Norfolk, Virginia Rental Market Trends
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 Norfolk, Virginia rental market.
Norfolk, Virginia
Average Apartment Rent
$1,436
Y-o-Y Change in Average
Apartment Rent
2.1%
As of November 2024
Compared to a year ago, Norfolk, Virginia apartments have recorded a 2.1% rent increase.
Norfolk, Virginia Average apartment rent trend
Norfolk, Virginia Average Apartment Rent
Norfolk, Virginia Apartment rent ranges
At 44.48%, apartments priced $1,000 - $1,500 represent the bulk of Norfolk, Virginia rentals, while condos priced Over $2,000 hold the lowest share of the market – 10.38%.
Norfolk, Virginia Housing tenure**
Renters take up 55% of Norfolk, Virginia real estate, occupying a total of 51,796 units, while homeowners live in 42,001 properties.
Median number of rooms of renter-occupied housing units**
4.4
Renter median household income**
$42,716
Average household size of renter-occupied housing units**
2.2
Rental vacancy rate**
4.7%
Norfolk, Virginia Renter-occupied housing units by no. of bedrooms**
There are 21,192 rentals in Norfolk, Virginia with 2 beds making up the highest share of the market, at 41%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 726 units. Overall, the median number of rooms in Norfolk, Virginia homes for rent is 4.4.
Norfolk, Virginia Renter-occupied units by age of householder**
Most condos for rent in Norfolk, Virginia are occupied by residents in the 25 - 34 years age group (31%), followed by those in the 35 - 44 years age group (17%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Norfolk, Virginia Renter-occupied housing units by family type**
Norfolk, Virginia Renter-occupied housing units by the presence of own children**
A total of 24,375 apartments for rent in Norfolk, Virginia, or 47% of all rentals are family households. Additionally, 28% of rental homes include children under the age of 18 – that’s 14,688 units. All in all, the median size of a renter-occupied household in Norfolk, Virginia is 2.2.
Norfolk, Virginia Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 26% of the rental market. In contrast, residents with less than a high school degree reside in 13% of the homes for rent in Norfolk, Virginia.
Norfolk, Virginia Renter-occupied units by year structure built**
The highest share of Norfolk, Virginia apartment rentals, namely 16% or 8,052 units, were Built 1960 - 1969, followed by those Built 1950 - 1959 (15%, 7,602 units), and the ones Built 1970 - 1979 (14%, 7,312 units).
Norfolk, Virginia Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Norfolk, Virginia renters (41%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Norfolk, Virginia condos for rent is 2018.
Norfolk, Virginia Renter-occupied housing units by vehicles available**
When it comes to transportation options, 48% of Norfolk, Virginia renters have 1 vehicle available per household, 25% of them have 2 vehicles available, and 19% have No vehicle available.
Norfolk, Virginia Means of transportation to work of householders living in renter-occupied housing units**
Norfolk, Virginia Geographical mobility in the past year for householders living in renter-occupied housing units**
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 Norfolk, 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
