The average rent in Virginia Beach, VA, is $1,471 every month as of July 2024. This makes living in this coastal city an attractive choice1. With housing costs 4% less than the U.S. average of about $1,535, it's appealing for affordable living2.
Thinking of moving here? You'd need an annual income of roughly $58,836. That's about $4,903 monthly1. The cost for Virginia Beach rentals has gone up 3.7% in a year1. Rentals are mostly priced from $1,501 to $2,000 each month1.
Studio apartments average at $1,552 monthly, offering 524 square feet of space1. These numbers highlight Virginia Beach's demand and housing cost standards.
For the newest rent trends in Virginia Beach, go to this resource. It’s full of detailed info, great for anyone looking into this lovely coastal area.
Key Takeaways
- Average rent in Virginia Beach, VA: $1,471 per month1.
- Virginia Beach rents are 4% lower than the national average2.
- Rent prices have increased by 3.7% in the past year1.
- To live comfortably in Virginia Beach, a salary of around $58,836 annually is recommended1.
- Most Virginia Beach rentals fall within the $1,501 to $2,000 per month range1.
Current Average Rent in Virginia Beach, VA
The vibrant coastal city of Virginia Beach offers a range of rental opportunities for prospective tenants. The average rent in Virginia Beach is $1,471 a month1. Renters will find diverse options that fit various needs and budgets.
Monthly Rates
Rent prices in Virginia Beach mostly range from $1,501 to $2,000 a month for 46% of the city's rentals1. Also, 37% of rentals cost between $1,001 and $1,500 a month. Around 6% are priced from $700 to $1,0001. This ensures renters find apartments that match their budgets.
Comparison to National Averages
When compared to the national average, Virginia Beach rent, at $1,535 a month, is more economical1. Yet, its median rent of $1,756 ranks it as the 25th priciest large city in the U.S2.. Despite this, the city's 3.2% annual rent growth beats the national average decline of -0.7%, showing its appeal and economic strength2.
Average Rent by Apartment Size in Virginia Beach
Rent prices in Virginia Beach change with apartment size. This part tells you the costs for different sized apartments in this lively city.
Studio Apartment
Studio apartments in Virginia Beach cost about $1,552 monthly. They offer 524 square feet of space3. They're great for those wanting a small but practical space.
One-Bedroom Apartment
A one-bedroom apartment costs roughly $1,471 a month3. They are perfect for singles or couples wanting more room affordably. Rent scores for these apartments range from 8.4 to 9.1, showing different rent and amenity levels4.
Two-Bedroom Apartment
A two-bedroom place costs about $1,665 a month3. Great for small families or friends splitting costs. Scores for these apartments go from 8.8 to 9.9, showing varied features and prices4. For more information, check apartments.com.
Three-Bedroom Apartment
Three-bedroom places average $2,016 a month3. They offer lots of space, ideal for larger groups needing more room. Rent rates for these range from 8.5 to 9.6, indicating a wide variety of prices4.
Rent Trends Over the Past Year in Virginia Beach
In the past year, Virginia Beach saw rents rise by 3.7%, or $56 more each month1. June alone had a 0.5% increase2. This shows Virginia Beach's rent prices are going up steadily.
The first half of 2024 showed a bigger jump, with rents up by 5.3%2. That's quicker than 2023's 4.6% rise. Back in 2019, Virginia Beach's average rent was $1,193. That was a 2.79% increase from the year before5.
Virginia Beach is getting more popular, and the rent trends reflect a strong, active market1. The latest median rent hit $1,7562. This confirms that more people moving in is causing rents to climb.
Comparison of Virginia Beach Rent to Nearby Cities
Comparing rents in Virginia Beach with nearby cities like Norfolk and Chesapeake shows interesting differences. Rents in Virginia Beach metro have increased a lot. They now stand out in the region.
Norfolk
Rent in Norfolk is a bit cheaper than in Virginia Beach. The average price for a one-bedroom in Norfolk is about $1,196. A two-bedroom costs around $1,3986. This is less than Virginia Beach's average rent of $1,756. Norfolk offers more affordable living within the Virginia Beach metro2. Comparing rents, Virginia Beach's prices keep rising while Norfolk remains more stable2.
Chesapeake
Chesapeake's rents are also competitive. For a one-bedroom apartment, it's $1,470. Two-bedroom apartments are about $1,5956. Chesapeake's prices are a bit lower than those in Virginia Beach. But they still show the upward trend in the area's rents1. This comparison shows that renting in Virginia Beach is getting pricier. It points to a high demand for homes in this coastal city2.
Factors Affecting Rent Prices in Virginia Beach
Rent prices in Virginia Beach vary due to several factors, affecting people's choices. Location is key in deciding how much rent you'll pay each month.
Location
The location hugely impacts how much you pay for an apartment in Virginia Beach. Areas close to the beach and tourist spots often have higher rents. For, example places in the 23451 zip code charge about $2,150 per month because they're in great spots7. But, other spots like the 23453 and 23455 areas have rents from $660 to $11,250. This varies based on how nice the neighborhood is and what's nearby7.
