2011 Hampton Roads Real Estate Market Review - College of ...
2011 Hampton Roads Real Estate Market Review - College of ...
2011 Hampton Roads Real Estate Market Review - College of ...
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Most submarkets saw an improvement in vacancy rates over the past year. Chesapeake, Norfolk, Portsmouth, Williamsburg,<br />
and Suffolk experienced the greatest improvement in vacancy rates. Newport News saw its vacancy rates rise due to weakened<br />
demand in the last year as a number <strong>of</strong> new communities came on-line.<br />
TABLE VIII<br />
Vacancy<br />
Rate<br />
9%<br />
8%<br />
7%<br />
6%<br />
5%<br />
4%<br />
3%<br />
2%<br />
1%<br />
0%<br />
Chesapeake <strong>Hampton</strong> Newport<br />
News<br />
Norfolk Portsmouth Suffolk Virginia<br />
Beach<br />
October 2009<br />
October 2010<br />
Williamsburg York County Overall<br />
RENTAL RATES<br />
As <strong>of</strong> October 2010, the average rental rate in Virginia Beach-Norfolk-Newport News was $900.<br />
TABLE IX Average Rental Rates (New & Existing Communities)<br />
$1000<br />
$900<br />
$800<br />
$700<br />
Average Rental Rate<br />
$600<br />
$500<br />
$400<br />
$300<br />
$200<br />
$100<br />
$0<br />
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010<br />
<strong>2011</strong> <strong>Hampton</strong> <strong>Roads</strong> <strong>Real</strong> <strong>Estate</strong> <strong>Market</strong> <strong>Review</strong><br />
76
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