Best places to buy rental properties in Virginia

March 7, 2022
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Investing in Virginia

With one of the best school systems in the US, beautiful natural surroundings, and a close proximity to the nation's capital, Virginia is considered one of the best states to live in. The Nophin team crunched the numbers and found the five best places to invest in Virginia rental properties.

Statewide vacancy rates

VA Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Charlottesville, VA

Charlottesville is home to the University of Virginia and Thomas Jefferson's home, the Monticello.

  • Population: 46,553
  • Median household income: $59,598
  • Median 1-bedroom monthly rent: $1,328
  • Median listing home price: $464,500

Richmond, VA

Richmond is the capital of Virginia and an important city in the Revolutionary War and the Civil War.

  • Population: 226,610
  • Median household income: $51,421
  • Median 1-bedroom monthly rent: $1,325
  • Median listing home price: $345,000

Norfolk, VA

Norfolk, a city located next to Virginia Beach, is home to the oldest military shipyard.

  • Population: 238,005
  • Median household income: $53,026
  • Median 1-bedroom monthly rent: $1,250
  • Median listing home price: $289,000

Roanoke, VA

Roanoke is the 8th largest city in Virginia and is one of the most affordable place to live in the US.

  • Population: 100,011
  • Median household income: $45,664
  • Median 1-bedroom monthly rent: $870
  • Median listing home price: $259,300

Arlington, VA

Located across the Potomac River near Washington, DC, Arlington is considered one of the best cities to live in. With a steady supply of government jobs in the area and the headquarters of large companies like Boeing and Raytheon, the area is known for its opportunity.

  • Population: 50,773
  • Median household income: $222,587
  • Median 1-bedroom monthly rent: $1,895
  • Median listing home price: $2,000,000

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With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!


To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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