Are you looking to buy an investment property in Richmond? The first step in achieving this goal is identifying which area you want to invest in!
Many tenant demographics like young adults, professionals, and couples looking to live and work in a city that is affordable are drawn to downtown Richmond. It’s an exciting and enjoyable place to live which plays a role in why so many individuals are relocating to the area.
It's a center for creativity, and business, particularly in the IT industry. In fact, they are moving here in massive numbers to join well-established businesses like Great Minds, Ave Point, and Cloudbees.
Downtown Richmond is a terrific spot to retire, unwind, start a new life, or buy an investment property. To help investors out, we, at KRS Holdings looked into Richmond's emerging best Richmond neighborhoods.
Carytown
For those who are looking for conveniently located shopping and restaurants, Carytown is the place to call home. It serves as the focal point for nine blocks' worth of pedestrian-friendly food and retail spaces. Within a short distance of your home, you'll discover a variety of eccentric and intriguing stores to browse as well as restaurants with delicious food.
Both buyers and renters are drawn to the area because of its strategic position. Here you can find moderately priced multi-family homes. The area also attracts a steady amount of students looking for rentals during the school year.
All these features draw in a multitude of tenant demographics and make Carytown an ideal location for investors to purchase investment properties that fit their financial goals.
The Fan
Another one of the prominent neighborhoods in Richmond is The Fan. It's a Victorian-style neighborhood with a unique charm all its own. The streets in this region are lined with trees, and as you move from east to west, they spread out like a fan, giving rise to the name of the neighborhood.
This residential area is ideal for millennials, young professionals, and those looking to establish roots. It consists of neighborhood businesses, schools restaurants, nightclubs, coffee shops, boutiques, wellness centers, and shopping malls.
The majority of properties are brick row homes from the early 20th century, and they display a range of architectural designs, including Italianate, Beaux-Arts, Bungalow, and Tudor styles. There have also been real estate projects that include townhomes and homes in modern design. This gives investors plenty of choices when looking for a property.
The Museum District
This is one of the best neighborhoods in Richmond, VA for young professionals. This vibrant district, located near The Fan District, is quite walkable, has six blocks of museums, and has plenty of places to eat and drink. Additionally, the Virginia Museum District offers distinctive housing options.
In this stylish neighborhood with tree-lined streets, you may find anything from classic colonial rowhouses to apartments designed in the Tuscan architectural style. Many students and young professionals prefer this neighborhood since it's close to Virginia Commonwealth University. As a result, there is a steady tenant demographic for investors to tap into.
Lakeside
Some believe Lakeside, located just north of the Richmond city line, has the potential to become the next Carytown. This residential neighborhood has fairly priced, well-built houses, including colonials and bungalows, on nice-sized lots. What’s more, it’s a quick drive from downtown Richmond.
This is one of the Richmond neighborhoods with some of the most wonderful walking paths for locals. Lakeside is primarily made up of single-family homes with a mixture of owners and tenants. Investors looking to buy homes to rent out or utilize as vacation rentals ought to take this area into consideration.
Scott’s Addition
Scott's Addition is one of Richmond's neighborhoods seeing the fastest population growth. Part of this can be attributed to the number of companies and industries in and around the city center.
The historic city district of Scott's Addition is home to a wide range of industries including marketing and advertising firms, private corporations, production companies, architectural firms, and various breweries, bars and distilleries.
There are numerous row homes, apartments, and condos, along with a few historic houses available in this neighborhood. When shopping for investment homes in this region of Richmond, investors have a large selection of options to choose from.
Manchester
Manchester is another one of the highly rated neighborhoods in Richmond, VA. This area is ideal for those who enjoy the great outdoors, working out, and dining out. Manchester, located immediately south of the James River, has undergone significant redevelopment over the past 15 years. The area combines urban convenience with outdoor recreation. In addition to having access to the river and small islands, it’s bike-friendly.
Manchester is home to a lot of more contemporary houses, despite being a historically significant city. That said, due to factors like modern amenities, younger demographics will want to rent these homes in this neighborhood. Therefore, investors should take advantage of these upcoming modern projects.
Short Pump
Some of Richmond's biggest stars reside in one of Richmond's upscale neighborhoods. In addition to an intriguing outdoor mall with upmarket department stores and boutiques, locals in and around the city center can take advantage of fantastic dining and shopping alternatives in the Short Pump town center. Townhomes, condos, and numerous new residences are frequent sights in this neighborhood.
Short Pump excels in terms of location and quality of education. It’s among the best neighborhoods because of the nearby amenities like grocery stores, local businesses, and schools.
Bottom Line
Any of these top neighborhoods in Richmond could be home to your upcoming investment. Richmond, VA is an intriguing place to reside with a reasonable cost of living, accessibility to top amenities, and the beautiful James River. Since the region is expanding annually and has comparatively low property taxes, purchasing a home here is unquestionably a wise real estate investment.
If you would like to help to invest in the area and manage your properties, contact a trusted property management company. KRS Holdings, Inc. has been an expert in Richmond property management for many years. Our overarching goal has always been to reduce our clients' stress while maximizing the value of their residential assets.
Contact us today to learn more about our property management services!