Airbnb City Guide: The Best Places To Invest in Norfolk, Virginia

Airbnb Rules and Regulations in Norfolk, Virginia

As of 2024, short-term rental owners in Norfolk, Virginia, must adhere to rules and regulations to ensure guests and residents a safe and enjoyable experience. All short-term rental properties are required to obtain a permit from the city, which involves passing a safety inspection and meeting specific criteria. Hosts must also collect and remit the appropriate taxes, including the 8% transient occupancy tax and the 1% tourism surcharge. To maintain neighborhood tranquility, the city has implemented occupancy limits based on the number of bedrooms in the rental unit, and quiet hours are enforced between 10 pm and 8 am.

Additionally, hosts are responsible for providing off-street parking for their guests, with the number of spaces determined by the property's size. Failure to comply with these regulations may result in fines or the revocation of the short-term rental permit. By adhering to these guidelines, Airbnb hosts in Norfolk can contribute to a thriving and well-regulated short-term rental market that benefits both visitors and the local community.

Norfolk Airbnb Market Data:

• Average Revenue – $31.6K per year
• Average Daily Rate – $196.2 per night
• Average Occupancy Rate – 55%
• Average RevPAR – $107.8
• Average Home Prices – $286,639

1. Top Place to Invest in Norfolk, Virginia - Ghent

Ghent, a historic and charming neighborhood in Norfolk, Virginia, has emerged as a top destination for Airbnb investors. With its unique blend of cultural attractions, convenient location, and thriving local scene, Ghent offers a compelling opportunity for those looking to invest in the short-term rental market.

Ghent Airbnb Market Data:

• Average Revenue – $21.7K per year
• Average Daily Rate – $125.7 per night
• Average Occupancy Rate – 60%
• Average RevPAR – $73.4

Convenience - 8/10

Ghent's central location within Norfolk makes it incredibly convenient for both residents and visitors. The neighborhood is well-connected by public transportation, with easy access to major highways and the Norfolk International Airport. Ghent also boasts a walkable layout, with numerous shops, restaurants, and amenities within a short stroll.

Tourist Attractions - 7/10

While Ghent itself is not home to major tourist attractions, its proximity to downtown Norfolk and other popular destinations makes it an attractive base for visitors. The Chrysler Museum of Art, the Norfolk Botanical Garden, and the Virginia Zoo are all within a short drive, offering a variety of cultural and recreational experiences.

Things to Do - 9/10

Ghent is known for its vibrant local scene, with diverse restaurants, cafes, boutiques, and art galleries. The neighborhood hosts regular events, such as the Ghent Art Walk and the Stockley Gardens Arts Festival, which draw visitors from across the region. Ghent's tree-lined streets and historic architecture also provide a pleasant backdrop for exploring on foot.

Average Home Prices - 6/10

According to Zillow data for 2024, the median home value in Ghent is $385,000, which represents a 2.1% appreciation over the past year. While this price point may be higher than in some other areas of Norfolk, it reflects the neighborhood's desirability and strong rental potential. Investors should carefully consider their budget and expected returns when evaluating properties in Ghent.

Proximity to Work-Related Travel - 8/10

Ghent's location makes it an ideal base for those traveling for work, particularly in the healthcare, convention, and sports industries. The neighborhood is just a short drive from major employers such as Sentara Norfolk General Hospital, the Norfolk Scope Arena, and the Norfolk Convention Center. This proximity can help attract business travelers and other professionals to Airbnb rentals in the area.

X-Factor - 8/10

What sets Ghent apart is its unique blend of history, culture, and community. The neighborhood's architecture, which includes a mix of Victorian, Edwardian, and Colonial Revival styles, creates a distinctive and charming atmosphere. Ghent's strong sense of community, evident in its many local businesses and events, adds to its appeal for both residents and visitors.

2. Top Place to Invest in Norfolk, Virginia - Downtown

Downtown Norfolk, the heart of the city, is a vibrant and bustling area that has captured the attention of Airbnb investors. This dynamic neighborhood offers a perfect blend of urban amenities, cultural attractions, and a thriving business district, making it an attractive option for short-term rental investments.

Downtown Airbnb Market Data:

• Average Revenue – $37.1K per year
• Average Daily Rate – $191.7 per night
• Average Occupancy Rate – 57%
• Average RevPAR – $120.2

Convenience - 9/10

One of Downtown Norfolk's greatest strengths is its exceptional convenience. The area is highly walkable, with a wide array of restaurants, shops, and services within easy reach. Public transportation is readily available, connecting downtown to other parts of the city and beyond. The Norfolk International Airport is just a short drive away, making it easy for visitors to access the area.

Tourist Attractions - 8/10

Downtown Norfolk boasts a variety of tourist attractions that draw visitors from far and wide. The Nauticus Maritime Museum and the USS Wisconsin battleship are popular destinations, offering a fascinating glimpse into naval history. The Norfolk Scope Arena hosts a range of events, from concerts to sporting competitions, attracting diverse crowds. The NEON District, with its vibrant murals and art galleries, is another must-see attraction.

