Updated 2026 · Based on median market data for Chesapeake, VA
The median monthly rent in Chesapeake, VA is $1,580, translating to $18,960 in annual gross rental income per unit. The rent-to-price ratio is 0.46% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Chesapeake spend approximately 24% of the local median household income ($78,200) on rent. This is well below the 30% threshold, suggesting significant headroom for rent increases. Tenants can afford to pay more, which is bullish for landlords.
The vacancy rate in Chesapeake is 4.8%. This is extremely tight — expect strong tenant demand, quick lease-ups, and leverage to set favorable lease terms. In markets this tight, landlords often see multiple applications per listing. Population growth of 0.9% annually provides stable demand.
Chesapeake's GRM (price divided by annual rent) is 18.2x. A GRM above 16x means the property is expensive relative to its income. Investors here are typically betting on appreciation rather than current cash flow. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $1,580/mo, a single-family rental in Chesapeake generates approximately $18,960 in gross annual income. After accounting for 4.8% vacancy ($910 lost), property taxes of $2,829, insurance (~$1,380), and maintenance (~$1,380), the estimated NOI is $12,461 per year, or $1,038/mo.