Virginia Beach Rent Report: October 2024

Welcome to the Apartment List October 2024 Rent Report for Virginia Beach, VA. Currently, the overall median rent in the city stands at $1,773, roughly the same as last month. Prices remain up 5.3% year-over-year. Read on to learn more about what’s been happening in the Virginia Beach rental market and how it compares to trends throughout the broader Virginia Beach metro area and the nation as a whole.

Virginia Beach rents are flat month-over-month and up 5.3% year-over-year

The median rent in Virginia Beach fell by 0.5% over the course of September, and has now increased by a total of 5.3% over the past 12 months. Virginia Beach’s rent growth over the past year has is similar to the state average (4.4%) and has outpaced the national average (-0.7%).

Virginia Beach rent growth in 2024 pacing above last year

Nine months into the year, rents in Virginia Beach have risen 6.4%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to September 2023 rents had increased 3.5%.

September rent growth in Virginia Beach ranked #51 among large U.S. cities

Virginia Beach rents went down 0.5% in the past month, compared to the national rate of -0.5%. Among the nation's 100 largest cities, this ranks #51. Similar monthly rent growth took place in San Jose, CA (-0.5%) and Louisville, KY (-0.5%).

Virginia Beach is the #22 most expensive large city in the U.S., with a median rent of $1,773

Citywide, the median rent currently stands at $1,468 for a 1-bedroom apartment and $1,661 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,773. That ranks #22 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,234 for a 1-bedroom, $1,390 for a 2-bedroom, and $1,405 overall. The median rent in Virginia Beach is 26.2% higher than the national, and is similar to the prices you would find in Riverside, CA ($1,796) and Gilbert, AZ ($1,768).

Virginia Beach rents are 12.3% higher than the metro-wide median

If we expand our view to the wider Virginia Beach metro area, the median rent is $1,579 meaning that the median price in Virginia Beach proper ($1,773) is 12.3% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 3.7%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 7 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 $1,773. Newport News is the metro’s most affordable city, with a median rent of $1,350. The metro's fastest annual rent growth is occurring in Portsmouth (7.9%) while the slowest is in Suffolk (0.7%).

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

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.