Virginia is located in the Mid-Atlantic and Southeastern regions of the United States, which stretches from the Chesapeake Bay to the Appalachian Mountains, with a long Atlantic coastline. Virginia is one of the best states to go to for a holiday—from the calming and relaxing waters of the Chesapeake Bay to the iconic Blue Ridge Mountains, it offers a variety of scenic views and holiday activities that suit all tastes.
There’s no wonder why buying a vacation home in Virginia is a great way to earn passive income. Real estate investors who invest in the Virginia real estate market know that there are many opportunities in short-term rentals. After all, Virginia’s little towns, beautiful cities, notable neighborhoods, and promising destinations are known for their delicious food, immense history, and Southern charm—all of which are attractive to both local and international tourists.
Another great reason why Virginia is a great place for investing in vacation rental properties is that it offers a variety of things to do, no matter the season. From small towns and scenic roads to mountain vistas and wide, open beaches, Virginia has something in store for tourists all year round.
Investing in short-term rentals means that your business may be seasonal. However, this should not hinder you from making money in real estate. If you are buying a vacation home in Virginia, it’s essential to know the best places for Virginia vacation rentals. If you choose the right place to invest in, your Airbnb rental income will come flowing and will sustain you even during the low season.
Here are the 11 best places for buying a vacation home in Virginia in 2022:
1. Virginia Beach
The coastal city of Virginia Beach has an extensive array of desirable locations, thriving industries, and a diverse population. This is why investors who are buying a vacation home in Virginia should consider investing in Virginia Beach. The beaches along the Chesapeake Bay and the Atlantic Ocean are great tourist destinations, that’s why investing in short-term rentals in these areas will ensure your Airbnb income, especially during the peak season.
The vibrant and bustling coastal city of Virginia Beach shines during the summer season when tourists flock to the oceanfront and boardwalk. Aside from its beautiful coast, Virginia Beach is also known for its flourishing local dining scene, arts and entertainment, maritime history, and family-friendly attractions. Visitors also come to Virginia Beach for popular events like Live! On Atlantic and Something in the Water.
Virginia Beach, VA Airbnb Market Data:
- Airbnb Listings: 749
- Daily Rate: $270
- Occupancy Rate: 58%
- Airbnb Rental Income: $4,829
- Airbnb Cash on Cash Return: 6.35%
- Airbnb Price to Rent Ratio: 9.50%
- Walk Score: 20
2. Charlottesville
Charlottesville is centrally located in the eastern foothills of the Blue Ridge Mountains in the Central Virginia region. It has a rich cultural, natural, and artistic history that is shown through its first-rate museums, galleries, wineries, shops, restaurants, and outdoor recreation activities. It features several rivers and lakes, where visitors often go for water activities such as paddling, swimming, fishing, kayaking, canoeing, and tubing.
Buying a vacation rental property in Charlottesville is a good idea if you want to draw visitors all year round. Aside from aquatic sceneries, historic attractions also attract tourists to Charlottesville. This includes such as Thomas Jefferson’s Monticello, the Grounds of the University of Virginia, James Monroe’s Highland, Historic Court Square, and Michie Tavern, ca. 1784.
Charlottesville, VA Airbnb Market Data:
- Airbnb Listings: 486
- Daily Rate: $272
- Occupancy Rate: 65%
- Airbnb Rental Income: $5,291
- Airbnb Cash on Cash Return: 5.83%
- Airbnb Price to Rent Ratio: 10.47%
- Walk Score: 53
3. Hampton
If you are buying a vacation home in Virginia, consider investing in Hampton short-term rentals. Hampton is located in the center of the Hampton Roads metropolitan area and is home to a variety of historical, cultural, and recreational activities and attractions.
Visitors often enjoy taking a stroll on the Downtown Hampton Public Piers and stopping by the Maritime Center. Hampton also features several water-related activities, such as the harbor tours aboard the 65-foot Miss Hampton II and fishing in the Chesapeake Bay.
