Nestled on the coast where the Atlantic Ocean and the Chesapeake Bay meet is where you’ll find Virginia Beach. Aptly nicknamed, “The Resort City”, this waterfront locale boasts a busy boardwalk, a historical state park, and plenty of family-friendly attractions.
Although it’s a popular place to vacation, Virginia Beach is home to a population of about 450,000 full-time residents, making it the largest city in the state. Since it’s so close to nearby communities like Newport News, Norfolk, and Hampton Roads, Virginia Beach is considered to be part of a much larger metropolitan area with a total population of about 1.75 million people.
Because it’s part of such a large metro area, the cost of living in Virginia Beach is higher than average. When you place it in an index with a national average of 100, the Virginia Beach cost of living is 105.6. Although Virginia Beach can be expensive, it has plenty of affordable housing. Let’s take a look at the average costs and the cheapest places to rent an apartment in Virginia Beach.
How expensive is an apartment in Virginia Beach?
The majority of rental rates in Virginia Beach fall between $500 and $1,500 per month, according to our research study. Nearly 40% are between $1,500 and $2,500, while about 10% are over $2,500 per month.
Unlike some other cities, studios in Virginia Beach don’t necessarily cost less than one-bedroom apartments. Instead, studios average $1,346 per month, while one-bedroom units cost about $1,138 per month. Two-bedroom units in Virginia Beach are slightly more expensive, at an average of $1,294 per month. Three- and four-bedroom apartments typically have much higher median monthly rents, at $1,622 and $2,272 respectively.
As is true for many larger metro areas, the Resort City has gradually become a more expensive place to live. For example, the Virginia Beach cost of living in 2018 was lower than it is today, and rent prices continue to increase at a rate of about 14% per year.
To get a better idea of what it costs to rent in Resort City, a Virginia Beach cost of living comparison is essential. For comparison, the cost of living index across Virginia averages 103.7, while the cost of living index in other major cities like Alexandria and Richmond is 149.9 and 95.1, respectively.
While the overall cost of living in Virginia Beach, VA is higher than statewide averages, it’s important to consider the factors that go into this index. Statewide, the cost of housing is 111.8, while the Virginia Beach cost of housing is 116, making it slightly more expensive to rent or buy a home in this coastal locale.
However, the average cost of utilities in Virginia is 99.3, while the cost index for utilities in Virginia Beach is 97.1. That means the average electric bill in Virginia Beach is a bit lower than typical costs across the state.
How do I find cheap apartments in Virginia Beach?
Since the cost of living in Virginia Beach, Virginia, is on the high side, apartments can be expensive. If you know where to look, however, you can find an affordable place to live. Use these tips to keep your costs low.
- Browse the larger metro area: Apartments in the heart of town or right on the waterfront can be pricey. If you’re willing to look outside the city limits and consider the whole metro area, you can find some great deals. On average, apartments in the Virginia Beach metro area cost at least $150 less per month than those in the middle of the city.
- Avoid in-demand areas: Although it’s possible to find hidden gems throughout the Virginia Beach metro, some areas are known for being expensive. For example, Northeast Virginia Beach and Dam Neck Naval Air Station tend to have some of the most expensive property in town. To avoid overpaying, consider looking elsewhere.
- Sign a longer lease: Many Virginia Beach landlords require leases that last for at least six months. However, many offer discounts or lower monthly rates if you sign a longer lease. Ask potential landlords about one- or two-year leases to save money and avoid annual rent increases.
- Calculate all your costs: In many cases, the price of rent is just part of your monthly housing expenses. In addition to rent, it’s important to consider the cost of utilities, apartment amenities, and other extra fees that your landlord may charge.
- Reconsider how much space you need: If you’re used to living in a larger home, you might automatically start looking for three- or four-bedroom units. To reduce your rent, think about moving to a smaller space instead. In Virginia Beach, average rent jumps significantly from two-bedroom to three-bedroom units. If you can make a two-bedroom apartment work, you could decrease your expenses substantially.
What is the cheapest rent in Virginia Beach?
When it comes to the cost of living, Virginia Beach is certainly above average. Yet several neighborhoods are known for their cheap rent. Some of the least expensive areas include:
- Northwest Virginia Beach, where you can rent studios for just $1,307 or four-bedroom units for as little as $2,100 per month.
- North Central, where one-bedroom apartments average just over $1,000 per month.
- Near the U.S. Navy Little Creek Amphibious Base, where you can find two-bedroom apartments for $1,284 per month.
- Fort Story, where three-bedroom apartments average just $1,518 per month.
Whether you’re moving from out of state or you’re already in the local area, you can make the Virginia Beach, Virginia, cost of living work with your budget. Begin your Virginia Beach apartment search today and find the perfect place to call home.
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