Virginia Beach Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Virginia Beach, VA (the Virginia Beach-Norfolk-Newport News metro area) was $1,178 in 2019 according to the Census ACS survey.1 Average gross rent in Virginia Beach was $1,193 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 Beach median and average rent data will be released in September of 2021.
Data is also available below for Virginia Beach rental vacancy rates, Virginia Beach rent as a percent of median income and the fraction of renters in Virginia Beach.
Real Gross Rent in Virginia Beach 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 Beach, VA Median Gross Rent | $1,178 | +0.94% | +0.68% |
Virginia Beach, VA Real Gross Rent Trends
At $1,178, real median gross rent in Virginia Beach was at its highest level in 2019 since the series began in 2005. Average gross rent for Virginia Beach peaked in real terms in 2016 at $1,196 and is now $3 (0.25%) lower.
Real Gross Rent in Virginia Beach: Virginia Beach VA Median, Virginia Beach VA Average, Virginia Median, US Median
Real Gross Rent History for Virginia Beach
| Date | US Median |
Virginia Median |
Virginia Beach, VA Median |
Virginia Beach, VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,178 | $1,193 |
| 2018 | $1,077 | $1,237 | $1,167 | $1,173 |
| 2017 | $1,043 | $1,216 | $1,159 | $1,161 |
| 2016 | $1,027 | $1,214 | $1,170 | $1,196 |
| 2015 | $1,017 | $1,214 | $1,173 | $1,190 |
| 2014 | $986 | $1,178 | $1,118 | $1,145 |
| 2013 | $953 | $1,144 | $1,108 | $1,122 |
| 2012 | $940 | $1,136 | $1,114 | $1,124 |
| 2011 | $941 | $1,147 | $1,137 | $1,136 |
| 2010 | $955 | $1,139 | $1,142 | $1,172 |
| 2009 | $960 | $1,127 | $1,121 | $1,139 |
| 2007 | $927 | $1,048 | $1,040 | $1,050 |
| 2005 | $910 | $1,015 | $1,003 | $999 |
Virginia Beach 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 Beach Virginia was 7.03% according to Census ACS data.
Rental Vacancy Rate in Virginia Beach Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Virginia Beach, VA | 7.03% | +0.83% | -0.22% |
Trends in Virginia Beach, VA Rental Vacancy Rate
The rental vacancy rate in Virginia Beach peaked in 2017 at 9.33%. Since then it has fallen by 2.30% to 7.03%. Data records for this series originated in 2005.
Rental Vacancy Rate: Virginia Beach VA, Virginia, US
Historical Rental Vacancy Rate data for Virginia Beach
| Date | US | Virginia | Virginia Beach, VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 7.03% |
| 2018 | 6.15% | 5.17% | 6.20% |
| 2017 | 6.18% | 6.45% | 9.33% |
| 2016 | 5.89% | 5.59% | 7.25% |
| 2015 | 5.85% | 5.13% | 6.48% |
| 2014 | 6.32% | 5.79% | 6.76% |
| 2013 | 6.49% | 6.38% | 8.43% |
| 2012 | 6.77% | 6.18% | 6.40% |
| 2011 | 7.40% | 7.54% | 8.48% |
| 2010 | 8.17% | 7.02% | 7.32% |
| 2009 | 8.43% | 7.29% | 6.16% |
| 2007 | 7.87% | 7.11% | 5.30% |
| 2005 | 7.74% | 7.20% | 5.18% |
Rent as a Fraction of Income
Using median household income data for Virginia Beach, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Virginia Beach, median monthly gross rent as a fraction of median household income was 20.39% in 2019 according to the ACS.
Virginia Beach 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% |
| Virginia Beach, VA | 20.39% | -0.57% | -1.30% |
Trends in Virginia Beach, VA Rent as a Fraction of Income
The fraction of median Virginia Beach household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 22.48%. Since then it has fallen by 2.09% to 20.39%.
Fraction of Income towards Rent: Virginia Beach VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Virginia Beach Virginia
| Date | US | Virginia | Virginia Beach, VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 20.39% |
| 2018 | 20.50% | 20.09% | 20.96% |
| 2017 | 20.13% | 19.78% | 20.99% |
| 2016 | 20.43% | 20.42% | 21.69% |
| 2015 | 20.63% | 20.72% | 22.09% |
| 2014 | 20.89% | 20.63% | 21.59% |
| 2013 | 20.78% | 20.80% | 22.48% |
| 2012 | 20.65% | 20.76% | 22.44% |
| 2011 | 20.70% | 20.59% | 22.03% |
| 2010 | 20.50% | 20.15% | 21.40% |
| 2009 | 20.12% | 20.00% | 21.39% |
| 2007 | 18.66% | 17.97% | 19.37% |
| 2005 | 18.89% | 17.96% | 18.84% |
Renter Fraction in Virginia Beach Virginia
You can calculate the renter fraction in Virginia Beach 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 Beach as a fraction of total Virginia Beach households. In 2019 38.91% of households were renters according to Census ACS data.
Virginia Beach 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% |
| Virginia Beach, VA | 38.91% | -0.45% | -0.60% |
Trends in the Virginia Beach, VA Renter Fraction
The Virginia Beach household renter fraction peaked in in 2014 at 40.11% and is now 1.20% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Virginia Beach VA, Virginia, US
History of Virginia Beach Renter Fraction
| Date | US | Virginia | Virginia Beach, VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 38.91% |
| 2018 | 36.05% | 34.08% | 39.36% |
| 2017 | 36.13% | 33.43% | 38.05% |
| 2016 | 36.88% | 34.71% | 39.51% |
| 2015 | 36.97% | 34.99% | 39.53% |
| 2014 | 36.90% | 34.67% | 40.11% |
| 2013 | 36.50% | 34.38% | 38.87% |
| 2012 | 36.09% | 33.84% | 39.19% |
| 2011 | 35.42% | 32.67% | 35.90% |
| 2010 | 34.65% | 32.33% | 36.15% |
| 2009 | 34.13% | 31.87% | 36.84% |
| 2007 | 32.80% | 30.49% | 34.91% |
| 2005 | 33.10% | 30.36% | 35.39% |
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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