Virginia Beach City Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Virginia Beach City VA was $1,363 in 2019 according to the Census ACS survey.1 Average gross rent in Virginia Beach City was $1,382 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 City median and average rent data will be released in September of 2021.
Data is also available below for Virginia Beach City rental vacancy rates, Virginia Beach City rent as a percent of median income and the fraction of renters in Virginia Beach City.
Real Gross Rent in Virginia Beach 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% |
| Virginia Beach City VA Median Gross Rent | $1,363 | -0.37% | +1.72% |
Virginia Beach City VA Real Gross Rent Trends
Median gross rent for Virginia Beach City peaked in real terms in 2018 at $1,368 and is now $5 (0.37%) lower. Average gross rent for Virginia Beach City peaked in real terms in 2016 at $1,404 and is now $22 (1.57%) lower.
Real Gross Rent: Virginia Beach City VA Median, Virginia Beach City VA Average, Virginia Median, US Median
Real Gross Rent History for Virginia Beach City
| Date | US Median |
Virginia Median |
Virginia Beach City VA Median |
Virginia Beach City VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,363 | $1,382 |
| 2018 | $1,077 | $1,237 | $1,368 | $1,392 |
| 2017 | $1,043 | $1,216 | $1,362 | $1,353 |
| 2016 | $1,027 | $1,214 | $1,340 | $1,404 |
| 2015 | $1,017 | $1,214 | $1,335 | $1,365 |
| 2014 | $986 | $1,178 | $1,270 | $1,334 |
| 2013 | $953 | $1,144 | $1,278 | $1,305 |
| 2012 | $940 | $1,136 | $1,290 | $1,315 |
| 2011 | $941 | $1,147 | $1,278 | $1,287 |
| 2010 | $955 | $1,139 | $1,341 | $1,366 |
| 2009 | $960 | $1,127 | $1,314 | $1,355 |
| 2007 | $927 | $1,048 | $1,265 | $1,288 |
| 2005 | $910 | $1,015 | $1,215 | $1,250 |
Virginia Beach 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 Virginia Beach City Virginia was 4.55% according to Census ACS data.
Rental Vacancy Rate in Virginia Beach City Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Virginia Beach City VA | 4.55% | +0.78% | +0.30% |
Trends in Virginia Beach City VA Rental Vacancy Rate
The rental vacancy rate in Virginia Beach City peaked in 2005 at 7.66%. Since then it has fallen by 3.11% to 4.55%. Data records for this series originated in 2005. From a 2015 post peak low of 3.29%, the rental vacancy rate has increased by 1.26%.
Rental Vacancy Rate: Virginia Beach City VA, Virginia, US
Historical Rental Vacancy Rate data for Virginia Beach City
| Date | US | Virginia | Virginia Beach City VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 4.55% |
| 2018 | 6.15% | 5.17% | 3.77% |
| 2017 | 6.18% | 6.45% | 6.47% |
| 2016 | 5.89% | 5.59% | 4.25% |
| 2015 | 5.85% | 5.13% | 3.29% |
| 2014 | 6.32% | 5.79% | 6.81% |
| 2013 | 6.49% | 6.38% | 6.80% |
| 2012 | 6.77% | 6.18% | 4.06% |
| 2011 | 7.40% | 7.54% | 5.16% |
| 2010 | 8.17% | 7.02% | 3.40% |
| 2009 | 8.43% | 7.29% | 3.62% |
| 2007 | 7.87% | 7.11% | 4.17% |
| 2005 | 7.74% | 7.20% | 7.66% |
Rent as a Fraction of Income
Using median household income data for Virginia Beach City, 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 City, median monthly gross rent as a fraction of median household income was 20.69% in 2019 according to the ACS.
Virginia Beach 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% |
| Virginia Beach City VA | 20.69% | -0.24% | -0.91% |
Trends in Virginia Beach City VA Rent as a Fraction of Income
The fraction of median Virginia Beach City household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 23.62%. Since then it has fallen by 2.93% to 20.69%.
Fraction of Income towards Rent: Virginia Beach City VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Virginia Beach City Virginia
| Date | US | Virginia | Virginia Beach City VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 20.69% |
| 2018 | 20.50% | 20.09% | 20.93% |
| 2017 | 20.13% | 19.78% | 21.84% |
| 2016 | 20.43% | 20.42% | 21.60% |
| 2015 | 20.63% | 20.72% | 22.44% |
| 2014 | 20.89% | 20.63% | 20.98% |
| 2013 | 20.78% | 20.80% | 23.18% |
| 2012 | 20.65% | 20.76% | 23.62% |
| 2011 | 20.70% | 20.59% | 21.97% |
| 2010 | 20.50% | 20.15% | 22.43% |
| 2009 | 20.12% | 20.00% | 23.33% |
| 2007 | 18.66% | 17.97% | 21.03% |
| 2005 | 18.89% | 17.96% | 19.92% |
Renter Fraction in Virginia Beach City Virginia
You can calculate the renter fraction in Virginia Beach 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 Virginia Beach City as a fraction of total Virginia Beach City households. In 2019 37.66% of households were renters according to Census ACS data.
Virginia Beach 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% |
| Virginia Beach City VA | 37.66% | +2.40% | -0.10% |
Trends in the Virginia Beach City VA Renter Fraction
The Virginia Beach City household renter fraction peaked in in 2012 at 38.13% and is now 0.47% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Virginia Beach City VA, Virginia, US
History of Virginia Beach City Renter Fraction
| Date | US | Virginia | Virginia Beach City VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 37.66% |
| 2018 | 36.05% | 34.08% | 35.26% |
| 2017 | 36.13% | 33.43% | 35.54% |
| 2016 | 36.88% | 34.71% | 37.76% |
| 2015 | 36.97% | 34.99% | 37.41% |
| 2014 | 36.90% | 34.67% | 36.40% |
| 2013 | 36.50% | 34.38% | 37.24% |
| 2012 | 36.09% | 33.84% | 38.13% |
| 2011 | 35.42% | 32.67% | 35.04% |
| 2010 | 34.65% | 32.33% | 34.30% |
| 2009 | 34.13% | 31.87% | 36.95% |
| 2007 | 32.80% | 30.49% | 30.82% |
| 2005 | 33.10% | 30.36% | 33.39% |
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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