Portsmouth, 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 Portsmouth, Virginia rental market.

Highlights

An apartment for rent in Portsmouth, Virginia typically goes for $1,329 per month, while a single-family home for rent in Portsmouth, Virginia has a monthly cost of around $1,864. Renter-occupied units make up 44% of the local housing market, while the rental vacancy rate in Portsmouth, Virginia is at 4.4.

Portsmouth, Virginia

Average Apartment Rent

$1,329

Y-o-Y Change in Average
Apartment Rent

4.8%

Average Single-Family Rent

$1,864

As of November 2024

Compared to a year ago, Portsmouth, Virginia apartments have recorded a 4.8% rent increase.

Portsmouth, 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
Portsmouth $1,128 $1,164 $1,191 $1,231 $1,248 $1,264 $1,268 $1,284 $1,305 $1,329
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Portsmouth
National
Nov 2021
$1,128
$1,596
Mar 2022
$1,164
$1,635
Jul 2022
$1,191
$1,708
Nov 2022
$1,231
$1,726
Mar 2023
$1,248
$1,714
Jul 2023
$1,264
$1,739
Nov 2023
$1,268
$1,733
Mar 2024
$1,284
$1,727
Jul 2024
$1,305
$1,752
Nov 2024
$1,329
$1,748

Portsmouth, Virginia Average Apartment Rent

Portsmouth, Virginia Apartment rent ranges

Under $500
$501 - $700
$701 - $1000
$1,001 - $1,500
$1,501 - $2,000
Over $2,000

At 64.2%, apartments priced $1,000 - $1,500 represent the bulk of Portsmouth, Virginia rentals, while condos priced Over $2,000 hold the lowest share of the market – 0.28%.

Portsmouth, Virginia Housing tenure**

Renter occupied housing units 17,123
Owner occupied housing units 21,839

Renters take up 44% of Portsmouth, Virginia real estate, occupying a total of 17,123 units, while homeowners live in 21,839 properties.

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

4.4

Renter median household income**

$40,013

Average household size of renter-occupied housing units**

2.38

Rental vacancy rate**

4.4%

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

No bedrooms 368
1 bed 3,001
2 beds 8,181
3 beds 4,703
4 beds 729
5 or more beds 141

There are 8,181 rentals in Portsmouth, Virginia with 2 beds making up the highest share of the market, at 48%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 141 units. Overall, the median number of rooms in Portsmouth, Virginia homes for rent is 4.4.

Portsmouth, Virginia Renter-occupied units by age of householder**

15 - 24 years 1,324
25 - 34 years 4,714
35 - 44 years 3,403
45 - 54 years 2,623
55 - 59 years 1,284
60 - 64 years 1,051
65 - 74 years 1,733
75 - 84 years 766
85 years and over 225

Most condos for rent in Portsmouth, Virginia are occupied by residents in the 25 - 34 years age group (28%), followed by those in the 35 - 44 years age group (20%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.

Portsmouth, Virginia Renter-occupied housing units by family type**

Family households 9,315
Non-Family Households 7,808

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

With related children of the householder under 18 6,255
No related children of the householder under 18 10,868

A total of 9,315 apartments for rent in Portsmouth, Virginia, or 54% of all rentals are family households. Additionally, 37% of rental homes include children under the age of 18 – that’s 6,255 units. All in all, the median size of a renter-occupied household in Portsmouth, Virginia is 2.38.

Portsmouth, Virginia Renter-occupied housing units by educational attainment**

Less than high school graduate 1,818
High school graduate (including equivalency) 5,837
Some college or associate's degree 7,048
Bachelor's degree or higher 2,420

In terms of education, renters holding bachelor degrees or higher make up 14% of the rental market. In contrast, residents with less than a high school degree reside in 11% of the homes for rent in Portsmouth, Virginia.

Portsmouth, Virginia Renter-occupied units by year structure built**

Built 2010 - 2019 1,036
Built 2000 - 2009 1,210
Built 1990 - 1999 1,472
Built 1980 - 1989 2,393
Built 1970 - 1979 3,042
Built 1960 - 1969 1,819
Built 1950 - 1959 2,148
Built 1940 - 1949 2,013
Built 1939 or earlier 1,981

The highest share of Portsmouth, Virginia apartment rentals, namely 18% or 3,042 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (14%, 2,393 units), and the ones Built 1950 - 1959 (13%, 2,148 units).

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

Moved in 2021 or later 1,279
Moved in 2018 to 2020 6,030
Moved in 2010 to 2017 7,604
Moved in 2000 to 2009 1,433
Moved in 1990 to 1999 413
Moved in 1989 or earlier 364

Median year renter moved into unit 2017

Most Portsmouth, Virginia renters (44%) moved in 2010 to 2017, while only 2% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Portsmouth, Virginia condos for rent is 2017.

Portsmouth, Virginia Renter-occupied housing units by vehicles available**

No vehicle available 3,380
1 vehicle available 8,398
2 vehicles available 4,100
3 vehicles available 1,056
4 or more vehicles available 189

When it comes to transportation options, 49% of Portsmouth, Virginia renters have 1 vehicle available per household, 24% of them have 2 vehicles available, and 20% have No vehicle available.

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

Car, truck, or van - drove alone 13,030
Car, truck, or van - carpooled 2,562
Public transportation (excluding taxicab) 604
Walked 534
Taxicab, motorcycle, bicycle, or other means 403
Worked at home 1,076

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

Same house as 1 year ago 33,597
Moved within same county 3,052
Moved from different county within same state 2,306
Moved from different state 1,284

Portsmouth, Virginia Average apartment rent by zip codes


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 Portsmouth, 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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