To have a successful rental you need to have a flow of people moving in and out of the area who plan to stay for a few years. This is why many real estate investors look for areas with a large college or business presence. Not only does Hampton Roads have both but it also has a 3rd which I believe is even better, a huge Military presence.
With its many Military installations Hampton Roads is filled with service members and a total population of over 1.6 million, with no shortage of renters. 91% of Hampton Roads’ military families live off base, with over 50% of them preferring to rent a home than own. Hampton Roads is home to the Naval Station Norfolk, the world’s largest naval station and based on military population, the largest naval installation in the world.40% of the Navy’s 232 ships and 34 aircraft squadrons call Naval Station Norfolk home. Hampton Roads is also home to NAS Oceana, Langley AFB, NAS Oceana, Little Creek Amphibious base, Norfolk Naval Shipyard and Portsmouth’s Naval Medical Center.
The city of Hampton Roads also has healthy number of Universities and College to including Old Dominion University, Norfolk State University, Regent University, Hampton University and Tidewater Community College to name a few.
So with a constant flow of individuals and families moving in and out of Hampton Roads, many only looking to stay a few years, there is never a shortage of people looking to rent a home, making it an ideal area to own rental property.