Rent, population, and median household income are important factors to consider for a 1031 exchange in Virginia Beach due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Virginia Beach, Virginia is a part of the Kempsville/Bayside Submarket submarket area, and contains 20 zip codes, including: 23455, 23479, 23467, 23471, 23460, and 23451.
Virginia Beach Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Virginia Beach, VA submarket area was $1,251, which is 15.41% higher than 2014 average rent. This represents a compounded annual growth rate of 2.91%. 2019 vacancy in Virginia Beach, VA was 3.30%.
The total population of the city of Virginia Beach, VA has grown 2.78% since 2010. As of 2018, the population was 450,189. The median household income of the Virginia Beach was $74,186, which is 23.04% higher than the national average.
- submarket area Kempsville / Bayside Submarket
- avg rent $1,251
- rent growth 15.41%
- vacancy 3.30%
- median income $74,186
- population (2018) 450,189
- population growth 2.78%
- vs. nat'l avg 23.04%
- zip codes 23450 23451 23452 23453 23454 23455 23456 23457 23458 23459 23460 23461 23462 23463 23464 23465 23466 23467 23471 23479