Hampton, VA Airbnb Market Data:
- Airbnb Listings: 191
- Daily Rate: $195
- Occupancy Rate: 57%
- Airbnb Rental Income: $2,513
- Airbnb Cash on Cash Return: 6.06%
- Airbnb Price to Rent Ratio: 8.31%
- Walk Score: 38
4. Staunton
Staunton is another mountain town situated in the heart of Virginia’s Shenandoah Valley and should be considered by real estate investors who are buying a vacation home in Virginia. Staunton was named as one of the Dozen Distinctive Destinations in the United States by the National Trust for Historic Preservation. Visitors who enjoy arts and historical attractions are drawn to Staunton, which is known for its magnificently preserved architecture.
Downtown Staunton features over 100 unique shops, art galleries, and restaurants. Tourists can watch a play at the Blackfriars Playhouse, tour the Woodrow Wilson Presidential Library and Museum, browse shops and art galleries, and dine in one of Staunton’s famous downtown restaurants.
Staunton, VA Airbnb Market Data:
- Airbnb Listings: 85
- Daily Rate: $143
- Occupancy Rate: 65%
- Airbnb Rental Income: $3,213
- Airbnb Cash on Cash Return: 5.53%
- Airbnb Price to Rent Ratio: 10.93%
- Walk Score: 91
5. Cape Charles
Cape Charles in Northampton County has a land area of 2,817 acres and a population of approximately 1,000 residents. It’s famous for its shops, restaurants, antiques, museums, public beach, golf, harbor, marinas, boat ramp, sport fishing, and the last remaining rail barge in the country which regularly crosses the Chesapeake Bay to Norfolk. Visitors love to visit the Chesapeake Bay Bridge-Tunnel, the Eastern Shore National Wildlife Refuge, and Kiptopeke State Park.
Investors who are buying a vacation home in Virginia often consider its beautiful beaches. The Cape Charles Town Beach is located along Bay Avenue with beach access at the end of every block. Adjacent to this public beach is Cape Charles Fishing Pier.
Cape Charles, VA Airbnb Market Data:
- Airbnb Listings: 83
- Daily Rate: $290
- Occupancy Rate: 64%
- Airbnb Rental Income: $4,859
- Airbnb Cash on Cash Return: 3.58%
- Airbnb Price to Rent Ratio: 17.75%
- Walk Score: 58
6. Norfolk
Norfolk is a waterfront city located in the southeastern Hampton Roads region at the mouth of one of the nation’s fastest-growing ports. It’s popular for its great food and entertainment from the Waterside Festival Marketplace on the waterfront.
Norfolk is known for its arts and entertainment—Norfolk is home to Chrysler Hall, which is Norfolk’s downtown performing arts center. It features the Norfolk Forum lecture series, the Virginia Symphony, and touring Broadway shows. The Virginia Opera, which is the official Opera Company of Virginia, is based in Norfolk.
Norfolk, VA Airbnb Market Data:
- Airbnb Listings: 615
- Daily Rate: $164
- Occupancy Rate: 62%
- Airbnb Rental Income: $3,221
- Airbnb Cash on Cash Return: 5.84%
- Airbnb Price to Rent Ratio: 9.31%
- Walk Score: 41
7. Harrisonburg
Harrisonburg is located in the heart of the Shenandoah Valley, nestled between the majestic Blue Ridge Mountains. Harrisonburg is considered the outdoor adventure capital of the Shenandoah Valley and is a frequent choice of investors buying a vacation home in Virginia who prefer an adventurous location.
Harrisonburg is a perfect destination for outdoor lovers and adventure seekers—it has access to the George Washington and Jefferson National Forests, Shenandoah National Park, and numerous parks, trails, and waterways. Harrisonburg also features yearly events including the Shenandoah Mountain Bike Festival, Alpine Loop Grand Fondo, and Rocktown Rambler. Visitors also flock to join the city’s International Festival, which features food, music, and culture from around the world.
Harrisonburg, VA Airbnb Market Data:
- Airbnb Listings: 66
- Daily Rate: $181
- Occupancy Rate: 65%
- Airbnb Rental Income: $2,716
- Airbnb Cash on Cash Return: 5.17%
- Airbnb Price to Rent Ratio: 11.10%
- Walk Score: 46
8. Yorktown
Yorktown is another promising location to consider if you’re buying a vacation home in Virginia. Yorktown is situated between the James and York Rivers as well as the Chesapeake Bay. Visitors come here to experience the 18th-century homes and revolutionary battlefields. It features art galleries, antique and specialty shops, and museums offering hands-on programs and exhibits.
