decisions when purchasing rental investment properties. For more information or specific data requests, please contact [email protected].

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.
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