|Specialty||# of Agencies|
|Single House or Condo||38|
|Home Owners Association||22|
|Total Local Companies||63|
Virginia Rental Market Overview
Highly Recession Resistant in the Right Locations
Virginia might be for lovers but it's also not a bad place for rental property investors seeking reliable revenue during a recession. One reason is because two of Virginia's largest three metropolitan areas, North Virginia and Hampton Roads, have economies closely tied to the federal government and the U.S. Department of Defense. According to a recent study by the Washington Post, the Commonwealth of Virginia enjoys more defense spending than any other state in the nation, resulting in more than 900,000 jobs. The Virginia Department of Transportation noted that Hampton Roads has the largest concentration of military personnel and assets than any other metropolitan area in the world. Naval Station Norfolk is also the largest naval base on the planet. Another reason is consistently low unemployment. In January 2014 the Virginia unemployment rate was 5%, placing it in the top 25% of the nation, while the US Department of Labor reported a national unemployment average of 6.6%. Even during the worst of the recession, January 2010 for Virginia, the unemployment rate was 7.2%. As of January 2014 when most states are clear of the recession, Nevada, Illinois and Rhode Island are still above 8% unemployment.
Entry Point Bargains Abound, but Buyer Bewareâ€¦
Virginia's low unemployment rate is not consistent throughout the commonwealth. Examine the unemployment rates by Virginia counties at the U.S. Department of Labor Bureau of Labor Statistics and you'll find counties that top the highest 2014 unemployment averages for Nevada, Illinois and Rhode Island. The same volatility applies to buying rental properties. The further you look outside the urban hubs of North Virginia, Hampton Roads and Richmond-Petersburg, the harder you'll have to work at coming up with feasible cost/benefit analyses. That's why many small and independent investors consult with Virginia property management companies before considering any sort of bid. In addition to screening tenants, marketing properties and enforcing leases, property management companies staff real estate professionals who work with a range of local clients and understand the idiosyncrasies and characteristics in their specific market. They can offer important insights and even help you with the paperwork if and when you decide it's time to move forward with your investment. Review our profiles of Virginia property managers and ask for your free information today.