Class A For-Rent Market Trends
Rents in the Chesapeake Class-A rental market exceeded that of the
overall region in the early 2000s. The submarket suffered slightly more
than the region during the recession, with average Class A rents
dropping to $966. Lost ground was quickly recovered in subsequent
years. In 2012, the average asking rent at Class A properties was
Vacancy in the submarket has generally mirrored that of the region,
showing a slight upward trend from 2000 to 2013. Historically, class A
vacancy oscillates around 4%, only rising as high as 6% for the
Hampton Roads region in 2008 and 6.5% for Chesapeake in 2006.
approximately $1,000.
Class A Asking Rents
Chesapeake and Norfolk/Hampton Roads Region; 2000 2013
Class A Vacancy Rates
6%
7%
$1,100
$1,200
-
Chesapeake and Norfolk/Hampton Roads Region; 2000-2013
4%
5%
$900
$1,000
1%
2%
3%
$700
$800
0%
2000 2002 2004 2006 2008 2010 2012
Chesapeake
Region
$600
2000 2002 2004 2006 2008 2010 2012
Chesapeake
Region
Dominion Boulevard | City of Chesapeake | April 11, 2014 | E4-11982.40
55
Source: Reis
Source: Reis