Amenities
Apartments in Virginia Beach with great amenities often cost more. Stuff like pools, gyms, and modern interiors make living there better but also pricier. Also, the site Apartment List says you shouldn't spend over 30% of your income on housing to live comfortably in Virginia7.
Apartment Size
The size of the apartment also determines the rent cost. Bigger places, especially three-bedroom units, generally cost more. For example, the average rent for a one-bedroom is $1,522, and a two-bedroom is $1,793 per month7. These numbers show the clear link between apartment size and how much rent you'll pay in Virginia Beach.
Neighborhood-Specific Rent Information in Virginia Beach
Rent in Virginia Beach neighborhoods changes a lot from one area to another. For example, North Central Virginia Beach has an average rent of $1,461 for a one-bedroom apartment. But, in the Northeast, it's about $1,523 for the same kind of place8. This shows how different areas offer different things, like amenities and ways to get around.
In Northeast Virginia Beach, studio apartments are pricier, costing $1,407 a month8. Also, a two-bedroom apartment typically rents for $1,665 in popular neighborhoods. This shows how where you live can really change how much you pay8.
Looking at more expensive options, some single-family homes in Virginia Beach can go for up to $2,350 monthly7. In areas like the 23451 zip code, the median rent is around $2,1507.
On the other side, places in the 23453 and 23455 zip codes have a big range of rents. They can start at $660 and shoot up to $11,250, depending on the property's size and location7. This means Virginia Beach has places for all kinds of budgets and tastes.
Don't forget, utilities like water, electricity, and gas can add $150 to $250 to your monthly rent7. So, knowing these facts about rents in different neighborhoods is key for people looking to move to Virginia Beach and want to plan their spending well87.
Understanding the Cost of Living in Virginia Beach
Living in Virginia Beach means more than just paying rent. You also need to think about utilities, food, travel, and fun costs. These all come together to shape what it costs to live in this beautiful city.
To keep things affordable, your rent shouldn't be over 30% of what you make each month. If you want to rent a one-bedroom place downtown, it'll cost you around $1,560.38 every month. If you choose somewhere a bit further out, it's slightly cheaper at $1,416.29. So, you'd need to make about $4,903 a month to live without financial stress9.
Apart from rent, other essentials like utilities for a place about 85m² average $149.38 monthly9. Internet is around $65.10, and a mobile plan with plenty of data is about $50.719. Together, these expenses add up and affect your living costs in Virginia Beach.
Let's talk about food costs. A simple meal out might cost you $20.00. Want to dine fancier? A dinner for two could be about $50.009. For everyday eating, a McDonald's meal is $11.94. Groceries, like milk for $0.88 a liter and eggs at $3.66 a dozen, are quite affordable9.
Moving about in Virginia Beach has its costs too. A single bus ride is $2.00, and a pass for the month is $70.009. Starting a taxi ride? That's $3.509. Keep these transport costs in mind when budgeting for life in Virginia Beach.
For families, childcare is a big consideration. Full-day care at a private preschool runs $1,200.00 monthly. An international primary school for a year costs about $18,658.009. It's essential to include these educational expenses in your living cost calculations.
The cost of housing in Virginia Beach combined with other expenses gives a full view of what's needed to live well here. Using tools like a rent affordability calculator can help understand your budget better9.
Want to dive deeper into living expenses in this city? Check this out9.
Historical Rent Data in Virginia Beach
A review of historical rent data shows a steady climb in Virginia Beach's rents over time. This trend emerges from year-to-year data, offering key insights into the rental market's past dynamics.
Year-by-Year Trends
In 2019, Virginia Beach City's median monthly rent was $1,36310. This shows a consistent rise, pointing to growth in the rental market. The average rent was $1,382, with a vacancy rate of 4.55%, showing strong demand for rentals10.
There was a 1.41% rise in median rent over the previous year10. By 2024, median rent reached $1,756, a 24.5% jump above the national average2. Rents in Virginia Beach went up by 0.5% in June 2024 alone, confirming the ongoing trend of rent increases2.
As of July 2024, the average rent is $1,471 a month, up 3.7% from last year. This means $56 more each month1. Most rental prices in Virginia Beach range from $1,501 to $2,000, covering 46% of the market1.
This historical and yearly data on rents stresses the need for careful planning and budgeting for renters in Virginia Beach. Gradual rent hikes underscore the need to understand the rent history and analyze the rental market well1021. For more about living costs and rent in Virginia Beach, see Numbeo's cost of living page or check local rental listings for the latest prices.
Property Management Companies in Virginia Beach
In Virginia Beach, property management is a lively and competitive field. Several key players offer a wide range of services to owners and renters. Franklin Group, Drucker + Falk, and S.L. Nusbaum Realty Co. are notable for their big portfolios and top-notch management. These firms stand out for meeting different rental needs. They handle everything from upkeep and collecting rent to screening tenants and managing finances.
Top Companies Managing Rentals
The Franklin Group takes care of 14 communities, with a total of 19,609 units. This makes it one of the largest apartment management companies in the area11. Drucker + Falk manages a wider reach, with 12 communities and 33,901 units across 59 cities. Their size highlights their major role in the rental scene11. Also, S.L. Nusbaum Realty Co. is key, managing 11 communities and 15,246 units11. Together, these companies offer a variety of living options. They play a vital part in Virginia Beach's vibrant rental market.
