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Are you looking to invest in Lynchburg, VA, real estate?
Investing in real estate can be a great opportunity to grow your wealth over time. After all, property prices tend to appreciate over time, resulting in significant profits. Moreover, by investing in a rental property, you can earn a stable passive income.
While real estate investments can be highly profitable, not all markets have the same earning potential.
Areas with a big population, a high quality of life, plenty of local attractions, and a stable economy tend to be more lucrative than their counterparts. Luckily, the city of Lynchburg checks off most of these boxes, making it a great choice for rental investments.
In this article by KRS Lynchburg, we’ll go over the top reasons to buy an investment property in Lynchburg, VA. Keep reading to learn more!
Why Invest in Lynchburg, VA, Rental Properties
Located in the foothills of the Blue Ridge Mountains, Lynchburg is known as the "City of Seven Hills."
The city’s unique landscape and ample outdoor recreational areas make for a high quality of life for its residents.
People love living in Lynchburg. More importantly, the area has gained a good reputation among investors! Here are some of the reasons why real estate investors love Lynchburg:
Strong Local Economy
Lynchburg has a prime location at the heart of a wider metropolitan area, extremely close to the geographic center of Virginia.
Typically known as the “Lynchburg area,” this MSA is the fifth largest in the state and is considered one of the best places for businesses in Virginia, making it a strong contender in the real estate market.
There’s a wide variety of industries within the Lynchburg MSA, including nuclear technology, pharmaceuticals, and material handling.
Plus, the wide array of small businesses in the region greatly contributes to its stable economy. All in all, the strength of the Lynchburg economy creates a favorable climate for real estate investments, as there’s high demand for both residential and commercial properties across the area.
Population Growth
Lynchburg is the 11th most populous city in Virginia, while the Lynchburg metropolitan area is the fifth most populous in the state.
The city’s population is incredibly diverse and has grown steadily in the past decade. As the region continues to expand, it’s expected that Lynchburg’s population will grow even more.
From an investment point of view, population growth metrics are crucial. A growing population is a reliable predictor of rental demand.
As the city expands, so does the need for rental accommodations on all income levels. This is another point where Lynchburg shows great potential for real estate investors.
Plenty of Local Attractions
Having things to do is key to making sure an area attracts renters year-round. Luckily, Lynchburg has many sights, attractions, and activities that help attract more people and raise the residents’ quality of life. Here are just some of the many things to do in Lynchburg:
- Enjoy a concert from the Lynchburg Symphony Orchestra.
- Watch a play in the longest-running community theater in the area, the Renaissance Theater.
- Explore the Maier Museum of Art.
- Enjoy contemporary art exhibitions, multi-disciplinary programs, and cultural events at Riverviews Artspace
- Explore any of the multiple hiking areas in the region, such as the Appalachian Trail, Peaks of Otter, Apple Orchard Falls Trail, Blackwater Creek Natural Area, Liberty Mountain Trail System, Holliday Lake, and Otter Creek Trail.
- Try skiing, snowboarding, or inner-tubing at Liberty Mountain SnowFlex Centre year-round.
Affordable Real Estate
After all the talk about the area’s booming economy, it may come as a surprise to learn that there are great property deals available on the Lynchburg real estate market.
According to Zillow, the average price of homes in this city is $250,498, which is way below the national average. Since the local market has more affordable property prices, you may get more for your money in Lynchburg than in comparable areas.
While real estate is more affordable in Lynchburg, this doesn’t mean that real estate investments aren’t profitable in this city.
The local real estate market has grown steadily in recent years and shows no signs of stopping at any time in the foreseeable future.
As of today, property prices have gone up 3.1% over the past year and are expected to grow more over time.
By investing in Lynchburg real estate now, you will be able to buy properties at more affordable prices, while also benefiting from long-term property appreciation rates.
Good Local Education
Lynchburg is a great choice for rental investments due to its excellent local school system, which includes two high schools, three middle schools, eleven elementary schools, and several alternative and special education centers. The city also offers a variety of private schools, both religious and non-religious.
In addition, Lynchburg is home to several colleges and universities, including Central Virginia Community College, Liberty University, University of Lynchburg, Randolph College, Virginia University of Lynchburg, and Sweet Briar College.
Properties near these campuses are in high demand year-round due to the influx of students and faculty.
Bottom Line
People love living in Lynchburg! After all, this city has beautiful views, ample outdoor recreational spaces, plenty of local attractions, great schools, and a stable local economy.
It’s no wonder why the city’s population has grown so steadily in recent years. This, along with its affordable real estate and landlord-friendly laws makes Lynchburg a ripe area for real estate investments.
If you’re considering investing in Lynchburg real estate but don’t know how to get started, contact KRS Property Management today! Our team of dedicated property managers can help you smooth out the house-buying process and avoid common pitfalls.