Virginia Beach vs Nearby Cities
Virginia Beach is positioned on the Atlantic coastline in the southeastern corner of Virginia. This region of the state commands a median rental price around $1,500 per month and boasts above-average home prices. The median home value in Virginia Beach is typically over $250,000, and the median listing price can approach $300,000 at times. Most cities in the nearby area offer home prices within the same range. For instance, the median listing price in Norfolk is typically around $200,000, and the median price in Chesapeake can approach $350,000 at times. Further inland, Suffolk offers a median listing price around $300,000.
Virginia Beach Property Managers
When a property owner lacks the expertise, time or ambition to effectively manage all aspects of a rental property, they hire a manager to take over. A skilled manager can handle all duties required to maintain a thriving real estate business, including screening new tenants and hiring contractors for needed repairs.
Virginia Beach Property Management Company Fees
Most property managers charge less than 10 percent of the rent collected from all units within a property. This rate can go much higher if a property demands more attention or a property owner requests additional services in the contract. Additional fees typically apply.
Virginia Landlord/Tenant Laws
- If a tenant’s rent check bounces, the landlord may charge a fee up to $50 plus any charges issued by the landlord’s bank.
- Virginia landlords must wait until a long-term rental agreement ends to raise the rental price. Any lease covering more than one month is considered long-term.