Airbnb Chesapeake, Virginia: Market Data, Laws & Investor Guide

Chesapeake, Virginia has emerged as one of the most appealing locations to launch a short-term rental business in 2024. Situated in the heart of the Hampton Roads region, Chesapeake offers a unique blend of natural beauty, historical charm, and modern amenities that make it an irresistible destination for travelers.

In recent years, Chesapeake has experienced a surge in tourism, with visitors flocking to explore its scenic waterways, lush parks, and vibrant cultural scene. According to the Chesapeake Convention and Visitors Bureau, the city welcomed over 1.5 million visitors in 2023, generating more than $200 million in tourism revenue. This growing popularity presents a golden opportunity for savvy entrepreneurs looking to capitalize on the booming short-term rental market.

One of the key advantages of starting an Airbnb in Chesapeake is the city's strategic location. Nestled between the bustling cities of Norfolk and Virginia Beach, Chesapeake offers easy access to a wide range of attractions, from pristine beaches and world-class museums to thrilling theme parks and historic landmarks. This prime position allows Airbnb hosts to tap into a diverse pool of potential guests, including families, couples, and business travelers.

Moreover, Chesapeake boasts a thriving economy and a growing population, which bodes well for the long-term success of short-term rentals. The city is home to major employers such as Dollar Tree, Chesapeake Regional Healthcare, and the Chesapeake City Public Schools, ensuring a steady flow of visitors and a stable rental market.

Perhaps most importantly, Chesapeake offers a favorable regulatory environment for short-term rentals. While some cities have imposed strict regulations on Airbnb hosts, Chesapeake has taken a more welcoming approach. The city's zoning ordinances allow short-term rentals in most residential areas, provided that hosts obtain the necessary permits and adhere to safety and occupancy requirements.

With its stunning natural beauty, rich history, and business-friendly climate, Chesapeake is poised to become a top destination for Airbnb hosts in 2024 and beyond. By investing in this thriving market, entrepreneurs can tap into a lucrative and rewarding business opportunity while sharing the best of Chesapeake with guests from around the world.

Chesapeake Short-Term Rental Market Analysis

To fully grasp the potential of starting an Airbnb business in Chesapeake, Virginia, it's crucial to analyze the city's short-term rental market. This section will delve into key metrics such as occupancy rates, nightly rates, seasonality, growth rates, local events, and the mid-term rental market.

Chesapeake Airbnb Occupancy Rate

Chesapeake's Airbnb occupancy rates have shown impressive growth over the past two years:

• In 2022, the average occupancy rate was 68%, according to data from Airdna.
• As of August 2024, the average occupancy rate has risen to 75%, indicating a strong and growing demand for short-term rentals in the city.

Chesapeake Airbnb Nightly Rate

The nightly rates for Airbnb rentals in Chesapeake have also experienced a positive trend:

1. In 2022, the average nightly rate was $135, based on data from Mashvisor.
2. As of August 2024, the average nightly rate has increased to $150, suggesting that hosts can command higher prices due to the growing popularity of the city.

Chesapeake Airbnb Seasonality

Chesapeake's short-term rental market exhibits a moderate level of seasonality:

1. The peak demand occurs during the summer months (June to August), when travelers flock to the city to enjoy its outdoor attractions and festivals.
2. However, the demand remains relatively stable throughout the year, with a mix of leisure and business travelers booking short-term rentals in Chesapeake.

Chesapeake, Virginia Short-Term Rental Growth Rate

Chesapeake has witnessed significant growth in both its population and tourism industry:

1. The city's population grew by 5% between 2020 and 2024, reaching nearly 250,000 residents.
2. Traveler growth has also been impressive, with a 10% increase in visitor numbers from 2022 to 2023.

Chesapeake, Virginia Key Local Events and Festivals

Chesapeake hosts a variety of annual events and festivals that attract visitors and boost short-term rental demand:

1. Chesapeake Jubilee (May)
2. Chesapeake Rotary Wine Festival (September)
3. Chesapeake Virginia Wine Festival (October)
4. Chesapeake Holiday Craft Show (November)

Chesapeake Mid-Term Rental Market

Chesapeake's mid-term rental market, which typically involves stays of one month or longer, is also showing promise:

1. According to discussions on Airbnb host forums, many hosts in Chesapeake have successfully secured monthly bookings from professionals on extended work assignments or families in the process of relocating.
2. The demand for mid-term rentals appears to be growing, presenting an additional opportunity for hosts to diversify their booking strategies.

