Rents prices rose slightly in Suffolk and Hampton Roads last year. Good news for landlords and not so good for renters. They were up almost 1.5% from April to Oct and the vacancy rate is down to 6.9%. That probably will go up after new figures are in for the next quarter. More houses were bought and taken out of the rental market. That should drive vacancy rates down and rents up. More investors are being foreclosed on at the same time.
Planned new construction for apartments dropped dramatically as well from nearly 3,800 to 1,500. That is a really big fall off from April 2009.
http://www.hamptonroadsrealestate.ws Come and see ALL the Homes for Sale in Virginia Beach, Chesapeake, Norfolk, as well as the rest of Hampton Roads. This site is updated daily with new real estate listings, pictures and other information vital to your home search.