Chesapeake Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Chesapeake, VA. Currently, the overall median rent in the city stands at $1,670, after rising 1.0% last month. Prices and are now up 4.4% year-over-year. Read on to learn more about what’s been happening in the Chesapeake rental market and how it compares to trends throughout the broader Virginia Beach metro area and the nation as a whole.

Chesapeake rents are up 1.0% month-over-month and up 4.4% year-over-year

The median rent in Chesapeake rose by 1.0% over the course of March, and has now increased by a total of 4.4% over the past 12 months. Chesapeake’s rent growth over the past year has is similar to the state average (4.1%) and has outpaced the national average (-0.8%).

Chesapeake rent growth in 2024 pacing above last year

Three months into the year, rents in Chesapeake have risen 1.4%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 0.7%.

March rent growth in Chesapeake ranked #23 among large U.S. cities

Chesapeake rents went up 1.0% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #23. Similar monthly rent growth took place in Richmond, VA (1.0%) and Arlington, TX (1.0%).

Chesapeake is the #32 most expensive large city in the U.S., with a median rent of $1,670

Citywide, the median rent currently stands at $1,453 for a 1-bedroom apartment and $1,576 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,670. That ranks #32 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Chesapeake is 20.3% higher than the national, and is similar to the prices you would find in Virginia Beach, VA ($1,702) and Chicago, IL ($1,656).

Chesapeake rents are 9.4% higher than the metro-wide median

If we expand our view to the wider Virginia Beach metro area, the median rent is $1,527 meaning that the median price in Chesapeake ($1,670) is 9.4% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 3.9%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 6 cities in the Virginia Beach metro area that are included in our database. Among them, Virginia Beach is currently the most expensive, with a median rent of $1,702. Newport News is the metro’s most affordable city, with a median rent of $1,322. The metro's fastest annual rent growth is occurring in Hampton (6.5%) while the slowest is in Suffolk (-2.8%).

You can also use the map below to explore the latest rent trends in the Virginia Beach metropolitan area.