In conclusion, Chesapeake's short-term rental market analysis reveals a city with strong growth potential, stable demand, and attractive nightly rates. With a mix of leisure and business travelers, a thriving local events scene, and a promising mid-term rental market, Chesapeake is well-positioned to offer Airbnb hosts a lucrative and sustainable business opportunity in 2024 and beyond.

Best Neighborhoods in Chesapeake for an Airbnb Business

When searching for the ideal location to start an Airbnb business in Chesapeake, hosts should consider factors such as proximity to popular attractions, up-and-coming areas, and tourist hotspots. By analyzing data-driven insights and local knowledge, we have identified the top 5 neighborhoods in Chesapeake for starting an Airbnb.

Greenbrier

Greenbrier is a thriving neighborhood located in the heart of Chesapeake, known for its excellent shopping, dining, and entertainment options. With its close proximity to the Greenbrier Mall and the Chesapeake Conference Center, this area attracts a steady stream of tourists and business travelers.

1. Average Occupancy Rate: 72%
2. Average Daily Rate: $135
3. Airbnb Seasonality: High demand from May to September
4. Estimated Annual Revenue: $35,500

According to Zillow, the median home value in Greenbrier is $350,000 for a single-family house. Mashvisor data suggests that a 3-bedroom property provides the best return on investment in this neighborhood.

Great Bridge

Great Bridge is a historic neighborhood situated along the Intracoastal Waterway, offering a unique blend of small-town charm and modern amenities. This area is popular among tourists seeking a relaxing getaway, with its picturesque waterfront views and easy access to outdoor activities.

1. Average Occupancy Rate: 68%
2. Average Daily Rate: $120
3. Airbnb Seasonality: High demand from June to August
4. Estimated Annual Revenue: $29,800

The median home value in Great Bridge is $320,000 for a single-family house, according to Zillow. Mashvisor data indicates that a 2-bedroom property offers the best return on investment in this neighborhood.

Western Branch

Western Branch is an up-and-coming neighborhood in Chesapeake, known for its affordable housing options and convenient location. This area is popular among budget-conscious travelers and families, with its proximity to local parks and family-friendly attractions.

1. Average Occupancy Rate: 65%
2. Average Daily Rate: $110
3. Airbnb Seasonality: Moderate demand throughout the year
4. Estimated Annual Revenue: $26,100

According to Zillow, the median home value in Western Branch is $280,000 for a single-family house. Mashvisor data suggests that a 3-bedroom property provides the best return on investment in this neighborhood.

Deep Creek

Deep Creek is a scenic neighborhood located along the Deep Creek waterway, offering a tranquil escape for nature lovers and outdoor enthusiasts. This area is popular among tourists seeking water activities, hiking trails, and beautiful natural surroundings.

• Average Occupancy Rate: 62%
• Average Daily Rate: $105
• Airbnb Seasonality: High demand from April to October
• Estimated Annual Revenue: $23,700

The median home value in Deep Creek is $290,000 for a single-family house, according to Zillow. Mashvisor data indicates that a 2-bedroom property offers the best return on investment in this neighborhood.

Riverwalk

Riverwalk is a vibrant neighborhood situated along the Elizabeth River, known for its stunning waterfront views and lively atmosphere. This area is popular among tourists seeking a mix of outdoor activities, cultural attractions, and nightlife options.

• Average Occupancy Rate: 70%
• Average Daily Rate: $130
• Airbnb Seasonality: High demand from May to October
• Estimated Annual Revenue: $33,200

According to Zillow, the median home value in Riverwalk is $380,000 for a single-family house. Mashvisor data suggests that a 3-bedroom property provides the best return on investment in this neighborhood.

By carefully considering these top neighborhoods and their respective data, hosts can make informed decisions when choosing the ideal location for their Airbnb business in Chesapeake, Virginia.

Best Chesapeake Investment Property Types and Maximizing Your STR Revenue

Choosing the right investment property and optimizing your listing with sought-after amenities are crucial steps in maximizing your short-term rental revenue in Chesapeake. In this section, we'll explore the best property types for investment and the top amenities that can help your Airbnb stand out in the market.

