I'm considering moving to Virginia Beach, VA and wondering about the beach house rental community. I searched the forums but could not find any discussions by those of you who own beach properties and rent them to tourists in that area. My thoughts are to live in the house most of the time, then rent out during the summer months (I work mostly overseas throughout the year). How do the numbers look thee days? House vs. condo? Insurance issues? Property management? Thanks for any replies.
@James H. I am from Virginia Beach and my parents still reside there. Be careful when running numbers of potential deals to factor in flood insurance. It's quite pricey in certain areas. I have a friend who's street floods at least 3-4 times a year and she just had to do a huge insurance claim last year for complete gut of her first floor.
Hey, thanks. I will definitely get a property manager, and may take you up on your offer of some recommendations. I assume your rental is more long term and not rented to vacationers?
Hey @James H. 👋 Virginia Beach has a great rental market for all times of the year. Sandbridge is a more luxury and seasonal rental market with most homes being 5+ bedrooms they are available for weekend or entire summer rentals. The oceanfront also has many yearly, seasonal, and weekly rental options. In the passed couple years I have also noticed people buying properties to use strictly for AirBnb.
Great idea to rent out during the summer months and stay during the winter. If you work the numbers right you should be able to have the summer income pay for your mortgage for the year. The market is strong in all aspects here. Due to the increasing amount of demand for rentals and air bnb and population increasing it has made buying a home tough in our area. I just had a listing that we had 6 offers on in the first two days! Best of luck.
Better Homes and Gardens Real Estate
Virginia Beach, VA
Licensed in VA
Hi, Ms. Cole and Mr. Koch, thanks for your replies, and I appreciate the info. I think I will start seriously looking in November. If either of you have any current or previous clients that rent out their home or condo during the tourist season, especially in the Sandbridge area, I'd love to talk with them about their experiences. Thanks, and have a good weekend.
I see this thread hasn't been updated in a few months but came for somewhat the same question. I work in property management on the management side and have a partner that has several years and certifications on the maintenance side and a team. While he wants to do flips, I have been considering investing in Virginia Beach rentals in the area. Did you find it to be a good investment? I'm hoping to partner with investors who dont want to deal with the day to day of managing the properties. I like your idea of residing during the winter and renting during the summer. I was actually planning on doing short term rentals during off season and then weekly rentals during the season. I would definitely like access a couple weeks out the year however. Trying to decide on condo or house as well.