Norfolk, VA: Thou Shalt Grow
Norfolk is an independent city with 238,005 residents, making it the third-most populous city in Virginia. Surrounded by bodies of water, Norfolk is home to countless properties situated on the bayfront and the riverfront.
Norfolk serves as the cultural center of the Hampton Roads region. There are several museums and performing arts companies that reside in the city. Some examples include the Chrysler Museum of Art, Nauticus, the MacArthur Memorial, the Virginia Opera, the Virginia Stage Company, and the Virginia Symphony Orchestra. The city also hosts a number of annual parades and festivals, most of which take place in downtown Town Point Park. These include the Bayou Boogaloo and Cajun Food Festival, the Parade of Sails, the Town Point Virginia Wine Festival, and the Norfolk Jazz Festival.
Colleges and universities located in the city include Old Dominion University, Eastern Virginia Medical School, Norfolk State University, Tidewater Community College, and Virginia Wesleyan College. Other notable points of interest in Norfolk include the Norfolk Botanical Garden, the Virginia Zoological Park, the Jeanne and George Roper Performing Arts Center, and the Attucks Theatre.
How Is Norfolk’s Rental Market?
In Norfolk, there are many rental properties. The city is a favorable environment for landlords not only due to a lack of rent control laws but also because of its renter population. In fact, 56.6% of the city’s residents rent their homes. Property investors can also afford to buy properties in Norfolk, as the median listing price for a home in this city is $260,000.
Image via towncharts.com
In addition to this, rent in Norfolk is fair. The average rent here is $1,216, which already poses a 9% year-over-year change. To break it down further, 37% of apartments in Norfolk have a rental range between $1,001 and $1,500, while 15% have a rental range between $1,501 and $2,000. There is also a decent amount of apartments that command a rental rate higher than $2,000.
Image via rentcafe.com
How a Norfolk Property Management Company Can Help
Considering its many attractive qualities, Norfolk has seen an increase in rental property investors. Buying property, though, is not the same as renting it out. You only require capital and a capable agent to close a real estate sale. Being a landlord, on the other hand, comes with a host of other responsibilities. You must find a tenant, collect rent, and oversee maintenance — all while making sure you operate legally.
For many landlords, it simply makes more sense to hire a Norfolk rental management company. With a management company, you can outsource a majority of your duties to an experienced professional. What can a property manager do for you?
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
In Search of Property Management in Norfolk?
Norfolk has an abundance of rental management companies. Finding the one that matches your exact needs and budget can be troublesome if you don’t know where to begin. Use Rental Choice’s comprehensive online directory today. We list reliable property management companies that you can filter by city or state.