Rent, population, and median household income are important factors to consider for a 1031 exchange in Chesapeake due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Chesapeake, Virginia is a part of the Chesapeake Submarket submarket area, and contains 9 zip codes, including: 23328, 23322, 23324, 23325, 23320, and 23321.
Chesapeake Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Chesapeake, VA submarket area was $1,137, which is 13.36% higher than 2014 average rent. This represents a compounded annual growth rate of 2.54%. 2019 vacancy in Chesapeake, VA was 3.60%.
The total population of the city of Chesapeake, VA has grown 9.19% since 2010. As of 2018, the population was 242,634. The median household income of the Chesapeake was $75,790, which is 25.70% higher than the national average.
- submarket area Chesapeake Submarket
- avg rent $1,137
- rent growth 13.36%
- vacancy 3.60%
- median income $75,790
- population (2018) 242,634
- population growth 9.19%
- vs. nat'l avg 25.70%
- zip codes 23320 23321 23322 23323 23324 23325 23326 23327 23328