Things to Do - 9/10

Downtown Norfolk offers no shortage of things to do, from cultural pursuits to outdoor activities. The Chrysler Museum of Art houses an impressive collection, while the Harrison Opera House presents world-class performances. Waterfront parks, such as Town Point Park and Waterside District, provide scenic spots for relaxation and recreation. The area also boasts a thriving food scene, with numerous restaurants and bars catering to every taste.

Average Home Prices - 5/10

According to Zillow data for 2024, the median home value in Downtown Norfolk is $420,000, representing a modest 1.8% appreciation over the past year. While these prices are higher than the citywide average, they reflect the area's prime location and strong demand for housing. Investors should carefully assess their financial goals and market conditions when considering properties in Downtown Norfolk before pulling the trigger and transforming it into an Airbnb.

Proximity to Work-Related Travel - 9/10

Downtown Norfolk is a business and work-related travel hub, making it an ideal location for corporate rentals catering to professionals. The area is home to major employers, such as Dominion Enterprises and the Norfolk Southern Corporation. The Norfolk Convention Center, which hosts numerous conferences and events, is also located downtown. Several hospitals, including Sentara Norfolk General Hospital, are just a short drive away.

X-Factor - 8/10

What sets Downtown Norfolk apart is its unique blend of history and modernity. The area's architecture showcases a range of styles, from historic buildings to sleek high-rises. The waterfront location adds to the charm, offering stunning views and a connection to the city's maritime heritage. Downtown's energy and diversity create a vibrant atmosphere that appeals to both residents and visitors.

3. Top Place to Invest in Norfolk, Virginia - Ocean View

Ocean View, a coastal neighborhood in Norfolk, Virginia, has emerged as a top contender for Airbnb investors seeking a beach-oriented location. With its stunning waterfront views, laid-back atmosphere, and growing popularity among tourists, Ocean View offers a unique opportunity for those looking to capitalize on the short-term rental market.

Ocean View Airbnb Market Data:

• Average Revenue – $32.5K per year
• Average Daily Rate – $204.7 per night
• Average Occupancy Rate – 54%
• Average RevPAR – $110.9

Convenience - 6/10

While Ocean View's location on the outskirts of Norfolk may not be as convenient as some central neighborhoods, it still offers easy access to essential amenities. A variety of shops, restaurants, and services can be found along Ocean View Avenue, the main thoroughfare. However, visitors may need to rely on personal vehicles or ride-sharing services to explore other parts of the city.

Tourist Attractions - 7/10

Ocean View's primary draw is its beautiful beach, which stretches for miles along the Chesapeake Bay. The Ocean View Beach Park offers a wide sandy expanse, perfect for sunbathing, swimming, and water sports. The Ocean View Fishing Pier is another popular attraction, providing a scenic spot for fishing and strolling. While the neighborhood may not have many other notable tourist attractions, its proximity to the beach is a significant selling point.

Things to Do - 6/10

In addition to beach-related activities, Ocean View offers a handful of other things to do. The Ocean View Golf Course provides a challenging 18-hole experience for golf enthusiasts. The nearby Community Beach Park features a playground, picnic areas, and a beach volleyball court. Visitors can also enjoy dining at the shore's various seafood restaurants and beach bars.

Average Home Prices - 7/10

According to Zillow data for 2024, the median home value in Ocean View is $280,000, representing a 3.2% appreciation over the past year. These prices are more affordable compared to some other Norfolk neighborhoods, making Ocean View an attractive option for investors with limited budgets. Another factor to consider is the potential for strong rental demand during peak beach seasons.

Proximity to Work-Related Travel - 4/10

Ocean View's distance from Norfolk's central business district and major work-related destinations may be a drawback for some Airbnb investors. The neighborhood is approximately a 20-minute drive from downtown Norfolk, where many of the city's hospitals, convention centers, and sports venues are located. This may limit the appeal for business travelers and those attending events in the city center.

X-Factor - 8/10

What sets Ocean View apart is its laid-back, beach-town atmosphere. The neighborhood's waterfront location and miles of sandy beaches create a relaxing and inviting environment for visitors. The stunning sunrises over the Chesapeake Bay add to the charm, providing a picturesque backdrop for vacation rentals. Ocean View's popularity among beachgoers and its growing reputation as a tourist destination makes it an intriguing option for Airbnb investors.

4. Top Place to Invest in Norfolk, Virginia - Larchmont-Edgewater

Larchmont-Edgewater, a charming and historic neighborhood in Norfolk, Virginia, has recently gained attention as a promising location for Airbnb investors. This picturesque area, known for its tree-lined streets and stately homes, offers a unique blend of residential tranquility and proximity to local attractions, making it an appealing choice for short-term rental investments.

Larchmont-Edgewater Park Airbnb Market Data:

• Average Revenue – $27K per year
• Average Daily Rate – $144.5 per night
• Average Occupancy Rate – 65%
• Average RevPAR – $98.5

Convenience - 7/10

Larchmont-Edgewater's location, just a few miles from downtown Norfolk, offers a good balance of convenience and serenity. The neighborhood is easily accessible by car, with major highways like I-264 and US-60 nearby. While public transportation options are somewhat limited, the area is bikeable and walkable, with several shops and restaurants within reach.

