JUNE2016 Virginia Beach Metro

JUNE2016
National Rents
Current:
Monthly Change:
Annual Change:
Virginia Beach Metro
$1,409
0.1%
2.6%
Virginia Beach Metro Rents
Current:
$1,412
Monthly Change: -0.1%
Annual Change:
-0.5%
Breakeven Horizon
3 years
Major Cities - Rents
Virginia Beach
Current:
Monthly Change:
Annual Change:
Breakeven Horizon:
$1,540
−0.3%
−0.8%
3.3 years
Norfolk
Current:
Monthly Change:
Annual Change:
Breakeven Horizon:
$1,244
−0.2%
−1.5%
2.3 years
Chesapeake
Current:
Monthly Change:
Annual Change:
Breakeven Horizon:
$1,592
0.2%
−1.1%
3.1 years
Newport News
Current:
Monthly Change:
Annual Change:
Breakeven Horizon:
$1,243
−0.3%
−0.3%
2.6 years
Hampton
Current:
Monthly Change:
Annual Change:
Breakeven Horizon:
$1,215
−0.4%
−0.5%
2.4 years
Esri, HERE, DeLorme, MapmyIndia, © OpenStreetMap contributors, and the GIS user community
City ZRI Year-over-Year
-7.7%
-7.6% - -2.0% -1.9% - -0.8% -0.7% - -0.1%
0.0% - 0.2%
0.3% - 2.3%
2.4% - 3.3%
3.4% - 5.3%
5.4% - 11.6%
Metro Cities: Top/Bottom by Annual Rent Appreciation
Top:
Windsor
Zuni
Gatesville
Corapeake
Currituck
Bottom:
Corolla
Poquoson
Susan
Seaford
Norfolk
11.6%
8.6%
5.3%
5.1%
5%
-7.7%
-3.3%
-2.1%
-2%
-1.5%
Metro Neighborhoods: Top/Bottom by Annual Rent Appreciation
Top:
Rudee Heights
Bay Colony
Broad Bay Colony
Alanton
Seatack
6.3%
6.1%
6.1%
2.9%
2.5%
Bottom:
Dams Neck Naval Air
Sandbridge
Cape Story by the Se
Lynnhaven Shores
Thalia
-6.3%
-4.7%
-4.1%
-3.4%
-2.5%
How do we measure rents? To track rents, we use the Zillow Rent Index (ZRI). The
ZRI is the midpoint of estimated rents in a given region. Half the estimated rental prices
are above this number and half are below.
What is the Breakeven Horizon? The Breakeven Horizon in the number of years you
must live in a home before owning the same home becomes more financially advantageous
than renting the home. For example, if ’City X’ had a Breakeven Horizon of 5.5 years,
it is financially better for you to rent in ’City X’ unless you plan on living there for more
than 5.5 years.
www.zillow.com/research/
JUNE2016
0.6
1,150
1,250
0.9
0.8
0.9
0.7
0.7
0.8
2.3
2.1
3.9
3.2
3.3
3.6
3.7
1,244
1,240
1,655
1,187
1,658
1,231
1,509
1,496
1,154
1,708
1,540
1,773
1,310
1,770
1,285
-1.5
1.5
-3.3
-1.2
-2
3.3
-0.1
-0.8
4.2
-0.8
-0.8
-1
11.6
3.1
8.6
Rent estimate/sq. ft. ($)
Norfolk
Poplar Branch
Poquoson
Portsmouth
Seaford
Shawboro
Smithfield
Suffolk
Sunbury
Toano
Virginia Beach
Williamsburg
Windsor
Yorktown
Zuni
Median rent list price ($)
Breakeven Horizon (yrs)
Rent estimate/sq. ft. ($)
1,460
0.8
0.8
0.9
Rents (ZRI) YoY (%)
2.6
0
-0.4
4.1
-1.1
5.1
4.4
4.2
5.3
1.7
-0.5
1.2
4.2
2.2
4.7
-0.3
Rents (ZRI) All Homes ($)
2.4
1,129
1,626
1,181
1,592
1,227
1,135
1,171
1,136
1,407
1,215
1,392
1,149
1,227
1,370
1,243
Median rent list price ($)
3.1
Rents (ZRI) YoY (%)
Barco
Carrollton
Carrsville
Chesapeake
Corapeake
Eure
Gates
Gatesville
Gloucester
Hampton
Hayes
Hobbsville
Knotts Island
Moyock
Newport News
Rents (ZRI) All Homes ($)
Breakeven Horizon (yrs)
Largest Cities Covered by Zillow
1,300
0.9
1,200
0.9
0.9
0.9
1,600
1,420
1,510
1,500
0.8
0.8
0.9
0.9
0.9
0.8
0.9
0.8
3.1
4
3.2
2.6
3.5
3.2
3.1
2.2
3
3.3
1,396
1,897
1,555
1,309
1,784
1,539
1,392
1,273
1,495
1,664
-0.7
-1.3
-0.9
1.9
-0.5
-1.5
2.5
-0.2
-1.9
-2.3
Rent estimate/sq. ft. ($)
1,460
1,300
Kempsville
Kings Grant
Mears Corner
Northampton
Princess Anne
Salem
Seatack
South Norfolk
Western Branch North
Western Branch South
Median rent list price ($)
1,330
0.8
0.9
0.9
0.9
0.9
1
0.9
0.9
0.9
0.9
Rents (ZRI) YoY (%)
1,400
Rents (ZRI) All Homes ($)
0.6
-1.5
-0.3
0.9
1.5
-0.6
-1.8
-2.3
-0.7
-0.5
Breakeven Horizon (yrs)
1,178
1,377
1,385
1,968
1,978
1,743
1,337
1,646
1,479
1,301
Rent estimate/sq. ft. ($)
Rents (ZRI) YoY (%)
2.3
2.8
2.4
3.4
3.4
3.6
2.6
3.2
3.2
2.6
Median rent list price ($)
Rents (ZRI) All Homes ($)
Aberdeen
Bayside
Deep Creek North
Great Bridge
Great Bridge East
Great Neck
Green Run
Greenbrier East
Greenbrier West
Indian River
Breakeven Horizon (yrs)
Largest Neighborhoods Covered by Zillow
1,300
0.9
1
0.9
0.8
0.9
0.9
1.1
0.9
0.8
0.8
1,550
1,250
1,600
1,600
1,310
*Top cities and neighborhoods by size within the metro are listed. Additional counties, cities, neighborhoods and zip codes may be available online at
www.zillow.com/research/data or by emailing [email protected]
Zillow
Research:
Zillow R is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place
they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing
data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations
Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home
Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in
local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z), and
headquartered in Seattle.
www.zillow.com/research/