Ocean View or Ghent? Picking a Norfolk Rental Strategy

Torn between Ocean View and Ghent for your Norfolk rental plan? You are not alone. Both neighborhoods can work, but they perform differently depending on your goals, risk tolerance and how hands-on you want to be. In this guide, you will compare rental strategies, understand the rules, and learn the checks that protect your numbers before you buy. Let’s dive in.

Norfolk rental context at a glance

Norfolk is a renter-heavy market, with more than half of households renting according to recent city profiles. That creates steady demand across neighborhoods and price points. Citywide rent medians reported in public sources sit around the mid-thousands and vary by provider and month, so treat neighborhood-level comps as your baseline. You can explore the city’s broader economic and housing profile through the local development office’s community snapshot for context on renters and employers (Norfolk Economic Development profile).

Ghent: long-term strength near EVMS

What Ghent feels like

Ghent is a historic, walkable neighborhood with restaurants and shops along Colley Avenue, cultural venues nearby, and quick access to the Eastern Virginia Medical Campus. It features early 20th century homes, townhomes and mid-rise buildings, and it is recognized as a great urban neighborhood for its design and amenities (Ghent overview).

Who rents in Ghent

You will see strong demand from medical staff, residents, and professionals who value proximity to EVMS and Sentara Norfolk General, plus dining and culture. That tenant mix often supports higher long-term rents and lower turnover than tourist-driven areas (Norfolk medical hub).

Rents and prices in Ghent

Public rental reports in 2024 to 2025 often show Ghent’s 1 to 2 bedroom rents above the Norfolk average, frequently in the mid 1,500 to 1,800 dollar range depending on the snapshot and provider (Norfolk rent trends). Sales pricing also trends higher than many Norfolk neighborhoods due to location and housing stock. Always pull current comps and note the provider and retrieval date.

Renovation and review in Ghent

If your plan includes exterior changes, check whether the property sits in a local historic district. Exterior work visible from the street typically requires Architectural Review Board approval and a Certificate of Appropriateness (Norfolk ARB). Local groups can help you navigate the process (Ghent Neighborhood League project review). Interior updates face fewer constraints.

Best-fit strategies for Ghent

• Long-term leasing to professionals and medical staff.
• Owner-occupied 2 to 4 unit house-hack to reduce down payment and rate exposure. FHA allows owner-occupied 2 to 4 unit purchases with low down payment in many cases (FHA multi-unit basics).
• Condo or townhome buy-and-hold, with careful review of association rules for any rental limits.

Ocean View: beach-driven STR upside

What Ocean View feels like

Ocean View stretches along the Chesapeake Bay with beaches, a fishing pier, and seasonal events that attract visitors. Housing ranges from older cottages to newer homes, with several pockets close to the water and public amenities (Ocean View Beach Park, Norfolk beaches).

Who rents in Ocean View

You will see long-term renters who want coastal living, military households who value proximity to base, and vacationers during peak months. Seasonal events and waterfront access drive short-stay interest, which can lift revenue for well-located properties.

Rents, values and seasonality in Ocean View

Entry price points are often lower than Ghent in many blocks, and long-term rents typically sit below Ghent averages. That gap can be offset with short-term rental pricing during peak seasons if you meet city rules and manage occupancy well. Always underwrite with conservative off-season assumptions and neighborhood-specific comps.

Flood, resilience and insurance in Ocean View

Ocean View is more exposed to tidal flooding and sea level rise than inland neighborhoods. Lenders often require flood insurance in high-risk zones, and premiums vary by elevation and building factors. Start every deal with a parcel flood-zone check and plan for resilience costs (Norfolk flood zones, FEMA Map Service Center, regional resilience policy).

Best-fit strategies for Ocean View

• Short-term rentals near the beach where zoning and parking allow, ideally with professional management.
• Long-term rentals on less flood-exposed parcels.
• Duplex or small multi-unit house-hack when financing rules and zoning align.

Norfolk short-term rental rules you must know

Norfolk regulates STRs. Expect to register with the city, obtain a business license, meet paved on-site parking minimums, complete a fire inspection, post interior and exterior contact info, and provide a 20 minute on-site response to complaints. Some properties require a Conditional Use Permit, which adds time and fees. Registration is free, but inspections and CUPs carry costs. Budget these into your P&L and verify details before you buy (City STR requirements).

The numbers to underwrite

Income comps and pricing

Pull 6 to 12 long-term rental listings per neighborhood and note the provider and date. Public sources in 2025 show Ghent’s rents above city averages, while Ocean View’s long-term medians are lower, with price pockets near the water. Use neighborhood filters, then build a 12 month P&L for each property type (Norfolk rent trends). For STRs, compare nightly rates for like-kind homes and apply conservative occupancy across seasons, plus platform and cleaning fees, city fees and supplies.