Number of Communities and Units Managed
These leading rental companies manage thousands of units in Virginia Beach. They house a large part of the city's population. Their expertise ensures access to homes that are well-kept and professionally managed. With their strong presence and experience, they shape the property management industry. They provide important services to both property owners and renters. For more info, visit this link11.
FAQ
What's the average rent in Virginia Beach, VA?
As of July 2024, the average rent in Virginia Beach, VA, is $1,471 a month. This is a bit less than the U.S. average of $1,535 a month.
How do current average rents in Virginia Beach compare to the national average?
Virginia Beach's average rent is $1,471 monthly. That's lower than the U.S. average of $1,535. So, it's more affordable compared to other big cities.
What is the average rent for a studio apartment in Virginia Beach?
A studio in Virginia Beach goes for an average of $1,552 a month. These are roughly 524 square feet in size.
How much does it cost to rent a one-bedroom apartment in Virginia Beach?
Renting a one-bedroom apartment in Virginia Beach costs about $1,471 a month on average.
What is the typical rent for a two-bedroom apartment in Virginia Beach?
For a two-bedroom apartment in Virginia Beach, the average monthly rent is $1,665.
How much is the average rent for a three-bedroom apartment in Virginia Beach?
A three-bedroom apartment in Virginia Beach averages $2,016 a month in rent.
How have rent prices in Virginia Beach changed over the past year?
In the last year, rents in Virginia Beach went up by 3.7%. That means renters are paying about $56 more every month.
How does the median rent in Virginia Beach compare to Norfolk and Chesapeake?
Virginia Beach's median rent is the highest at $1,756. Norfolk's and Chesapeake's rates are lower. Norfolk has a median rent of $1,196 for one-bedrooms and $1,398 for two-bedrooms. Chesapeake charges $1,470 for one-bedrooms and $1,595 for two-bedrooms.
What factors affect rent prices in Virginia Beach?
Rent prices in Virginia Beach depend on location, amenities, and apartment size. Places by the coast and luxury apartments often have higher rents.
How do neighborhood rental rates vary within Virginia Beach?
Rent varies across Virginia Beach. Northeast part has the priciest studios at $1,407 monthly. But, one-bedroom places cost about $1,461 in North Central, a bit less than $1,523 in the Northeast area.
What should I consider about the cost of living in Virginia Beach?
Think about utilities, transport, and general costs alongside rent. Your rent shouldn't be over 30% of your monthly income. Given the average rent is $1,471, you'd need around $4,903 a month to live well.
How have rent prices in Virginia Beach evolved historically?
Rents in Virginia Beach have been rising over the years. This trend shows both recent and long-term growth in the rental market.
What are some of the leading property management companies in Virginia Beach?
Top property managers in Virginia Beach include Franklin Group, Drucker + Falk, and S.L. Nusbaum Realty Co. They manage lots of units and influence the rental market greatly.
How many communities and units do the leading property managers in Virginia Beach oversee?
Franklin Group manages 14 communities with 19,609 units. Drucker + Falk handles 12 communities in 59 cities with 33,901 units. S.L. Nusbaum Realty Co. has 11 communities with 15,246 units.
Source Links
- Average Rent in Virginia Beach, VA - Latest Rent Prices by Neighborhood - https://www.apartments.com/rent-market-trends/virginia-beach-va/
- Average Rent in Virginia Beach, VA & Rent Price Trends - https://www.apartmentlist.com/rent-report/va/virginia-beach
- Apartments for Rent in Virginia Beach, VA - 371 Condos & Other Rentals | Zumper - https://www.zumper.com/apartments-for-rent/virginia-beach-va
- Virginia (VA) Average Rent Prices 2024 - https://rentalrealestate.com/data/rent/virginia/
- Residential Rent Statistics for Virginia Beach Virginia - https://www.deptofnumbers.com/rent/virginia/virginia-beach/
- How Expensive is it to Live in Virginia Beach Compared to Other Coastal Cities in the U.S.? - https://www.vabeach.com/virginia-beach-articles/how-expensive-is-it-to-live-in-virginia-beach-compared-to-other-coastal-cities-in-the-u-s/
- Complete House Renting Guide For Virginia Beach, VA - 2024 - Ark7 - https://ark7.com/blog/learn/cities/complete-house-renting-guide-for-virginia-beach-va/
- Apartments for rent in Virginia Beach VA - 2,612 Rentals | Apartments.com - https://www.apartments.com/virginia-beach-va/
- Cost Of Living in Virginia Beach, VA - SM Mirror - https://smmirror.com/2024/05/cost-of-living-in-virginia-beach-va/
- Residential Rent Statistics for Virginia Beach City Virginia - https://www.deptofnumbers.com/rent/virginia/virginia-beach-city/
- Virginia Beach Rentals: View Homes for Rent in Virginia Beach | The Real Estate Group - https://www.treg.com/virginia-beach-rentals/
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