Department of Numbers

Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Virginia was $1,159 in 2016 according to the Census ACS survey.1 Average gross rent was $1,188 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Virginia median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Virginia (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Virginia Median Gross Rent $1,159 0.00% +6.14%

Virginia Real Gross Rent Trends

Median gross rent for Virginia peaked in real terms in 2015 at $1,159 and is now $0 (0.00%) lower. Average gross rent for Virginia peaked in real terms in 2015 at $1,197 and is now $9 (0.75%) lower.

Real Gross Rent in Virginia: Median, Average, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Virginia

Date US Median Virginia Median Virginia Average
2016 $981 $1,159 $1,188
2015 $972 $1,159 $1,197
2014 $942 $1,125 $1,168
2013 $910 $1,092 $1,149
2012 $898 $1,085 $1,118
2011 $898 $1,095 $1,119
2010 $912 $1,087 $1,126
2009 $916 $1,076 $1,111
2008 $932 $1,056 $1,102
2007 $885 $1,001 $1,042
2006 $895 $992 $1,023
2005 $869 $969 $990

Virginia Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Virginia was 5.59% according to Census ACS data.

Rental Vacancy Rate in Virginia

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Virginia 5.59% +0.46% -0.79%

Trends in Virginia Rental Vacancy Rate

The rental vacancy rate in Virginia peaked in 2011 at 7.54%. Since then it has fallen by 1.95% to 5.59%. Data records for this series originated in 2005. From a 2015 post peak low of 5.13%, the rental vacancy rate has increased by 0.46%.

Rental Vacancy Rate: Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Virginia

Date US Virginia
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%
2008 7.86% 6.82%
2007 7.87% 7.11%
2006 7.70% 6.88%
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 20.42% in 2016 according to the ACS.

Virginia Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Virginia 20.42% -0.30% -0.38%

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 0.38% to 20.42%.

Fraction of Income towards Rent: Virginia, US

Percent of median household income going towards median monthly gross rent in Virginia

Historical Data for Annual Rent as a Fraction of Income in Virginia

Date US Virginia
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%
2008 19.00% 18.30%
2007 18.66% 17.97%
2006 18.90% 18.04%
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 2016 34.71% of households were renters according to Census ACS data.

Virginia Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Virginia 34.71% -0.28% +0.33%

Trends in the Virginia Renter Fraction

The Virginia household renter fraction peaked in in 2015 at 34.99% and is now 0.28% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Virginia, US

Fraction of renters in Virginia

History of Virginia Renter Fraction

Date US Virginia
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%
2008 33.36% 31.30%
2007 32.80% 30.49%
2006 32.73% 30.11%
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.