Virginia Beach, Virginia Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Virginia Beach, Virginia rental market.
Highlights
An apartment for rent in Virginia Beach, Virginia typically goes for $1,583 per month, while a single-family home for rent in Virginia Beach, Virginia has a monthly cost of around $2,383. Renter-occupied units make up 35% of the local housing market, while the rental vacancy rate in Virginia Beach, Virginia is at 5.
Virginia Beach, Virginia
Average Apartment Rent in February 2023
$1,583
Y-o-Y Change in Average
Apartment Rent
5.8%
Average Single-Family Rent in February 2023
$2,383
Compared to a year ago, Virginia Beach, Virginia apartments have recorded a 5.8% rent increase.
Virginia Beach, Virginia |Average apartment rent trend
Virginia Beach, Virginia| Average apartment rent
Virginia Beach, Virginia | Apartment rent ranges
At 45.79%, apartments priced $1,500 - $2,000 represent the bulk of Virginia Beach, Virginia rentals, while condos priced $700 - $1000 hold the lowest share of the market – 1.93%.
Virginia Beach, Virginia | Housing tenure**
Renters take up 35% of Virginia Beach, Virginia real estate, occupying a total of 60,935 units, while homeowners live in 111,517 properties.
Median number of rooms of renter-occupied housing units**
4.7
Renter median household income**
$56,562
Average household size of renter-occupied housing units**
2.42
Rental vacancy rate**
5%
Virginia Beach, Virginia | Renter-occupied housing units by no. of bedrooms**
There are 25,901 rentals in Virginia Beach, Virginia with 2 beds making up the highest share of the market, at 43%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 844 units. Overall, the median number of rooms in Virginia Beach, Virginia homes for rent is 4.7.
Virginia Beach, Virginia |Renter-occupied units by age of householder**
Most condos for rent in Virginia Beach, Virginia are occupied by residents in the 25 - 34 years age group (31%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Virginia Beach, Virginia | Renter-occupied housing units by family type**
Virginia Beach, Virginia | Renter-occupied housing units by the presence of own children**
A total of 35,085 apartments for rent in Virginia Beach, Virginia, or 58% of all rentals are family households. Additionally, 36% of rental homes include children under the age of 18 – that’s 21,760 units. All in all, the median size of a renter-occupied household in Virginia Beach, Virginia is 2.42.
Virginia Beach, Virginia | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 32% of the rental market. In contrast, residents with less than a high school degree reside in 7% of the homes for rent in Virginia Beach, Virginia.
Virginia Beach, Virginia | Renter-occupied units by year structure built**
The highest share of Virginia Beach, Virginia apartment rentals, namely 24% or 14,773 units, were Built 1980 - 1989, followed by those Built 1970 - 1979 (23%, 13,712 units), and the ones Built 1990 - 1999 (15%, 9,340 units).
Virginia Beach, Virginia | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Virginia Beach, Virginia renters (56%) moved in 2015 to 2016, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Virginia Beach, Virginia condos for rent is 2016.
Virginia Beach, Virginia | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 42% of Virginia Beach, Virginia renters have 1 vehicle available per household, 36% of them have 2 vehicles available, and 10% have 3 vehicles available.
Virginia Beach, Virginia | Means of transportation to work of householders living in renter-occupied housing units**
Virginia Beach, Virginia |Geographical mobility in the past year for householders living in renter-occupied housing units**
Virginia Beach, Virginia | Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Virginia Beach, Virginia apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2020 American Community Survey 5-Year Estimates
