Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Virginia was $1,254 in 2019 according to the Census ACS survey.1 Average gross rent was $1,279 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Virginia median and average rent data will be released in September of 2021.
Data is also available below for Virginia rental vacancy rates, Virginia rent as a percent of median income and the fraction of renters in Virginia.
Real Gross Rent in Virginia (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Virginia Median Gross Rent | $1,254 | +1.37% | +3.29% |
Virginia Real Gross Rent Trends
At $1,254, real median gross rent in Virginia was at its highest level in 2019 since the series began in 2005. At $1,279, real average gross rent in Virginia was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Virginia: Median, Average, US Median
Real Gross Rent History for Virginia
| Date | US Median | Virginia Median | Virginia Average |
|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,279 |
| 2018 | $1,077 | $1,237 | $1,274 |
| 2017 | $1,043 | $1,216 | $1,250 |
| 2016 | $1,027 | $1,214 | $1,244 |
| 2015 | $1,017 | $1,214 | $1,254 |
| 2014 | $986 | $1,178 | $1,223 |
| 2013 | $953 | $1,144 | $1,204 |
| 2012 | $940 | $1,136 | $1,170 |
| 2011 | $941 | $1,147 | $1,172 |
| 2010 | $955 | $1,139 | $1,179 |
| 2009 | $960 | $1,127 | $1,164 |
| 2007 | $927 | $1,048 | $1,091 |
| 2005 | $910 | $1,015 | $1,036 |
Virginia Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Virginia was 5.53% according to Census ACS data.
Rental Vacancy Rate in Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
Trends in Virginia Rental Vacancy Rate
The rental vacancy rate in Virginia peaked in 2011 at 7.54%. Since then it has fallen by 2.01% to 5.53%. Data records for this series originated in 2005. From a 2015 post peak low of 5.13%, the rental vacancy rate has increased by 0.40%.
Rental Vacancy Rate: Virginia, US
Historical Rental Vacancy Rate data for Virginia
| Date | US | Virginia |
|---|---|---|
| 2019 | 5.97% | 5.53% |
| 2018 | 6.15% | 5.17% |
| 2017 | 6.18% | 6.45% |
| 2016 | 5.89% | 5.59% |
| 2015 | 5.85% | 5.13% |
| 2014 | 6.32% | 5.79% |
| 2013 | 6.49% | 6.38% |
| 2012 | 6.77% | 6.18% |
| 2011 | 7.40% | 7.54% |
| 2010 | 8.17% | 7.02% |
| 2009 | 8.43% | 7.29% |
| 2007 | 7.87% | 7.11% |
| 2005 | 7.74% | 7.20% |
Virginia Rent as a Fraction of Income
Using median household income data for Virginia, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Virginia, median monthly gross rent as a fraction of median household income was 19.68% in 2019 according to the ACS.
Virginia Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Virginia | 19.68% | -0.41% | -0.74% |
Trends in Virginia Rent as a Fraction of Income
The fraction of median Virginia household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 20.80%. Since then it has fallen by 1.11% to 19.68%.
Fraction of Income towards Rent: Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Virginia
| Date | US | Virginia |
|---|---|---|
| 2019 | 20.03% | 19.68% |
| 2018 | 20.50% | 20.09% |
| 2017 | 20.13% | 19.78% |
| 2016 | 20.43% | 20.42% |
| 2015 | 20.63% | 20.72% |
| 2014 | 20.89% | 20.63% |
| 2013 | 20.78% | 20.80% |
| 2012 | 20.65% | 20.76% |
| 2011 | 20.70% | 20.59% |
| 2010 | 20.50% | 20.15% |
| 2009 | 20.12% | 20.00% |
| 2007 | 18.66% | 17.97% |
| 2005 | 18.89% | 17.96% |
Renter Fraction in Virginia
You can calculate the renter fraction in Virginia in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Virginia as a fraction of total Virginia households. In 2019 33.87% of households were renters according to Census ACS data.
Virginia Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Virginia | 33.87% | -0.21% | -0.84% |
Trends in the Virginia Renter Fraction
The Virginia household renter fraction peaked in in 2015 at 34.99% and is now 1.12% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Virginia, US
History of Virginia Renter Fraction
| Date | US | Virginia |
|---|---|---|
| 2019 | 35.89% | 33.87% |
| 2018 | 36.05% | 34.08% |
| 2017 | 36.13% | 33.43% |
| 2016 | 36.88% | 34.71% |
| 2015 | 36.97% | 34.99% |
| 2014 | 36.90% | 34.67% |
| 2013 | 36.50% | 34.38% |
| 2012 | 36.09% | 33.84% |
| 2011 | 35.42% | 32.67% |
| 2010 | 34.65% | 32.33% |
| 2009 | 34.13% | 31.87% |
| 2007 | 32.80% | 30.49% |
| 2005 | 33.10% | 30.36% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