Taxes and insurance

Norfolk’s FY25 real estate tax rate has been reported around 1.23 dollars per 100 dollars of assessed value, subject to annual budget changes. Example formula: annual tax equals assessed value divided by 100 multiplied by the current rate. Confirm parcel-level numbers with the assessor (FY25 rate coverage). For flood insurance, use FEMA and the city’s flood tools to estimate premiums and elevation certificate needs (FEMA map tool, Norfolk flood zones).

Financing paths

If you plan to live in one unit, an FHA-backed 2 to 4 unit purchase can lower your down payment compared to a non-owner-occupied loan and may allow rental income from other units to help qualify. Lender overlays vary, so confirm current guidelines and limits with your lender (FHA multi-unit basics).

Operations and compliance

• Long-term rentals: lower daily workload and steadier income. Follow Virginia security deposit rules, which cap deposits at two months’ rent and set a 45 day timeline for returns and itemization (VRLTA security deposits).
• STRs: higher turnover and furnishing costs, more active management, and compliance tasks like parking and inspections. Budget for professional cleaning and management if you prefer a lighter touch (City STR requirements).

Ghent vs Ocean View: fast tradeoffs

• Ghent pros: higher long-term rents, stable professional and medical tenant base, excellent walkability and amenities, strong resale fundamentals.
• Ghent cons: higher entry prices, exterior renovation review in historic areas, tighter competition for premium units.
• Ocean View pros: strong STR potential near the beach and pier, often lower purchase price in many blocks, seasonal pricing upside.
• Ocean View cons: higher flood and insurance exposure in low-lying areas, greater time and cost to manage STRs, parcel-by-parcel parking and compliance checks.

Your 7 step due diligence checklist

• Verify flood exposure: run the parcel in the city flood tool and FEMA MSC, and note zone and elevation (Norfolk flood zones, FEMA Map Service Center).
• Confirm STR path: check if the address and zoning support STR registration or require a Conditional Use Permit, and calculate parking requirements (City STR requirements).
• Review HOA or condo docs: identify any rental limits or STR bans.
• Check historic status in Ghent: determine if ARB review applies to exterior work (Norfolk ARB, Ghent project review).
• Pull rental comps: 6 to 12 long-term comps and 6 to 12 STR comps, then build a 12 month P&L with seasonal occupancy.
• Estimate taxes and insurance: apply the current city tax rate to the assessment, and get flood and homeowner’s insurance quotes early (FY25 rate coverage).
• Align financing: compare conventional investment terms to FHA owner-occupied 2 to 4 unit options with your lender (FHA multi-unit basics).

So, which should you pick?

Choose Ghent if you want steadier, long-term tenants and you are comfortable paying more upfront for location and walkability. Choose Ocean View if you want STR upside and you are ready to manage seasonality, compliance and flood risk with a strong operational plan. In both cases, parcel-level checks and realistic P&Ls will tell you if a property fits your goals.

Ready to compare addresses and build a property-specific plan? Connect with Jean Johnson to map your rental strategy and next steps in Norfolk.

FAQs

Short-term rentals in Norfolk: can you run an Airbnb?

• Yes, but you must register with the city, meet parking and fire inspection requirements, maintain a business license, post emergency contact info, and secure a Conditional Use Permit when required by zoning (City STR requirements).

Ocean View flood risk: what should you check first?

• Start with a parcel flood-zone lookup in the city tool and FEMA MSC, then get insurance quotes that reflect elevation and structure type (Norfolk flood zones, FEMA map tool).

Ghent renovations: are exteriors restricted?

• Properties in local historic districts require Architectural Review Board approval for exterior changes visible from the street, so plan for a Certificate of Appropriateness and additional design review time (Norfolk ARB).

Cash flow comparison: Ghent vs Ocean View rentals

• Ghent typically supports higher long-term monthly rents, while Ocean View can outperform seasonally with STRs if occupancy, pricing, and compliance are managed well (Norfolk rent trends, City STR requirements).

House-hacking in Norfolk: can you use FHA on a duplex?

• FHA allows owner-occupied 2 to 4 unit purchases with low down payment potential, subject to current guidelines and lender overlays (FHA multi-unit basics).

Security deposits for long-term rentals in Virginia

• Virginia law caps deposits at two months’ rent and requires itemized deductions and return within 45 days after the tenancy ends (VRLTA security deposits).