Department of Numbers

Chesapeake City Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Chesapeake City VA was $1,218 in 2017 according to the Census ACS survey.1 Average gross rent in Chesapeake City was $1,164 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Chesapeake City median and average rent data will be released in September of 2019.

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.

Show dollars as: Nominal Real

Real Gross Rent in Chesapeake City Virginia (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Virginia Median Gross Rent $1,179 +0.17% +3.15%
Chesapeake City VA Median Gross Rent $1,218 +1.33% +9.53%

Chesapeake City VA Real Gross Rent Trends

Median gross rent for Chesapeake City peaked in real terms in 2015 at $1,253 and is now $35 (2.79%) lower. Average gross rent for Chesapeake City peaked in real terms in 2015 at $1,281 and is now $117 (9.13%) lower.

Real Gross Rent: Chesapeake City VA Median, Chesapeake City VA Average, Virginia Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Chesapeake City

Date US
Median
Virginia
Median
Chesapeake City VA
Median
Chesapeake City VA
Average
2017 $1,012 $1,179 $1,218 $1,164
2016 $996 $1,177 $1,202 $1,241
2015 $987 $1,177 $1,253 $1,281
2014 $956 $1,143 $1,112 $1,156
2013 $924 $1,109 $1,191 $1,153
2012 $912 $1,102 $1,133 $1,130
2011 $912 $1,112 $1,198 $1,219
2010 $927 $1,104 $1,191 $1,185
2009 $931 $1,093 $1,136 $1,184
2008 $947 $1,073 $1,113 $1,127
2007 $899 $1,016 $1,101 $1,102
2006 $909 $1,008 $1,024 $1,005

Chesapeake City 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 Chesapeake City Virginia was 6.65% according to Census ACS data.

Rental Vacancy Rate in Chesapeake City Virginia

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Virginia 6.45% +0.86% +0.66%
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 0.03% to 6.65%. Data records for this series originated in 2005.

Rental Vacancy Rate: Chesapeake City VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Chesapeake City

Date US Virginia Chesapeake City VA
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%
2008 7.86% 6.82%
2007 7.87% 7.11% 2.96%
2006 7.70% 6.88% 3.01%

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 19.07% in 2017 according to the ACS.

Chesapeake City Virginia Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Virginia 19.78% -0.64% -0.86%
Chesapeake City VA 19.07% -0.41% -0.46%

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 2.58% to 19.07%.

Fraction of Income towards Rent: Chesapeake City VA, Virginia, US

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

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

Date US Virginia Chesapeake City VA
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%
2008 19.00% 18.30% 17.10%
2007 18.66% 17.97% 18.25%
2006 18.90% 18.04% 16.61%

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 2017 26.79% of households were renters according to Census ACS data.

Chesapeake City Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Virginia 33.43% -1.28% -1.24%
Chesapeake City VA 26.79% -2.48% -3.11%

Trends in the Chesapeake City VA Renter Fraction

The Chesapeake City household renter fraction peaked in in 2015 at 32.11% and is now 5.32% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Chesapeake City VA, Virginia, US

Fraction of renters in Chesapeake City

History of Chesapeake City Renter Fraction

Date US Virginia Chesapeake City VA
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%
2008 33.36% 31.30% 28.65%
2007 32.80% 30.49% 24.10%
2006 32.73% 30.11% 23.53%

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.