Department of Numbers

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 $1,117 in 2016 according to the Census ACS survey.1 Average gross rent in Virginia Beach was $1,142 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 Beach median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Virginia Beach 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 Beach, VA Median Gross Rent $1,117 -0.27% +5.58%

Virginia Beach, VA Real Gross Rent Trends

Median gross rent for Virginia Beach peaked in real terms in 2015 at $1,120 and is now $3 (0.27%) lower. At $1,142, real average gross rent in Virginia Beach was at its highest level in 2016 since the series began in 2005.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Virginia Beach

Date US
Median
Virginia
Median
Virginia Beach, VA
Median
Virginia Beach, VA
Average
2016 $981 $1,159 $1,117 $1,142
2015 $972 $1,159 $1,120 $1,137
2014 $942 $1,125 $1,068 $1,094
2013 $910 $1,092 $1,058 $1,071
2012 $898 $1,085 $1,064 $1,074
2011 $898 $1,095 $1,086 $1,085
2010 $912 $1,087 $1,091 $1,119
2009 $916 $1,076 $1,071 $1,087
2008 $932 $1,056 $1,053 $1,077
2007 $885 $1,001 $993 $1,003
2006 $895 $992 $976 $977
2005 $869 $969 $958 $954

Virginia Beach 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 Beach Virginia was 7.25% according to Census ACS data.

Rental Vacancy Rate in Virginia Beach Virginia

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Virginia 5.59% +0.46% -0.79%
Virginia Beach, VA 7.25% +0.77% -1.18%

Trends in Virginia Beach, VA Rental Vacancy Rate

The rental vacancy rate in Virginia Beach peaked in 2011 at 8.48%. Since then it has fallen by 1.23% to 7.25%. Data records for this series originated in 2005.

Rental Vacancy Rate: Virginia Beach VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Virginia Beach

Date US Virginia Virginia Beach, VA
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%
2008 7.86% 6.82% 6.50%
2007 7.87% 7.11% 5.30%
2006 7.70% 6.88% 4.90%
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 21.69% in 2016 according to the ACS.

Virginia Beach 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%
Virginia Beach, VA 21.69% -0.40% -0.79%

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 0.79% to 21.69%.

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

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

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

Date US Virginia Virginia Beach, VA
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%
2008 19.00% 18.30% 19.56%
2007 18.66% 17.97% 19.37%
2006 18.90% 18.04% 18.85%
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 2016 39.51% of households were renters according to Census ACS data.

Virginia Beach 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%
Virginia Beach, VA 39.51% -0.02% +0.64%

Trends in the Virginia Beach, VA Renter Fraction

The Virginia Beach household renter fraction peaked in in 2014 at 40.11% and is now 0.60% below that level. The origin year for the series is 2005.

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

Fraction of renters in Virginia Beach

History of Virginia Beach Renter Fraction

Date US Virginia Virginia Beach, VA
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%
2008 33.36% 31.30% 36.36%
2007 32.80% 30.49% 34.91%
2006 32.73% 30.11% 34.78%
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.