Last updated on June 21st, 2023
best places to airbnb in virginia
Key Takeaways
● Richmond is a fast-growing mid-sized city with an attractive real estate market and a solid economy that has helped many Airbnb hosts & investors to generate a good rental income with rental properties.
● Learn about the benefits of investing in rental properties within Richmond, Virginia, and nearby cities in the area.
● We disclose the most lucrative neighborhoods and nearby cities in Richmond, along with their Airbnb data and recommended property types.
Introduction
The old yet exciting capital of Virginia, Richmond, is nestled in the east-central region of the state at the fall line of the James River. This city has great historical significance since it was very involved in the Civil War. Thus, you can find plenty of places with considerable importance around the city as well as a variety of interesting museums.
Aside from the historical landmarks, Richmond also offers amazing natural spaces, modern districts, trendy restaurants, and breweries. For this reason, Richmond became a top tourist destination on the east coast of the US.
Richmond has a friendly social scene, high-quality healthcare, a solid job market, and a prime location. So, it’s understandable why this market can be an interesting target for real estate investors.
Feel free to listen and learn more about Airbnb hosting in Richmond with our podcast, Into The Airbnb as we featured an experienced host of this city:
In this article, you’ll discover the best places to do Airbnb in Richmond, Virginia, and also some of the advantages that real estate investments have in the city. Continue reading to learn more about this market!
Top reasons to invest in Richmond, Virginia
It’s a given fact that Richmond is a good place to live in. And because it offers a great quality of life and attractive investment opportunities, it’s also an ideal place to invest in.
Richmond has a lot to offer, but you may be wondering – what kind of advantages does this city in Virginia offer to real estate investors? Check out some of the main reasons why investing in Richmond is an excellent idea:
Reasonable cost of living
One of the main advantages of investing in Richmond is its modest cost of living. Considering that Richmond is a large metropolitan area in Virginia, you may think that its living expenses won’t be affordable, right? However, this city offers a moderate cost of living that is 6% lower compared to other cities in the state.
On the other hand, Richmond also has a healthy housing market that offers a variety of options and good returns. The average property price is currently $316K, trending up 8.9% year over year as confirmed by Zillow.
Solid economy and job market
Richmond has an attractive business environment with plenty of companies that offer great job opportunities to anyone moving to the city. This includes the industry of tech, manufacturing, finance, and law. In addition to this, Richmond ranks fourth in the economic growth potential for mid-sized cities.
Convenient location
Another factor that makes Richmond appealing is its proximity to other cities since is centrally located in the state. This easily opens the doors to short trips or weekend getaway opportunities. For example, Richmond is just about 2 hours drive from Washington DC and it’s also close to fascinating cities like Norfolk, Philadelphia, and Virginia Beach.
Plenty of leisure options
Richmond is well known for its historical importance, so there’s no shortage of places to visit when it comes to its history. But the city also offers a booming art scene and hosts a variety of exhibitions, college sports championships, concerts, and festivals.
In addition to this, Richmond also opens the doors to outdoor activities. Since it’s located at the James River, it allows people to go kayaking and swimming.
Is Airbnb Profitable in Richmond, VA?
Investing in rental properties in Richmond can turn into the perfect way to achieve financial freedom by earning a nice passive income. Moreover, Airbtics assures you that it can certainly be financially rewarding. But there are still some factors that investors should take into account such as the best property types and location before they invest in Richmond.
According to Airbtics’ analytics tool, an average Airbnb host can earn up to $61,350 with an average occupancy rate of 74% for managing a 3-bedroom property in Richmond.
Top Places near Richmond, VA for Airbnb Investments
There are many Airbnb host expenses to consider, but the most important part that you should deeply analyze is the property’s location.
Richmond has around 123 neighborhoods that are distributed into five distinct districts. Taking this into account, it can be a bit difficult to find the perfect location for your rental property.
Check out the best neighborhoods and nearby cities in Richmond, Virginia, that are highly recommended for starting an Airbnb business:
1. Manchester, Richmond
- Total Number of Airbnb Listings: 26
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $190,000
- Airbnb Annual revenue: $40,635
- Gross rental yield: 21.39%
2. Museum District, Richmond
- Total Number of Airbnb Listings: 57
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $249,950
- Airbnb Annual revenue: $47,680
- Gross rental yield: 19.1%
3. The Fan District, Richmond
- Total Number of Airbnb Listings: 65
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $249,950
- Airbnb Annual revenue: $45,732
- Gross rental yield: 18.30%
4. Jackson Ward, Richmond
- Total Number of Airbnb Listings: 22
- Best bedroom size: 1 bedroom
- Median property price (1 bedroom): $249,950
- Airbnb Annual revenue: $32,610
- Gross rental yield: 13.05%
5. Shockoe Bottom, Richmond
- Total Number of Airbnb Listings: 25
- Best bedroom size: 1 bedroom
- Median property price (1 bedroom): $300,000
- Airbnb Annual revenue: $38,421
- Gross rental yield: 12.81%
6. Newport News, VA
- Distance from Richmond: 68 miles
- Total Number of Airbnb Listings: 91
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $250,000
- Airbnb Annual revenue: $45,147
- Gross rental yield: 18.06%
7. Norfolk, VA
- Distance from Richmond: 78 miles
- Total Number of Airbnb Listings:
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $
- Airbnb Annual revenue: $41,464
- Gross rental yield: 21.27%
8. Alexandria, VA
- Distance from Richmond: 90 miles
- Total Number of Airbnb Listings:
- Best bedroom size: 1 bedroom
- Median property price (1 bedroom): $274,950
- Airbnb Annual revenue: $45,625
- Gross rental yield: 16.59%
9. Virginia Beach, VA
- Distance from Richmond: 94 miles
- Total Number of Airbnb Listings:
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $325,000
- Airbnb Annual revenue: $83,003
- Gross rental yield: 25.54%
10. Chincoteague, VA
- Distance from Richmond: 117 miles
- Total Number of Airbnb Listings:
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $405,000
- Airbnb Annual revenue: $56,555
- Gross rental yield: 14%
Takeaway
In conclusion, Richmond has great neighborhoods and nearby cities that can bring attractive rental yields and annual revenue to investors. As it has many profitable areas that offer good investment opportunities to Airbnb hosts & investors, it can turn into a great way of achieving financial freedom. However, we still encourage Airbnb hosts like you to analyze each of the options carefully.
Discovering the best places to Airbnb around Richmond, Virginia is indeed an excellent way to start your journey and now you should aim higher. Check our short-term rental calculator and increase your profitability now!
Explore The Most Profitable Airbnb Locations Near Richmond
