Are you looking to invest in Hampton Roads, VA properties?
Numerous areas across the U.S. have significant potential in terms of real estate return on investment (ROI). One of the places to consider is Hampton Roads, Virginia. When you look at the quality of life, housing prices, and job opportunities, this area shows a lot of potential.
One of the great things about Hampton Roads is the sheer diversity of properties and neighborhoods in the area. The local housing market has something available for most real estate investing niches.
In this article, we are going over the major reasons for investing in Hampton Roads real estate. You will get to know about the region’s economy, history, lucrative rental strategies, and top attractions.
Why Hampton Roads?
The region of Hampton Roads covers seven distinct cities in Coastal Virginia. These cities are Chesapeake, Suffolk, Newport News, Hampton, Portsmouth, Norfolk, and Virginia Beach.
These seven cities and their surroundings offer a plethora of sights to see and things to do. Even though the outdoor and indoor attractions are aplenty, it’s not all about tourism in this area. Solid employers outside the tourism sector play a key role in Hampton Roads' investment potential as well.
Did you know there is a body of water named Hampton Roads, too? This is the wide channel serving the Elizabeth, James, and Nansemond rivers. It’s also the spot where the Chesapeake Bay flows into the Atlantic Ocean.
Now that we have the geographical definitions straight, you’ll learn more about the particular reasons why it pays to invest in Hampton Roads.
Reason 1: Solid Economy
Over a third of Hampton Roads' economic activity is fueled by military spending. Since there is a strong military presence in the Hampton Roads area, the local economy gets a continuous boost from the associated activities.
At the same time, Hampton Roads' economy isn’t entirely dependent on the military industry. Its strategic location makes it a worthwhile place to conduct shipping business. The great weather and outdoor activities boost local tourism.
Reason 2: Active-Duty Military Members
The military bases of Hampton Roads have brought in over 80,000 active-duty military members. And that number doesn’t account for the civil contractors who are also working in the military compounds.
The presence of these military bases, members, and contractors creates a solid year-round demand for rental housing. When you look at the average military order duration, it’s around three to five years. This is a perfect opportunity for signing some long-term lease agreements.
Reason 3: Thriving Tourism
If you are interested in short-term rental strategies as an investor, you shouldn’t look any further. Hampton Roads has a strong tourism industry with people flocking in to spend anywhere between a few days to a couple of weeks in the region.
The peak season for short-term rentals starts in May and usually lasts until late September. For the time in-between, you can fill your rental units with snowbirds from up North looking for a milder climate during the harsh winter months.
Reason 4: Outdoors Lifestyle
The location of Hampton Roads is ideally suited to someone preferring an active outdoor lifestyle. Hampton Roads is situated between the adventurous landscape in the west and jaw-dropping shore vistas in the east.
Water sports, biking, hiking, and camping are all possible in this part of Virginia. All the Hampton Roads cities are close to opportunities for playing with your kids on the beach or taking long walks down the promenades.
Reason 5: Up-and-Coming Communities
Some of the neighborhoods in Hampton Roads are moving fast in terms of attracting new residents and creating jobs. Each of the seven cities has plenty of neighborhoods with a potential for long-term growth.
That’s why it’s a good idea to hunt for top value in cities like Norfolk, Newport News, and Chesapeake. Conduct thorough research, crunch the numbers, and you might find outstanding value for your dollars.
Reason 6: Meeting Point of Heritage and Culture
Hampton Roads is in Virginia, one of the most important states you’ll find in the U.S. history books. The location of Hampton Roads covers the stretch of shore and land that saw the arrival of early settlers in the 1600s.
If you are into history, this part of the East Coast has plenty of it. And the making of history continues as you can find a thriving music and arts scene in some of the cities. The most notable ones for culture include Virginia Beach and Norfolk.
Reason 7: Abundance of Activities in the Region
The visitors and residents of Hampton Roads delight in the long list of superb activities to undertake in this region. Here are some examples of how you can spend free time in the area:
- The Norfolk Botanical Gardens is a gem of an attraction in Hampton Roads. The area covers 155 acres of trails and waterways. You can hike or bike there to make unforgettable memories.
- The Virginia Aquarium has an adventure park with 15 trails and 21 zip lines. This is a great place to visit with the whole family. The six levels of this park offer something for every skill level and preference.
- The Museum of Contemporary Art is located in Virginia Beach. It showcases some of the top talents from around the world. Great for art and culture lovers.
In a Nutshell: Investing in Hampton Roads Real Estate
The area of Hampton Roads covers seven cities in Coastal Virginia. The ubiquity of unique neighborhoods allows you to make the right real estate investment according to your needs and expectations.
The local job market and economy are healthy with the defense industry being one of its backbones. Another strong economic factor is the tourism industry, giving plenty of potential for short-term rental strategies during the high season.