Grew up in the Virginia Beach area and currently have a beach house in Sandbridge that I rent out over the summer. I was planning on purchasing some additional homes to rent out as ST units in other parts of the city that are not necessarily by the Oceanfront. I've been doing some research on the market and see that the City Council is looking at tightening the ST laws in the city. https://www.wavy.com/news/loca...
Should I wait to see what happens before I make the plunge to buy another house to rent as ST? Do I focus on homes that are only in the Oceanfront area where even if these new laws are passed would still be allowed ST renting? Another option I was thinking was to look at Norfolk and Chesapeake which I believe still offer ST renting that are less restrictive than Virginia Beach.
Looking for a good strategy on how best to proceed. Thanks.
It has turned into quite a challenge at the oceanfront. Norfolk is still a great option. Not as many restrictions. Have investors in OV that are doing very well! We had one off Chesapeake Blvd last year that was always booked even when the virus hit. If you cater to transitioning military families year round is definitely possible.
Best of luck!
@Allen Magtibay If you're only looking in VB, I would wait until the city has taken their final bribe money so we know what the new overlays and restrictions will be. Though none of them are passed ordinance, City Planning & Council are inconsistent in what they approve or not which is a risk I wouldn't take yet.
Thanks for the input everyone. @Jason Sampson yeah I'm definitely going to wait until after the April Council Meeting and what comes of that before I make any decisions. I would hate to purchase a property with plans to use it for STR and then be unable to. I agree when laws like this are being developed there are always some lobbying going on from specific groups trying and wanting to protect their best interests. @Kris Cole I'm interested in Norfolk especially the OV area. My sister has a friend with a ST down there and says it does well. I actually have an offer on a duplex now and if I pick it up could possibly convert a unit from LT to ST.
They have been going back and forth on the short term rental issue in Virginia Beach for awhile now. We will see what happens in April, but I would suggest waiting as you mentioned. I have talked about the STR in many of my posts, I certainly wouldn't by an STR right now down at the beach. I would sit back while they get through the council meeting and see what happens, Norfolk doesn't seem to be as strict as Virginia Beach, Ocean View is becoming a much nicer area, your not far from VA Beach if your property is in East Ocean View you have the bay and your much more likely to find a decent deal out in that area than Virginia Beach. Anyways, I wish you the best of luck in your endeavors.
Any updates on what the result of the April meeting was?