What makes your Hampton Roads rental property attractive to the best tenants?
Location.
There are other things that are important. Tenants will be looking for a modern, updated, well-maintained home with the right square footage and price point. They’ll prioritize their own amenities, such as outdoor space and storage.
More important than most of those considerations, however, is location.
That’s why you need to know where your strengths are. Get to know the neighborhood where you currently own rental properties or where you’re thinking about investing. You’ll need to understand which schools are there, what kind of restaurants are available, and whether there are any special activities or recreational opportunities that will make your investment home stand out.
Let’s take a look at Hampton Roads and what its local neighborhoods can offer the best tenants. This will not only impact which tenants you attract, but also your rental value and your appreciating property value.
Location matters. Make sure you know how to use your property’s location to your own advantage.
Hampton Roads Real Estate and Schools
Hampton Roads, Chesapeake, and Virginia Beach all rank highly on national and statewide evaluations for schools. When analyzing academics, teaching staff, and college prep, this area has solid A and B scores according to popular sites like SchoolDigger and Niche.
The Hampton Roads Alliance promotes itself as a school system that supports high-quality education and prioritizes K-12 learning that can provide resources to meet the education and training needs of the growing local economy.
Your rental property may be close to one of the award-winning public schools or a nationally acclaimed private school. The school district is comparatively small, which means there’s a lot of attention given to each student and their learning needs. The local educational system should be part of your marketing strategy as a rental property owner; it’s a good reason for tenants to choose your property.
If you’re looking for a new investment property, consider buying something that’s close to one of these highlighted schools:
Governor’s School for the Arts
The Governor’s School for the Arts (GSA) is in Norfolk, and there’s arts education and training in six specific areas: Dance, Instrumental Music, Musical Theatre, Theater & Film, Visual Arts and Vocal Music. The school districts of Chesapeake, Franklin, Norfolk, Portsmouth, Isle of Wight, Hampton, Suffolk, and Virginia Beach are all eligible to send students to GSA, and there’s transportation provided. No tuition is required at this school, but there is an audition required in order to be accepted. Local students in grades 8 to 11 are eligible to apply and may earn three credits each year they attend GSA. Each department at GSA develops a season of performances and exhibitions open to the public, which they present in professional theaters and galleries. The Art school presents over 50 productions and shows a year.
STEM Schools
A huge investment is being made in Science, Technology, Engineering, and Mathematics (STEM) education nationwide, and the Hampton Roads school district offers six separate schools for students. A rental property that’s close to one of these institutions is likely to draw a lot of tenants with children, especially if those kids are interested in robotics, programming, coding, cyber security, and other academic tracts. Look for a property that’s close to one of these schools:
Architecture and Applied Arts Governor’s STEM Academy in Kecoughtan High School in Hampton.
First Governor’s Career and Technical Academy in The Pruden Center for Industry and Technology in Suffolk.
Governor’s STEM Academy for Engineering, Marketing, and Information Technology Studies at Landstown High School and Technology Academy in Virginia Beach.
The Grassfield High School Governor’s STEM Academy in Grassfield High School in Chesapeake.
Greater Peninsula Governor’s STEM Academy, which is part of New Horizons Regional Education Centers in Hampton, Newport News, and Yorktown.
Heritage High School Governor’s STEM Academy at Heritage High School in Newport News.
Even if your tenants don’t have children looking for a good school, it makes financial sense to invest in a neighborhood that’s close to good schools. It increases your property values now and in the future.
Nom, Nom, Nom: Restaurants in Hampton Roads Rental Neighborhoods
Does it really matter if your rental property is close to good restaurants?
Yes and no. Probably those restaurants aren’t going to convince someone to move into your rental home. Tenants are looking for a generally desirable location that includes proximity to good restaurants and entertainment. But, when you can brag about your rental home being within walking distance of some of the best local pizza or brunch hotspots, you’ll at least get attention from tenants who are scrolling through endless listings online.
There’s also an opportunity to make some recommendations when new residents are moving in. With your welcome packet or orientation guide, let tenants know where to find the best Thai takeout or the most budget-friendly deli. They’ll appreciate those tips, and you’ll set yourself up for a pretty smooth landlord/tenant relationship. Tenant satisfaction is about the little things and the details just as much as it’s about maintenance responsiveness and convenience. Show them that you care about the experience they have in your home, and if it’s a new neighborhood for them, provide resources and suggestions.
We are local Hampton Roads property managers, and we all have our own favorite eateries. Here’s a general look at what the locals love, and what you’ll want to recommend to your tenants who are moving in and will be too tired to cook for a few days:
Mango Mangeaux: A Simply Panache Bistro
Creole food at its best, and plenty of vegan options on the menu are available at Mango Mangeaux. There’s also a lot of seating, including outdoors, and an easy, chic vibe that’s just right for a date night, a friends and family gathering, or a clandestine meeting of the minds. People rave about the grits, the burgers, and the happy hour menu.
The Corner Bistro
Shrimp tacos, mimosas, and a bunch of great appetizers are found at The Corner Bistro, which is a local spot that’s especially popular for brunch. You’ll love the cocktails, and save room for dessert if you’re smart.
Baked Bistro and Pizza
There’s obviously a “bistro” theme emerging, and it’s not intentional. For lunch, you’ll want to tell your tenants about Baked Bistro and Pizza if they don’t already know about it. They’re open in the morning, and the donuts are to die for. There’s also a hearty wine selection that will impress even the most discerning drinkers.
Hampton Roads and the surrounding areas are vibrant with all sorts of elegant restaurants, family-friendly grills and diners, pizza places, seafood houses, and ethnic specialties. There’s so much to talk about when we’re talking about what to eat in our neighborhoods. Do a little of your own exploring and pay special attention to what’s good to eat around you when you’re investing in property.
Activities and Amenities Attracting Hampton Roads Residents
Because the Hampton Roads area includes the entire Virginia Beach, Norfolk, and Newport News areas, there’s a lot to do in the neighborhood where your rental property is likely located. Some of the best activities in this area include parts, nature preserves, hikes, and water sports. Think about how close your tenants will want to be to places such as:
Buckroe Beach and Park
Sandy shores here include a beach for swimming, paddleboard and kayak rentals, and plenty of space for picnics. There’s a stunning boardwalk that provides expansive views of Chesapeake Bay. Local beachgoers call this one of the most underrated beaches around. Renting out a home that’s close by will definitely get you a lot of attention on the Hampton Roads rental market.
Virginia Air & Space Center
A blend of arts and sciences can be found here, and it’s also an official visitor’s center for the NASA Langley research center. You’ll get a chance to do some hands-on learning and there’s also an IMAX theater. When your tenants are looking for a summer camp for their kids, this is one of the best. Do they know that? You can make a difference if you share resources like summer camp ideas.
Hampton Coliseum
There’s always something going on, whether it’s a basketball game featuring the College of William and Mary, a lights festival at holiday time, or a jazz concert. A rental property that’s within striking distance of major entertainment venues and concert halls will increase your rental values and provide a great selling point for your property.
We’ve highlighted only a few of the schools, restaurants, and activities that your potential tenants will want to know about. Get to know your neighborhood before you invest. Keep up with what’s going on there once you have tenants in place. This type of awareness and responsiveness will keep your tenants renewing their lease agreements year after year.
If you need help, we can provide it. Contact us at Doud Realty Services, Inc. We provide expert property management in Norfolk, Portsmouth, Hampton Roads, as well as surrounding areas such as Virginia Beach, Suffolk, Chesapeake, and Newport News.