Best Real Estate Property Investment in Chesapeake

Based on recent trends and data from the last few years, the following property types have proven to be the most popular and profitable for short-term rental use in Chesapeake:

Single-Family Homes: Average property price (2024): $395,947

Potential monthly STR revenue:

• 2-bedroom: $2,500
• 3-bedroom: $3,200
• 4-bedroom: $4,000

Townhouses: Average property price (2024): $280,000

Potential monthly STR revenue:

• 2-bedroom: $2,200
• 3-bedroom: $2,800

Condominiums: Average property price (2024): $220,000

Potential monthly STR revenue:

• Studio: $1,500
• 1-bedroom: $1,800
• 2-bedroom: $2,300

Apartments: Average property price (2024): $180,000

Potential monthly STR revenue:

• Studio: $1,400
• 1-bedroom: $1,700
• 2-bedroom: $2,100

Best Airbnb Amenities in Chesapeake, Virginia

To maximize your short-term rental revenue, consider incorporating the following amenities that have proven popular among top-performing listings in Chesapeake:

Outdoor living spaces

• Private balconies or patios
• Outdoor dining areas
• Fire pits or outdoor fireplaces

High-end kitchen appliances

• Stainless steel appliances
• Gourmet coffee makers
• Instant Pot or slow cooker

Home office setup

• Dedicated workspace with a desk and comfortable chair
• High-speed internet and Wi-Fi extender
• Printer and office supplies

Entertainment options

1. Smart TVs with streaming services (Netflix, Hulu, etc.)
2. Game consoles (PlayStation, Xbox)

• Board games and puzzles

Pet-friendly amenities

• Designated pet beds and bowls
• Fenced yard or nearby dog park
• Pet waste bags and disposal station

Unique decor and local touches

• Artwork from local artists
• Chesapeake-themed decor elements
• Local guidebooks and recommendations

By investing in the right property type and incorporating these in-demand amenities, Airbnb hosts in Chesapeake can maximize their short-term rental revenue and create a memorable experience for their guests. Stay attuned to market trends and guest preferences to continuously optimize your listing and stay ahead of the competition.

Understanding Chesapeake Short-Term Rental Regulations

Chesapeake, Virginia has implemented specific regulations for short-term rentals, which are outlined in the city's zoning ordinance and planning code. These rules determine where and how short-term rentals can operate within the city. The growth of STR booking platforms like Airbnb and VRBO has led to concerns about the impact of short-term rentals on neighborhoods, property values, and long-term housing availability. In response, the city has developed a comprehensive set of regulations to balance the interests of short-term rental operators, residents, and the community.

To operate a short-term rental in Chesapeake, property owners must obtain a Conditional Use Permit (CUP) and comply with the city's zoning ordinance. Short-term rentals are only permitted in the A-1 Agricultural District and the Historic and Cultural Preservation Overlay District (HC District). The CUP application process requires detailed information about the rental property, and the city's planning department reviews each application to ensure compliance with zoning regulations and minimize impact on the surrounding neighborhood.

In addition to the CUP, short-term rental operators may need to obtain a business license and comply with other local regulations, such as fire safety codes and noise ordinances. Failure to comply with these requirements can result in fines, penalties, or revocation of the CUP. Short-term rental property taxes are collected from the lessee in accordance with Section 58.1-625 of the Code of Virginia, typically by the rental platform and remitted to the city on behalf of the property owner.

Read our full STR regulations guide for more detailed information about Chesapeake short-term rental regulations, including insights from local hosts and a closer look at other policies.

Keys to Success as a Chesapeake Airbnb Host

Becoming a successful Airbnb host in Chesapeake requires a combination of thoughtful design, effective marketing strategies, and an understanding of the unique challenges and opportunities presented by the local market. By implementing the right design themes, attracting the right customers, and navigating potential challenges, hosts can maximize their revenue and create a thriving short-term rental business.

Popular Design Themes in Chesapeake

Based on an analysis of the most in-demand and best-performing rental listings on Airbnb and other short-term rental platforms in Chesapeake, the following design themes and layouts have proven to be particularly popular among guests:

• Coastal Chic: Incorporate nautical elements, such as blue and white color schemes, anchors, and seashells, to create a relaxing, beach-inspired atmosphere.
• Modern Farmhouse: Combine modern amenities with rustic, farmhouse-style decor, such as shiplap walls, barn doors, and vintage-inspired light fixtures.
• Industrial Loft: Embrace the industrial aesthetic with exposed brick walls, concrete floors, and metal accents, creating a trendy, urban vibe.
• Cozy Cottage: Create a warm and inviting atmosphere with plush textiles, soft lighting, and charming, cottage-style decor, such as floral patterns and vintage furniture.

To implement these design themes successfully, hosts should focus on creating a cohesive, well-curated space that balances comfort and style. Invest in high-quality furniture, linens, and decor that reflect the chosen theme, and pay attention to small details that can make a big impact on the overall guest experience.

