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Yep, you have two options. The first is swap your PHP handler to DSO and enable mod_ruid2 - which if you're using suPHP is recommended for speed anyway.

Second option requires no such change. Security Center >> Apache mod_userdir Tweak in WHM and disable it.
Jonathan -

Thanks! I am opting for the userdir tweak for now.

Any insight on if switching from suPHP to DSO will cause issues with any of my Joomla or Wordpress installs and related scripts? I am currently running 2 domains with 3 dedicated IP's from this VPS. Also -- suPHP is rumored to be more secure in multi user environments in comparison to DSO. However, it sounds like the speed improvements are worth it?