Portsmouth, 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 Portsmouth, Virginia rental market.
Highlights
An apartment for rent in Portsmouth, Virginia typically goes for $1,191 per month, while a single-family home for rent in Portsmouth, Virginia has a monthly cost of around $1,501. Renter-occupied units make up 45% of the local housing market, while the rental vacancy rate in Portsmouth, Virginia is at 5.2.
Portsmouth, Virginia
Average Apartment Rent in August 2022
$1,191
Y-o-Y Change in Average
Apartment Rent
10.9%
Average Single-Family Rent in August 2022
$1,501
Compared to a year ago, Portsmouth, Virginia apartments have recorded a 10.9% rent increase.
Portsmouth, Virginia |Average apartment rent trend
Portsmouth, Virginia| Average apartment rent
Portsmouth, Virginia | Apartment rent ranges
At 70.86%, 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 – 0.1%.
Portsmouth, Virginia | Housing tenure**
Renters take up 45% of Portsmouth, Virginia real estate, occupying a total of 16,393 units, while homeowners live in 20,257 properties.
Median number of rooms of renter-occupied housing units**
4.5
Renter median household income**
$36,480
Average household size of renter-occupied housing units**
2.45
Rental vacancy rate**
5.2%
Portsmouth, Virginia | Renter-occupied housing units by no. of bedrooms**
There are 8,102 rentals in Portsmouth, Virginia with 2 beds making up the highest share of the market, at 49%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 230 units. Overall, the median number of rooms in Portsmouth, Virginia homes for rent is 4.5.
Portsmouth, Virginia |Renter-occupied units by age of householder**
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 – 2%.
Portsmouth, Virginia | Renter-occupied housing units by family type**
Portsmouth, Virginia | Renter-occupied housing units by the presence of own children**
A total of 8,796 apartments for rent in Portsmouth, Virginia, or 54% of all rentals are family households. Additionally, 35% of rental homes include children under the age of 18 – that’s 5,676 units. All in all, the median size of a renter-occupied household in Portsmouth, Virginia is 2.45.
Portsmouth, Virginia | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 13% of the rental market. In contrast, residents with less than a high school degree reside in 12% of the homes for rent in Portsmouth, Virginia.
Portsmouth, Virginia | Renter-occupied units by year structure built**
The highest share of Portsmouth, Virginia apartment rentals, namely 17% or 2,731 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (16%, 2,682 units), and the ones Built 1950 - 1959 (13%, 2,059 units).
Portsmouth, Virginia | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Portsmouth, Virginia renters (52%) moved in 2015 to 2016, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Portsmouth, Virginia condos for rent is 2016.
Portsmouth, Virginia | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 47% of Portsmouth, Virginia renters have 1 vehicle available per household, 26% 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**
Portsmouth, Virginia |Geographical mobility in the past year for householders living in renter-occupied housing units**
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, 2020 American Community Survey 5-Year Estimates
