Department of Numbers

Virginia Beach City Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Virginia Beach City VA was $1,321 in 2017 according to the Census ACS survey.1 Average gross rent in Virginia Beach City was $1,312 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 Virginia Beach City median and average rent data will be released in September of 2019.

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.

Show dollars as: Nominal Real

Real Gross Rent in Virginia Beach 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%
Virginia Beach City VA Median Gross Rent $1,321 +1.62% +7.22%

Virginia Beach City VA Real Gross Rent Trends

At $1,321, real median gross rent in Virginia Beach City was at its highest level in 2017 since the series began in 2005. Average gross rent for Virginia Beach City peaked in real terms in 2016 at $1,362 and is now $50 (3.67%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Virginia Beach City

Date US
Median
Virginia
Median
Virginia Beach City VA
Median
Virginia Beach City VA
Average
2017 $1,012 $1,179 $1,321 $1,312
2016 $996 $1,177 $1,300 $1,362
2015 $987 $1,177 $1,294 $1,324
2014 $956 $1,143 $1,232 $1,294
2013 $924 $1,109 $1,240 $1,265
2012 $912 $1,102 $1,251 $1,275
2011 $912 $1,112 $1,239 $1,249
2010 $927 $1,104 $1,300 $1,324
2009 $931 $1,093 $1,274 $1,314
2008 $947 $1,073 $1,303 $1,336
2007 $899 $1,016 $1,227 $1,249
2006 $909 $1,008 $1,211 $1,219

Virginia Beach City Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Virginia Beach City Virginia was 6.47% according to Census ACS data.

Rental Vacancy Rate in Virginia Beach City Virginia

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Virginia 6.45% +0.86% +0.66%
Virginia Beach City VA 6.47% +2.22% -0.34%

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 1.19% to 6.47%. Data records for this series originated in 2005. From a 2015 post peak low of 3.29%, the rental vacancy rate has increased by 3.18%.

Rental Vacancy Rate: Virginia Beach City VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Virginia Beach City

Date US Virginia Virginia Beach City VA
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%
2008 7.86% 6.82% 4.49%
2007 7.87% 7.11% 4.17%
2006 7.70% 6.88% 3.57%

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 21.84% in 2017 according to the ACS.

Virginia Beach 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%
Virginia Beach City VA 21.84% +0.24% +0.86%

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 1.78% to 21.84%.

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

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

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

Date US Virginia Virginia Beach City VA
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%
2008 19.00% 18.30% 20.69%
2007 18.66% 17.97% 21.03%
2006 18.90% 18.04% 19.90%

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 2017 35.54% of households were renters according to Census ACS data.

Virginia Beach 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%
Virginia Beach City VA 35.54% -2.22% -0.86%

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 2.59% below that level. The origin year for the series is 2005.

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

Fraction of renters in Virginia Beach City

History of Virginia Beach City Renter Fraction

Date US Virginia Virginia Beach City VA
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%
2008 33.36% 31.30% 34.09%
2007 32.80% 30.49% 30.82%
2006 32.73% 30.11% 30.41%

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.