Virginia Beach Rent Growth Now Tops National Norm

After trailing for nine straight years, annual rent growth in the Virginia Beach apartment market has topped the U.S. averages in each of the past two quarters. From mid-2010 to mid-2019, Virginia Beach’s rent growth has lagged that of the U.S. by an average 260 basis points (bps), and at times, the delta got as high as 490 bps. However, after matching national rent growth in 2nd quarter 2019, Virginia Beach rents kept climbing at a rate above the national norm. For the first time since 2010, rents are growing faster in Virginia Beach than the U.S. average. In 2019, Virginia Beach rents grew 3.2%, compared to 2.8% nationally.