Between 2020 and 2023, around 40,000 people moved to Richmond, VA, highlighting how popular the area is becoming.
Choosing the right neighborhood in Virginia is essential for growing your portfolio and earning a profit. But if you're unfamiliar with the area, you may overlook the up-and-coming areas.
If this sounds like you, you've come to the right place. Read on to learn about real estate investing in Richmond, VA.
Church Hill North
One of the top Richmond VA neighborhoods is Church Hill North.
In 1997, Church Hill was registered as a Historic Place, meaning many properties have been restored. But that doesn't mean buyers can't purchase newer builds. To help you decide, visit the neighborhood and decide which properties fit your household's needs.
Manchester
Manchester is another great neighborhood for your investment property. Located south of the James River, buyers can choose from a mix of single-family properties and apartments. This part of Virginia offers a range of public schools, making it a popular choice for families.
Lakeside
New landlords should consider buying a rental property in Lakeside. It's located north of the city and is famous for its tree-lined streets. As for properties, single-family homes cost, on average, $173,100.
Scott's Addition
Scott's Addition has recently become the most popular entertainment district in Richmond. The historic district is renowned for its breweries, restaurants, and distilleries.
Regarding real estate investment, apartments, and condos are rapidly springing up. Because of this, if you're after a single-family home, this likely isn't the neighborhood for you.
The Fan District
Found west of downtown, the Fan is the largest neighborhood in Richmond. It's distinctive, thanks to the quaint streets and pedestrian-friendly streets. Although it's located near a university, there are plenty of options for professionals and young families.
But, unlike others on the list, the Fan is 22% higher than the Richmond average, which may not be realistic for first-time buyers.
Oakwood
Oakwood is famous for its green spaces, such as Libby Hill and Chimborazo Park. The beauty is that Oakwood offers 20th-century homes that are affordable. There are also quality schools, which are perfect for families.
Carytown
Another up-and-coming neighborhood is Carytown. It's a blend of commercial buildings and properties suited for young professionals. There are hundreds of apartments and multifamily units, so there's a property for every budget.
Once you've found your dream property, finding a quality property management company is a must. Search for services that operate in Richmond, VA because they know the market and can offer sage advice about investments.
One of the top investment tips is to meet candidates in person. During the meeting, you should learn about their services and whether they can help you. It's wise to read online reviews as you'll get valuable insight into the company, so you can make an informed decision.
Our Top Real Estate Investing Tips
Now that you know the best neighborhoods for real estate investing, it's time to start your search.
Since 2015, Renters Warehouse has been an industry expert because of years of experience working with property owners. By hiring us, we will oversee every aspect of your rental journey, so you have a stress-free experience.
If interested, contact us today to get started.