Currently, there are only a few Airbnb listings available in Yorktown—and with a high occupancy rate, this opens more opportunities for aspiring investors to explore this town. In York County, short-term rentals are either tourist homes or bed and breakfast inns. For the latter, breakfast is provided in addition to overnight accommodations, and the property owner is required to live on the premises or in adjacent premises.
Yorktown, VA Airbnb Market Data:
- Airbnb Listings: 7
- Daily Rate: $130
- Occupancy Rate: 75%
- Airbnb Rental Income: $3,206
- Airbnb Cash on Cash Return: 6.88%
- Airbnb Price to Rent Ratio: 11.60%
- Walk Score: 28
9. Colonial Heights
Investors buying a vacation home in Virginia should also consider investing in Colonial Heights. With a high occupancy rate and low Airbnb listings, investors will definitely find this place favorable for short-term rental investing.
Colonial Heights features three area attractions with historic roots, which are Violet Bank, Swift Creek Mill, and the world’s largest Arby’s. There are also several parks in the area, including Fort Clifton Park, Dimmock Boat landing, and White Bank Park.
Colonial Heights, VA Airbnb Market Data:
- Airbnb Listings: 10
- Daily Rate: $114
- Occupancy Rate: 80%
- Airbnb Rental Income: $2,500
- Airbnb Cash on Cash Return: 5.28%
- Airbnb Price to Rent Ratio: 10.20%
- Walk Score: 52
10. Bentonville
Bentonville features historical areas, world-class museums, and its soft and hard cycling trails that connect across Northwest Arkansas. Tourists love to visit the Crystal Bridges, an architectural wonder that combines art and nature.
Bentonville is also known for its diverse culinary options, making it a perfect destination for food lovers. The proximity of museums, galleries, and entertainment spaces throughout Bentonville inspires visitors to walk while touring.
Bentonville, VA Airbnb Market Data:
- Airbnb Listings: 10
- Daily Rate: $292
- Occupancy Rate: 64%
- Airbnb Rental Income: $5,237
- Airbnb Cash on Cash Return: 7.39%
- Airbnb Price to Rent Ratio: 8.10%
11. Lexington
Lexington is home to Virginia Military Institute and Washington and Lee University, both of which contribute a high level of cultural activity in the community. During the summer months, people can watch one of the popular Lime Kiln Theatre productions.
Lexington also features historical sites such as the Stonewall Jackson House, the George C. Marshall Museum at VMI, and Lee Chapel at Washington and Lee University. Tourists also visit the Blue Ridge Parkway and George Washington and Jefferson National Forests for recreational activities.
Lexington, VA Airbnb Market Data:
- Airbnb Listings: 71
- Daily Rate: $305
- Occupancy Rate: 59%
- Airbnb Rental Income: $4,680
- Airbnb Cash on Cash Return: 6.85%
- Airbnb Price to Rent Ratio: 8.37%
- Walk Score: 87
Invest in the Virginia Real Estate Market With the Help of Mashvisor
Investing in real estate is an excellent way to earn money, and buying a vacation home in Virginia can be a promising first step to your real estate ventures. The Virginia Housing market is thriving and we can expect its short-term rental market to flourish more this year. Our Mashvisor database contains hundreds of thousands of properties, as well as complete market research and analysis to help you get started with your vacation rental investment.
You can easily search for the perfect investment property by typing in a city or your preferred neighborhood to get a quick overview of the houses for sale in that area. Click on the property that interests you to find a more detailed analysis of the average rental income, cash on cash return, median home price, cash flow, occupancy rate, and more. These details are necessary to ensure that you’ll get your Airbnb return on investment on time.
Our database also provides property valuation analytics, comparable rental listings, and insights, and it can help you determine which short-term rental strategy would work best in that area.
Begin your real estate investing journey with Mashvisor tools. Click here to start searching for the best investment properties in your chosen city and neighborhood.
