Best Neighborhoods for Rentals in Norfolk Virginia

If you’re thinking about buying a rental property in Norfolk, Virginia, you’re not alone. The city continues to attract investors and “accidental landlords” alike thanks to its diverse economy, strong military presence, and steady rental demand fueled by students, professionals, and families. In this article, we will explore some of the top neighborhoods for rental properties in Norfolk. Let’s dive in!

Ghent

Located just west of Downtown Norfolk, Ghent (and West Ghent) is one of the city’s most desirable and walkable neighborhoods. Known for its tree-lined streets, historic architecture, and vibrant restaurant scene, it’s the go-to area for professionals who want the urban lifestyle without sacrificing neighborhood charm.

Why Ghent Great for Rentals:

High rental demand from medical professionals, graduate students, and military officers stationed nearby.
Premium rents driven by proximity to Sentara Norfolk General, EVMS, and downtown employers.
Excellent walkability and access to nightlife, dining, and shopping.
Strong tenant retention thanks to lifestyle quality.

Investor Tip: Historic homes may require higher upkeep, but rental rates in Ghent are among the highest in the city, often fetching upwards of $1,800 to $2,200/month for a two-bedroom unit depending on condition and amenities.

Ocean View

Stretching along the Chesapeake Bay, Ocean View is Norfolk’s largest neighborhood by area and one of its most dynamic. Once a seasonal vacation community, Ocean View has transformed into a year-round residential and investment market.

Why It’s Great for Rentals:

Beach proximity drives strong tenant demand and short-term rental potential.
Convenient to Naval Station Norfolk, making it a top choice for military renters.
Rapid neighborhood redevelopment and new construction continue to boost property values.
Diverse housing options from classic beach cottages to modern townhomes.

Investor Tip: Ocean View’s rents vary widely, from more affordable $1,000 per month one-bedroom apartments to $2,500+ for renovated single-family homes near the beach. In recent years, short term rentals and significant investor renovation projects have helped transform this neighborhood - and there is still room for value-add improvements! Check flood-zone maps and insurance costs before buying!

Colonial Place

Nestled along the Lafayette River, Colonial Place blends charm and stability. With early-20th-century architecture and a mix of single-family and multifamily homes, it attracts long-term residents and quality tenants.

Why It’s Great for Rentals:

Established, family-friendly neighborhood with low vacancy rates.
Close to Old Dominion University, downtown, and the naval base.
Properties tend to appreciate steadily, appealing to buy-and-hold investors.
Walkable streets, river views, and historic curb appeal.
Investor Tip: Average rents for single-family homes range from $1,800 to $2,600/month. Look out for duplexes and triplexes in this neighborhood! Older homes that require repair can make for great value-add investment opportunities!

Investor Tip: Excellent for buy-and-hold investors targeting appreciation and tenant stability over quick cash flow. Strong demand to live in this centrally located yet (more) affordable neighborhood.

Larchmont/Edgewater

Located west of Colonial Place and adjacent to Old Dominion University, Larchmont and Edgewater are considered some of Norfolk’s most desirable residential neighborhoods. Known for top schools, waterfront lots, and beautiful historic homes, this area consistently ranks among the city’s most stable and affluent.

Why It’s Great for Rentals:

Home to faculty, professionals, and military officers seeking long-term leases.
High occupancy rates and low tenant turnover.
Top-performing schools and easy access to ODU, Ghent, and Downtown.
Mix of luxury rentals and student housing conversions near campus.

Investor Tip: While entry prices are higher, rents for well-maintained homes can exceed $2,500 to $3,500/month, particularly for renovated properties near the Lafayette River or ODU.

Park Place

Bordering Ghent, Midtown, and the Railroad District, Park Place is one of Norfolk’s most active transitional neighborhoods, where investors can still find undervalued properties close to key job centers. Located in Central Norfolk, the area is seeing continued revitalization, with new multifamily projects and restored homes raising the bar each year.

Why It’s Great for Rentals:

Affordable acquisition costs compared to Ghent or Larchmont.
High proportion of renters (~60% of households).
Close proximity to Downtown, ODU, and major highways.
Strong potential for renovation + cash-flow combination.

Investor Tip: Rents in Park Place average $1,600–$2,200 for 2 to 3 bed units. Partnering with a strong property-management team is key to maintaining quality and tenant retention during the neighborhood’s growth phase.

Lafayette-Winona

Just north of Ghent and east of Colonial Place and Park Place, Lafayette-Winona offers strong rental potential with more affordable entry prices. The neighborhood features early-1900s homes, proximity to the Lafayette River, and ongoing revitalization efforts.

Why It’s Great for Rentals:

Emerging area with rising property values and demand.
Convenient to Downtown Norfolk and military installations.
Mix of owner-occupied homes and rental opportunities.
Great potential for value-add investors targeting single-family or duplex renovations.

Investor Tip: Rents are beginning to climb in Lafayette-Winona as this neighborhood revitalizes quickly. Expect $1,500 to $2,000/month for modestly updated 2-bedroom apartments and $2,000 or more for 3-bedroom homes. Buyers can still find properties below $300K, giving strong cash-on-cash potential compared to other Norfolk markets.

Final Thoughts on Best Neighborhoods for Rentals in Norfolk

Norfolk offers something for every investor - from historic charm in Ghent to value-add upside in Lafayette-Winona and Colonial Place. With stable tenant demand, strong local employers, and a diverse rental base, it’s no wonder the city remains one of Virginia’s most promising rental markets.

If you’re considering buying or leasing a rental property in Norfolk, ProActive Real Estate Services can help you analyze the numbers, handle management, and ensure your investment runs smoothly.