tourist destinations. In this vein, the Virginia Beach Arena and Entertainment Center–which recently was formally approved by the City Council–will add to the area’s amusement options. With a capacity of 18,000 seats, the 500,000-square-foot arena will offer regular shows for tourists and locals. The new arena and entertainment center will neighbor the upcoming $100 million VA ViBe project undertaken by The Peterson Companies that includes a bowling alley, an exhibition hall, and a luxury live music or theater venue in addition to 100,000 square feet of planned retail and dining space. Reaching these amenities will be easier than ever with the planned light rail extension from Norfolk that is poised to run through Virginia Beach’s CBD to the Resort SGA’s Atlantic coastline.
The featured properties in this month’s rent survey represent six communities in Virginia Beach built between 2002 and 2014, excluding Mayflower Seaside, which was constructed in 1950 as the first high-rise apartment in Virginia Beach. Occupancy rates for the communities range from 92% to 96%. Average rental rates per square foot range from $1.24 to $2.00, with average unit sizes ranging from 636 to 1,195 square feet. Common area amenities in the area typically include fitness centers, swimming pools, clubhouses, business centers, and courtyard areas with grills. Unit amenities include in-unit washer/dryers, walk-in closets, private balcony/patios, and upgraded appliances. Residents pay application fees of $25 to $50 and post security deposits from $400 up to one month’s rent. Pets are allowed in the majority of the surveyed communities with residents paying non-refundable pet deposits up to $350 and monthly pet rents ranging from $25 to $35.