How to Attract More Chesapeake Customers

To effectively market your Airbnb and increase bookings in Chesapeake, consider the following tips and strategies:

• Highlight local attractions: Showcase Chesapeake's unique features, such as its waterfront location, outdoor recreation opportunities, and historical sites, in your listing description and photos.
• Offer special packages: Create themed packages that cater to specific guest interests, such as romantic getaways, family vacations, or outdoor adventures.
• Leverage social media: Use platforms like Instagram and Facebook to showcase your property, engage with potential guests, and build a strong online presence.
• Encourage guest reviews: Actively seek out guest feedback and encourage satisfied customers to leave positive reviews on your listing, as this can greatly influence future bookings.
• Optimize your listing: Use high-quality photos, detailed descriptions, and competitive pricing to make your listing stand out from the competition and attract more bookings.

Potential Challenges and Guidelines to Success for Chesapeake Airbnb Hosts

Operating an Airbnb in Chesapeake comes with its own set of challenges and considerations. Here are some potential challenges and guidelines for success based on insights from experienced hosts:

• Seasonality: Chesapeake's short-term rental market is subject to seasonal fluctuations, with higher demand during the summer months. Hosts should plan accordingly and adjust their pricing and marketing strategies to account for slower periods.
• Regulations: As discussed earlier, Chesapeake has specific regulations governing short-term rentals. Hosts must ensure they are in compliance with all local laws and ordinances to avoid fines or legal issues.
• Competition: With the growing popularity of short-term rentals, hosts may face increased competition from other properties in the area. To stay ahead, focus on providing exceptional guest experiences, maintaining a high-quality listing, and continuously adapting to market trends.
• Maintenance and upkeep: Regularly maintaining and updating your property is crucial to ensuring guest satisfaction and long-term success. Set aside a budget for routine maintenance, repairs, and upgrades to keep your listing in top condition.

By understanding and addressing these challenges, and following the guidelines outlined above, Chesapeake Airbnb hosts can position themselves for success in this dynamic and rewarding market.

Using BNBCalc to Find Profitable Properties in Chesapeake, Virginia

BNBCalc is a powerful tool that can help aspiring short-term rental business owners find and analyze profitable properties in Chesapeake, Virginia. By leveraging BNBCalc's features and insights, investors can make informed decisions and maximize their chances of success in this thriving market.

Analyze Properties Using BNBCalc

To get started, use BNBCalc's property analysis feature to evaluate potential investment opportunities in Chesapeake. Simply enter the property address, purchase price, and other relevant details, and BNBCalc will provide a detailed breakdown of the property's projected revenue, expenses, and return on investment.

Benchmark Comparable Rentals

BNBCalc allows users to compare their potential investment property to other nearby rentals in the area. By analyzing the performance of similar listings, investors can gain valuable insights into pricing strategies, amenities, and design trends that can help them maximize their rental income.

Determine The Right Price and Property Size

With BNBCalc's help, investors can determine the optimal number of bedrooms, bathrooms, and purchase price to maximize their revenue potential. The platform's advanced algorithms take into account a wide range of factors, including local market conditions, seasonality, and property features, to provide accurate and actionable recommendations.

Make an Offer

Once you've identified a promising investment opportunity, use BNBCalc's projected returns to determine a fair purchase price. To streamline the financing process, consider working with BNBCalc's partnered STR lender, Brian Bockholdt at Alliant Credit Union, who can help you get prequalified and secure the lowest interest rates available.

Use Our Tax Calculator

BNBCalc's tax calculator is a valuable tool for understanding the potential tax deductions associated with your short-term rental investment. By accurately tracking expenses and taking advantage of bonus depreciation, investors can minimize their tax liability and maximize their overall returns.

Come Up With a Buy Box

When creating a buy box for your Chesapeake short-term rental investment, focus on properties that offer the following qualities:

1. Prime location: Look for properties in popular neighborhoods, close to local attractions, and with easy access to transportation.
2. Attractive amenities: Prioritize properties with in-demand amenities, such as outdoor living spaces, high-end appliances, and unique design features.
3. Strong rental potential: Use BNBCalc's analysis tools to identify properties with high occupancy rates, competitive nightly rates, and consistent rental income.
4. Reasonable purchase price: Ensure that the property's purchase price aligns with your investment goals and offers a strong return on investment based on BNBCalc's projections.

By incorporating these qualities into your buy box, you'll be well-positioned to find and acquire profitable short-term rental properties in Chesapeake, Virginia.

Ready to start your Airbnb journey in Chesapeake? Use BNBCalc to analyze potential properties and make informed investment decisions. Our powerful tool provides comprehensive data to help you maximize your profits. Check out this pre-analyzed Chesapeake Airbnb opportunity and see how BNBCalc can help you succeed in the short-term rental market. Visit BNBCalc.com today and take the first step towards building your Airbnb business.