The top rental markets in Virginia are Alexandria, Arlington, Richmond, Norfolk, Virginia Beach, and Fairfax.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Virginia Rental Trends:
Virginia is known as the gateway to the South and is in a strategic location close to Washington D.C. Rentals are much more affordable in Virginia than the nation’s capital causing growth in many of its cities, and with the federal government making up most of its economy, its population isn’t slowing down anytime soon. Here are some highlights from the top rental markets in the Mother of States:
Days on Market:
The cities tied with the lowest number of days on market are Arlington, Richmond, and Virginia Beach at 13 days – under the national average which sits at 15 days; Norfolk has the highest number of days on market at 34.
The top three towns for the largest amount of leads per listing range from over 100 to 30 with the national average sitting at 38. Here they are:
- Richmond – 131 leads per listing
- Norfolk – 44 leads per listing
- Alexandria – 31 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Norfolk comes just under that with the lowest average rent of $1,053 for a two-bedroom compared to the highest rent in Virginia at $2,761 in Arlington.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Virginia’s highest median sale price comes above that at $622,000 in Arlington with its lowest median sale price lower than the national average at $220,000 in Norfolk.
Virginia’s median income rings in at $53,980 – above the the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Virginia cities between 2018 and 2019. With the largest being an increase of 37.5% in Norfolk at $1,100, and the largest decrease in Alexandria at -8.33% with the current average at around $1,650 – just above the national average for security deposits which is also $1,200.
All of the Virginia cities had a livability score 69 or higher with the highest being Arlington at 82!
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Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.