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Norfolk, VA Investment Data and Rental Metrics
Investment Data & Rental Metrics
LTR & STR financial performance, market growth indicators, and school ratings.
LTR Financial Performance
Median Price
LTR Rent
$1,634
Monthly Cash Flow
-$222
Principal + Equity
$1,482
Annual Total Gain
$15,119
Cash on Cash
-3.53%
Net ROI %
STR Financial Performance
Median Price
Avg. Daily Rate
$209
Occupancy Rate
43.33%
Monthly Revenue
$2,112
Monthly Cash Flow
-$61
Principal + Equity
$1,482
Annual Total Gain
$17,059
Cash on Cash %
-0.96%
Net ROI %
Market Health & Growth
Median Income
$64,017
Population
235,037
LTR Renter %
54.31%
Forecast (1 yr)
1.67%
Appreciation (1 yr)
0.29%
Appreciation (5 yr)
34.92%
Appreciation (10 yr)
62.33%
Job Growth
0.29%
LTR Rentability
Low
STR Demand
67
STR Rentals
9
Top Public Schools
BKempsville Middle School
BMatthew Fontaine Maury High School
B-
C
C
Market Grades and Information
Best Places to Live Ranking
Public school quality, cost of living, commute, and lifestyle ratings.
B
Overall
Top-level market grade
Most Diverse Cities in America
#53out of 229 markets
Best Cities to Retire in America
#76out of 229 markets
Best Cities for Young Professionals in America
#85out of 229 markets
C
Public School
D
Crime And Safety
C-
Housing
A
Nightlife
B-
Good For Families
Diversity
Jobs
Weather
Cost Of Living
Health And Fitness
Outdoor Activities
Commute
Short-Term Rental (STR) Regulations
Local rules and guidelines for operating short-term rentals in Norfolk, VA.
In Norfolk, VA, Short Term Rental (STR) regulations are governed by the city's Zoning Ordinance. Investors looking to purchase a property for STR purposes should be aware of the following regulations:
1. Zoning Restrictions: Norfolk has specific zoning districts where STRs are permitted. Investors should ensure that the property they are interested in is located in a zoning district that allows for short term rentals.
2. Permitting Requirements: In order to operate a STR in Norfolk, investors must obtain a Short Term Rental Permit from the city. This permit is valid for one year and must be renewed annually.
3. Occupancy Limits: Norfolk has occupancy limits for STRs, which vary depending on the size of the property. Investors should be aware of these limits and ensure they comply with them.
4. Noise and Nuisance Regulations: Norfolk has regulations in place to address noise and nuisance issues related to STRs. Investors should be aware of these regulations and take steps to ensure their guests comply with them.
5. Taxation: Investors should be aware of the tax implications of operating a STR in Norfolk. This may include occupancy taxes, sales taxes, and business license taxes.
6. Insurance Requirements: Investors should also consider obtaining appropriate insurance coverage for their STR property, including liability insurance and coverage for damage caused by guests.
Overall, investors should thoroughly research and understand the STR regulations in Norfolk before purchasing a property for this purpose. Failure to comply with these regulations could result in fines or other penalties.
Market Trends Over Time
Explore 25 years of market data for Norfolk, VA, including median property prices, long-term rental rates, and days on market — identify growth potential and gauge market stability.
Median Price
Median Rent
Days on Market
Nearest Markets
Explore nearby investment markets close to Norfolk, VA.
The LTR Genie Score of Norfolk, VA is 54, indicating a moderate level of rentability for long-term rental properties in the area. The STR Genie Score is slightly higher at 58, suggesting a slightly better potential for short-term rental or Airbnb properties. The LTR Rent Growth Rate is relatively low at 0.0553%, which may impact long-term rental profitability. However, both LTR and STR Net ROI are above 20%, indicating a good return on investment for both rental strategies. The 1-Year Price Appreciation Forecast is also positive at 1.67%, providing potential for property value growth.
Norfolk, VA is a city with a diverse economy driven by industries such as military, healthcare, and education. The presence of major universities and military bases can create a steady demand for rental properties, making it an attractive market for real estate investors.
Based on the metrics provided, Norfolk, VA seems to offer opportunities for both long-term and short-term rental investments. While the LTR Genie Score is slightly lower than the STR Genie Score, both rental strategies show promising returns. Investors may consider diversifying their portfolio by investing in both long-term and short-term rental properties in Norfolk, VA to maximize their ROI. Overall, Norfolk, VA appears to be an attractive market for real estate investors looking for stable rental income and potential property appreciation.
LTR Genie Score 93
$110,000
🛏 3 Beds🛁 1.0000 Baths🏙 1,222 sqft.🏠 SINGLE FAMILY
