Newport News, Virginia Rental Market Trends

Disclaimer:

Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Newport News, Virginia rental market.

Newport News, Virginia

Average Apartment Rent

$1,380

Y-o-Y Change in Average
Apartment Rent

3.5%

As of November 2024

Compared to a year ago, Newport News, Virginia apartments have recorded a 3.5% rent increase.

Newport News, Virginia Average apartment rent trend

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
Newport News $1,206 $1,209 $1,274 $1,306 $1,307 $1,317 $1,335 $1,354 $1,379 $1,380
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Newport News
National
Nov 2021
$1,206
$1,596
Mar 2022
$1,209
$1,635
Jul 2022
$1,274
$1,708
Nov 2022
$1,306
$1,726
Mar 2023
$1,307
$1,714
Jul 2023
$1,317
$1,739
Nov 2023
$1,335
$1,733
Mar 2024
$1,354
$1,727
Jul 2024
$1,379
$1,752
Nov 2024
$1,380
$1,748
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Newport News, Virginia Average Apartment Rent

Newport News, Virginia Apartment rent ranges

Under $500
$501 - $700
$701 - $1000
$1,000 - $1,500
$1,500 - $2,000
Over $2,000

At 58.7%, apartments priced $1,000 - $1,500 represent the bulk of Newport News, Virginia rentals, while condos priced Under $500 hold the lowest share of the market – 0.19%.

Newport News, Virginia Housing tenure**

Renter occupied housing units 39,534
Owner occupied housing units 35,931

Renters take up 52% of Newport News, Virginia real estate, occupying a total of 39,534 units, while homeowners live in 35,931 properties.

Median number of rooms of renter-occupied housing units**

4.3

Renter median household income**

$47,392

Average household size of renter-occupied housing units**

2.27

Rental vacancy rate**

6.3%

Newport News, Virginia Renter-occupied housing units by no. of bedrooms**

No bedrooms 1,902
1 bed 7,905
2 beds 17,571
3 beds 9,026
4 beds 2,733
5 or more beds 397

There are 17,571 rentals in Newport News, Virginia with 2 beds making up the highest share of the market, at 44%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 397 units. Overall, the median number of rooms in Newport News, Virginia homes for rent is 4.3.

Newport News, Virginia Renter-occupied units by age of householder**

15 - 24 years 4,304
25 - 34 years 11,053
35 - 44 years 8,558
45 - 54 years 5,022
55 - 59 years 2,829
60 - 64 years 2,579
65 - 74 years 3,306
75 - 84 years 1,145
85 years and over 738

Most condos for rent in Newport News, Virginia are occupied by residents in the 25 - 34 years age group (28%), followed by those in the 35 - 44 years age group (22%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.

Newport News, Virginia Renter-occupied housing units by family type**

Family households 19,589
Non-Family Households 19,945

Newport News, Virginia Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 12,409
No related children of the householder under 18 27,125

A total of 19,589 apartments for rent in Newport News, Virginia, or 50% of all rentals are family households. Additionally, 31% of rental homes include children under the age of 18 – that’s 12,409 units. All in all, the median size of a renter-occupied household in Newport News, Virginia is 2.27.

Newport News, Virginia Renter-occupied housing units by educational attainment**

Less than high school graduate 3,242
High school graduate (including equivalency) 12,716
Some college or associate's degree 14,022
Bachelor's degree or higher 9,554

In terms of education, renters holding bachelor degrees or higher make up 24% of the rental market. In contrast, residents with less than a high school degree reside in 8% of the homes for rent in Newport News, Virginia.

Newport News, Virginia Renter-occupied units by year structure built**

Built 2010 - 2019 3,915
Built 2000 - 2009 4,881
Built 1990 - 1999 5,168
Built 1980 - 1989 7,764
Built 1970 - 1979 7,629
Built 1960 - 1969 4,529
Built 1950 - 1959 2,075
Built 1940 - 1949 1,742
Built 1939 or earlier 1,781

The highest share of Newport News, Virginia apartment rentals, namely 20% or 7,764 units, were Built 1980 - 1989, followed by those Built 1970 - 1979 (19%, 7,629 units), and the ones Built 1990 - 1999 (13%, 5,168 units).

Newport News, Virginia Renter-occupied units by year householder moved in**

Moved in 2021 or later 3,586
Moved in 2018 to 2020 16,032
Moved in 2010 to 2017 16,397
Moved in 2000 to 2009 2,178
Moved in 1990 to 1999 700
Moved in 1989 or earlier 641

Median year renter moved into unit 2018

Most Newport News, Virginia renters (41%) moved in 2010 to 2017, while only 2% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Newport News, Virginia condos for rent is 2018.

Newport News, Virginia Renter-occupied housing units by vehicles available**

No vehicle available 6,304
1 vehicle available 19,148
2 vehicles available 10,609
3 vehicles available 2,603
4 or more vehicles available 870

When it comes to transportation options, 48% of Newport News, Virginia renters have 1 vehicle available per household, 27% of them have 2 vehicles available, and 16% have No vehicle available.

Newport News, Virginia Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 32,926
Car, truck, or van - carpooled 4,199
Public transportation (excluding taxicab) 1,232
Walked 1,203
Taxicab, motorcycle, bicycle, or other means 1,078
Worked at home 3,501

Newport News, Virginia Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 72,185
Moved within same county 5,866
Moved from different county within same state 5,785
Moved from different state 3,608
Moved from abroad 598

The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Newport News, Virginia apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.

*Average single-family rent calculated from point2homes.com data.

**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates

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