Tourist Attractions - 5/10

Although Larchmont-Edgewater itself is not a major tourist destination, its proximity to nearby attractions makes it a convenient base for visitors. The Norfolk Botanical Garden, a 175-acre oasis of flora and fauna, is just a short drive away. The Virginia Zoological Park, home to over 500 animals, is another popular attraction in the vicinity. However, the neighborhood's main appeal lies in its residential charm rather than tourist hotspots.

Things to Do - 6/10

Larchmont-Edgewater offers a handful of local activities and amenities for residents and visitors alike. The neighborhood is home to several parks, including Larchmont Park and Edgewater Park, which provide green spaces for outdoor recreation. The Larchmont Library, a cozy community hub, hosts regular events and programs. Foodies will appreciate the diverse array of local restaurants, cafes, and bakeries scattered throughout the area.

Average Home Prices - 6/10

According to Zillow data for 2024, the median home value in Larchmont-Edgewater is $395,000, representing a modest 2.3% appreciation over the past year. While these prices are higher than the citywide average, they reflect the neighborhood's desirable location and well-maintained properties. Investors should carefully consider their budget and expected returns when evaluating potential Airbnb properties in this area.

Proximity to Work-Related Travel - 6/10

While not in the heart of Norfolk's business district, Larchmont-Edgewater's location still offers reasonable proximity to work-related destinations. The neighborhood is approximately a 15-minute drive from downtown Norfolk, where many of the city's major employers, convention centers, and sports venues are located. This makes it a viable option for business travelers and event attendees seeking a quieter, more residential setting.

X-Factor - 8/10

What sets Larchmont-Edgewater apart is its undeniable charm and strong sense of community. The neighborhood's tree-lined streets, historic architecture, and well-manicured lawns create an inviting and picturesque atmosphere. The area's active neighborhood association and regular community events foster a tight-knit and welcoming environment. This combination of visual appeal and community spirit makes Larchmont-Edgewater a desirable location for both residents and visitors.

5. Top Place to Invest in Norfolk, Virginia - Fairmount Park

Fairmount Park, a historic and diverse neighborhood in Norfolk, Virginia, has recently emerged as a promising location for Airbnb investors. With its rich cultural heritage, affordable housing options, and proximity to local attractions, this up-and-coming area offers a unique opportunity for those looking to invest in the Airbnb rental industry.

Fairmount Park Airbnb Market Data:

• Average Revenue – $22.7K per year
• Average Daily Rate – $163.2 per night
• Average Occupancy Rate – 49%
• Average RevPAR – $80.3

Convenience - 6/10

Fairmount Park's location, just south of downtown Norfolk, offers a mix of convenience and affordability. The neighborhood is easily accessible by car, with I-264 and US-460 providing quick connections to other parts of the city. Public transportation options are available, though somewhat limited. While the area has a few local shops and restaurants, residents may need to venture to nearby neighborhoods for a wider variety of amenities.

Tourist Attractions - 4/10

Fairmount Park itself is not a major tourist destination, as it is primarily a residential neighborhood. However, its proximity to nearby attractions makes it a convenient base for visitors. The Chrysler Museum of Art, a world-class institution featuring over 30,000 works, is just a short drive away. The Norfolk Scope Arena, which hosts various sporting events and concerts, is also within easy reach.

Things to Do - 5/10

Fairmount Park offers a handful of local activities and amenities for residents and visitors. The neighborhood is home to several parks, including Fairmount Park and Barraud Park, which provide green spaces for outdoor recreation and community gatherings. The Attucks Theatre, a historic venue that showcases African American performers, is a cultural gem in the area. Foodies can explore a few local eateries and markets scattered throughout the neighborhood.

Average Home Prices - 8/10

According to Zillow data for 2024, the median home value in Fairmount Park is $220,000, representing a 4.1% appreciation over the past year. These prices are significantly more affordable compared to many other Norfolk neighborhoods, making Fairmount Park an attractive option for investors with limited budgets. Another factor to consider is the potential for strong rental yields and long-term appreciation.

Proximity to Work-Related Travel - 5/10

Fairmount Park's location, while not in the heart of Norfolk's business district, still offers reasonable proximity to work-related destinations. The neighborhood is approximately a 10-minute drive from downtown Norfolk, where many of the city's major employers, convention centers, and sports venues are located. This makes it a viable option for budget-conscious business travelers and event attendees.

X-Factor - 7/10

What sets Fairmount Park apart is its rich cultural heritage and diverse community. The neighborhood has a long history of African American culture and activism, which is reflected in its architecture, public art, and community events. The area's diversity and strong sense of community create a vibrant and welcoming atmosphere for residents and visitors alike. As the neighborhood continues to revitalize and attract new investments, it presents an exciting opportunity for Airbnb investors to be part of its growth story.