Chesapeake City Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Chesapeake City VA was $1,225 in 2019 according to the Census ACS survey.1 Average gross rent in Chesapeake City was $1,237 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 Chesapeake City median and average rent data will be released in September of 2021.
Data is also available below for Chesapeake City rental vacancy rates, Chesapeake City rent as a percent of median income and the fraction of renters in Chesapeake City.
Real Gross Rent in Chesapeake City 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% |
| Chesapeake City VA Median Gross Rent | $1,225 | -3.92% | -1.21% |
Chesapeake City VA Real Gross Rent Trends
Median gross rent for Chesapeake City peaked in real terms in 2015 at $1,292 and is now $67 (5.19%) lower. Average gross rent for Chesapeake City peaked in real terms in 2015 at $1,321 and is now $84 (6.36%) lower.
Real Gross Rent: Chesapeake City VA Median, Chesapeake City VA Average, Virginia Median, US Median
Real Gross Rent History for Chesapeake City
| Date | US Median |
Virginia Median |
Chesapeake City VA Median |
Chesapeake City VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,225 | $1,237 |
| 2018 | $1,077 | $1,237 | $1,275 | $1,236 |
| 2017 | $1,043 | $1,216 | $1,256 | $1,200 |
| 2016 | $1,027 | $1,214 | $1,240 | $1,280 |
| 2015 | $1,017 | $1,214 | $1,292 | $1,321 |
| 2014 | $986 | $1,178 | $1,147 | $1,192 |
| 2013 | $953 | $1,144 | $1,228 | $1,189 |
| 2012 | $940 | $1,136 | $1,168 | $1,165 |
| 2011 | $941 | $1,147 | $1,236 | $1,257 |
| 2010 | $955 | $1,139 | $1,228 | $1,221 |
| 2009 | $960 | $1,127 | $1,172 | $1,221 |
| 2007 | $927 | $1,048 | $1,135 | $1,136 |
| 2005 | $910 | $1,015 | $983 | $1,013 |
Chesapeake City Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2018 the rental vacancy rate for Chesapeake City Virginia was 1.34% according to Census ACS data.
Rental Vacancy Rate in Chesapeake City Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Chesapeake City VA | — | — | — |
Trends in Chesapeake City VA Rental Vacancy Rate
The rental vacancy rate in Chesapeake City peaked in 2013 at 6.68%. Since then it has fallen by 5.34% to 1.34%. Data records for this series originated in 2005.
Rental Vacancy Rate: Chesapeake City VA, Virginia, US
Historical Rental Vacancy Rate data for Chesapeake City
| Date | US | Virginia | Chesapeake City VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | — |
| 2018 | 6.15% | 5.17% | 1.34% |
| 2017 | 6.18% | 6.45% | — |
| 2016 | 5.89% | 5.59% | 6.65% |
| 2015 | 5.85% | 5.13% | — |
| 2014 | 6.32% | 5.79% | 5.48% |
| 2013 | 6.49% | 6.38% | 6.68% |
| 2012 | 6.77% | 6.18% | — |
| 2011 | 7.40% | 7.54% | 5.15% |
| 2010 | 8.17% | 7.02% | — |
| 2009 | 8.43% | 7.29% | — |
| 2007 | 7.87% | 7.11% | 2.96% |
| 2005 | 7.74% | 7.20% | — |
Rent as a Fraction of Income
Using median household income data for Chesapeake City, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Chesapeake City, median monthly gross rent as a fraction of median household income was 18.88% in 2019 according to the ACS.
Chesapeake City 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% |
| Chesapeake City VA | 18.88% | +0.17% | -0.60% |
Trends in Chesapeake City VA Rent as a Fraction of Income
The fraction of median Chesapeake City household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 21.66%. Since then it has fallen by 2.77% to 18.88%.
Fraction of Income towards Rent: Chesapeake City VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Chesapeake City Virginia
| Date | US | Virginia | Chesapeake City VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 18.88% |
| 2018 | 20.50% | 20.09% | 18.72% |
| 2017 | 20.13% | 19.78% | 19.07% |
| 2016 | 20.43% | 20.42% | 19.48% |
| 2015 | 20.63% | 20.72% | 21.66% |
| 2014 | 20.89% | 20.63% | 19.53% |
| 2013 | 20.78% | 20.80% | 20.81% |
| 2012 | 20.65% | 20.76% | 20.10% |
| 2011 | 20.70% | 20.59% | 20.62% |
| 2010 | 20.50% | 20.15% | 19.13% |
| 2009 | 20.12% | 20.00% | 19.15% |
| 2007 | 18.66% | 17.97% | 18.25% |
| 2005 | 18.89% | 17.96% | 15.51% |
Renter Fraction in Chesapeake City Virginia
You can calculate the renter fraction in Chesapeake City 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 Chesapeake City as a fraction of total Chesapeake City households. In 2019 30.69% of households were renters according to Census ACS data.
Chesapeake City 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% |
| Chesapeake City VA | 30.69% | +2.69% | +1.42% |
Trends in the Chesapeake City VA Renter Fraction
The Chesapeake City household renter fraction peaked in in 2015 at 32.11% and is now 1.42% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Chesapeake City VA, Virginia, US
History of Chesapeake City Renter Fraction
| Date | US | Virginia | Chesapeake City VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 30.69% |
| 2018 | 36.05% | 34.08% | 28.00% |
| 2017 | 36.13% | 33.43% | 26.79% |
| 2016 | 36.88% | 34.71% | 29.27% |
| 2015 | 36.97% | 34.99% | 32.11% |
| 2014 | 36.90% | 34.67% | 29.90% |
| 2013 | 36.50% | 34.38% | 29.87% |
| 2012 | 36.09% | 33.84% | 29.86% |
| 2011 | 35.42% | 32.67% | 27.12% |
| 2010 | 34.65% | 32.33% | 25.70% |
| 2009 | 34.13% | 31.87% | 24.81% |
| 2007 | 32.80% | 30.49% | 24.10% |
| 2005 | 33.10% | 30.36% | 26.89% |
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. ↩
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