Newport News, VA Rental Market Trends

Newport News Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Newport News, VA. Currently, the overall median rent in the city stands at $1,338, after rising 1.4% last month. Prices and are now up 2.0% year-over-year. Read on to learn more about what’s been happening in the Newport News rental market and how it compares to trends throughout the broader Virginia Beach metro area and the nation as a whole.

Newport News rents are up 1.4% month-over-month and up 2.0% year-over-year

The median rent in Newport News rose by 1.4% over the course of April, and has now increased by a total of 2.0% over the past 12 months. Newport News’s rent growth over the past year has has fallen behind the state average (4.0%) but has outpaced the national average (-0.8%).

Newport News rent growth in 2024 pacing above last year

Four months into the year, rents in Newport News have risen 2.0%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 1.4%.

Newport News rents are 13.3% lower than the metro-wide median

If we expand our view to the wider Virginia Beach metro area, the median rent is $1,543 meaning that the median price in Newport News ($1,338) is 13.3% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 3.6%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 6 cities in the Virginia Beach metro area that are included in our database. Among them, Virginia Beach is currently the most expensive, with a median rent of $1,725. Hampton is the metro’s most affordable city, with a median rent of $1,338. The metro's fastest annual rent growth is occurring in Hampton (5.4%) while the slowest is in Suffolk (-0.4%).

City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Chesapeake
$1,465
$1,590
0.8%
4.4%
Hampton
$1,111
$1,278
1.1%
5.4%
Newport News
$1,134
$1,294
1.4%
2.0%
Norfolk
$1,193
$1,395
0.1%
3.6%
Suffolk
$1,508
$1,357
0.6%
-0.4%
Virginia Beach
$1,429
$1,616
1.3%
2.9%
See More

You can also use the map below to explore the latest rent trends in the Virginia Beach metropolitan area.

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.

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