Norfolk Virginia Rental Market?

[Takee Brockman]

Hi All! Does anyone have any insight on the Norfolk VA rental market?

Looking at purchasing a multifamily in zip code 23502.

[Patti Robertson]

Norfolk is my favorite city to invest in for lots of reasons. 

1) More than half the households are rentals, giving you a strong rents pool. Housing the majority of our military bass population in Norfolk contributes to this.

2) Norfolk is our only city that doesn’t have a mandatory inspection requirement. (Personally I feel these inspections are a constitutional violation because they are required even if the property is occupied. Why is it that when required they are only required for rentals (not owner occupants) and only in low income neighborhoods. How is this not labeled as discriminatory?)

3) It’s the only city to have a city sponsored landlord initiative. It’s called Rent Ready Norfolk and the city offers free education and other benefits for Landlords. I happen to serve on the advisory board and teach some of their classes. 

4) Each neighborhood is assigned a community relations officer, who is a police officer. They are a great resource to assist in solving problems and getting Intel.

5) The purchase to rent ratio is one of the best in our market. Specifically, buy prices in Chesapeake and Virginia Beach are significantly more than Norfolk, however the rent you get in those cities does not increase at the same ratio. We get a better rent to income ratio in Norfolk.

6) Norfolk has more charities and resources to assist Tenants who get in a financial trouble.

7) I am personally an intentional investor, so I am buying in lower income neighborhoods. I like section 8 is a strategy in these neighborhoods. Norfolk has, in my opinion, the best run section 8 office of all our cities. I work with all of them and manage about 120 section 8 leases right now throughout Hampton Roads, so I have a good perspective on this.