Portsmouth City Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Portsmouth City VA was $1,042 in 2019 according to the Census ACS survey.1 Average gross rent in Portsmouth City was $1,001 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 Portsmouth City median and average rent data will be released in September of 2021.
Data is also available below for Portsmouth City rental vacancy rates, Portsmouth City rent as a percent of median income and the fraction of renters in Portsmouth City.
Real Gross Rent in Portsmouth 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% |
| Portsmouth City VA Median Gross Rent | $1,042 | -3.16% | +2.76% |
Portsmouth City VA Real Gross Rent Trends
Median gross rent for Portsmouth City peaked in real terms in 2018 at $1,076 and is now $34 (3.16%) lower. Average gross rent for Portsmouth City peaked in real terms in 2014 at $1,024 and is now $23 (2.25%) lower.
Real Gross Rent: Portsmouth City VA Median, Portsmouth City VA Average, Virginia Median, US Median
Real Gross Rent History for Portsmouth City
| Date | US Median |
Virginia Median |
Portsmouth City VA Median |
Portsmouth City VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,042 | $1,001 |
| 2018 | $1,077 | $1,237 | $1,076 | $1,010 |
| 2017 | $1,043 | $1,216 | $1,006 | $981 |
| 2016 | $1,027 | $1,214 | $1,014 | $979 |
| 2015 | $1,017 | $1,214 | $1,050 | $993 |
| 2014 | $986 | $1,178 | $1,038 | $1,024 |
| 2013 | $953 | $1,144 | $952 | $954 |
| 2012 | $940 | $1,136 | $1,008 | $979 |
| 2011 | $941 | $1,147 | $981 | $989 |
| 2010 | $955 | $1,139 | $990 | $969 |
| 2009 | $960 | $1,127 | $1,055 | $1,017 |
| 2007 | $927 | $1,048 | $997 | $952 |
| 2005 | $910 | $1,015 | $915 | $885 |
Portsmouth City 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 Portsmouth City Virginia was 4.38% according to Census ACS data.
Rental Vacancy Rate in Portsmouth City Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Portsmouth City VA | 4.38% | -2.56% | — |
Trends in Portsmouth City VA Rental Vacancy Rate
The rental vacancy rate in Portsmouth City peaked in 2015 at 9.93%. Since then it has fallen by 5.55% to 4.38%. Data records for this series originated in 2005.
Rental Vacancy Rate: Portsmouth City VA, Virginia, US
Historical Rental Vacancy Rate data for Portsmouth City
| Date | US | Virginia | Portsmouth City VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 4.38% |
| 2018 | 6.15% | 5.17% | 6.94% |
| 2017 | 6.18% | 6.45% | 8.84% |
| 2016 | 5.89% | 5.59% | — |
| 2015 | 5.85% | 5.13% | 9.93% |
| 2014 | 6.32% | 5.79% | 5.61% |
| 2013 | 6.49% | 6.38% | 8.15% |
| 2012 | 6.77% | 6.18% | 6.14% |
| 2011 | 7.40% | 7.54% | 7.99% |
| 2010 | 8.17% | 7.02% | — |
| 2009 | 8.43% | 7.29% | — |
| 2007 | 7.87% | 7.11% | — |
| 2005 | 7.74% | 7.20% | — |
Rent as a Fraction of Income
Using median household income data for Portsmouth City, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Portsmouth City, median monthly gross rent as a fraction of median household income was 24.42% in 2019 according to the ACS.
Portsmouth 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% |
| Portsmouth City VA | 24.42% | -2.05% | +0.48% |
Trends in Portsmouth City VA Rent as a Fraction of Income
The fraction of median Portsmouth City household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 26.78%. Since then it has fallen by 2.35% to 24.42%.
Fraction of Income towards Rent: Portsmouth City VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Portsmouth City Virginia
| Date | US | Virginia | Portsmouth City VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 24.42% |
| 2018 | 20.50% | 20.09% | 26.47% |
| 2017 | 20.13% | 19.78% | 23.31% |
| 2016 | 20.43% | 20.42% | 23.94% |
| 2015 | 20.63% | 20.72% | 24.13% |
| 2014 | 20.89% | 20.63% | 26.27% |
| 2013 | 20.78% | 20.80% | 24.71% |
| 2012 | 20.65% | 20.76% | 26.78% |
| 2011 | 20.70% | 20.59% | 25.55% |
| 2010 | 20.50% | 20.15% | 24.34% |
| 2009 | 20.12% | 20.00% | 25.79% |
| 2007 | 18.66% | 17.97% | 22.96% |
| 2005 | 18.89% | 17.96% | 21.87% |
Renter Fraction in Portsmouth City Virginia
You can calculate the renter fraction in Portsmouth 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 Portsmouth City as a fraction of total Portsmouth City households. In 2019 43.96% of households were renters according to Census ACS data.
Portsmouth 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% |
| Portsmouth City VA | 43.96% | -1.78% | -2.88% |
Trends in the Portsmouth City VA Renter Fraction
The Portsmouth City household renter fraction peaked in in 2014 at 50.35% and is now 6.39% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Portsmouth City VA, Virginia, US
History of Portsmouth City Renter Fraction
| Date | US | Virginia | Portsmouth City VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 43.96% |
| 2018 | 36.05% | 34.08% | 45.74% |
| 2017 | 36.13% | 33.43% | 45.89% |
| 2016 | 36.88% | 34.71% | 46.84% |
| 2015 | 36.97% | 34.99% | 46.79% |
| 2014 | 36.90% | 34.67% | 50.35% |
| 2013 | 36.50% | 34.38% | 44.69% |
| 2012 | 36.09% | 33.84% | 48.05% |
| 2011 | 35.42% | 32.67% | 41.40% |
| 2010 | 34.65% | 32.33% | 41.40% |
| 2009 | 34.13% | 31.87% | 43.52% |
| 2007 | 32.80% | 30.49% | 37.01% |
| 2005 | 33.10% | 30.36% | 35.97% |
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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