Norfolk Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Norfolk, VA. Currently, the overall median rent in the city stands at $1,436, roughly the same as last month. Prices and are now up 3.6% year-over-year. Read on to learn more about what’s been happening in the Norfolk rental market and how it compares to trends throughout the broader Virginia Beach metro area and the nation as a whole.

Norfolk rents are flat month-over-month and up 3.6% year-over-year

The median rent in Norfolk rose by 0.0% over the course of April, and has now increased by a total of 3.6% over the past 12 months. Norfolk’s rent growth over the past year has is similar to the state average (4.0%) and has outpaced the national average (-0.8%).

Norfolk rent growth in 2024 pacing below last year

Four months into the year, rents in Norfolk have risen 0.7%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 3.5%.

April rent growth in Norfolk ranked #83 among large U.S. cities

Norfolk rents went up 0.0% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #83. Similar monthly rent growth took place in Tucson, AZ (0.1%) and Spokane, WA (0.0%).

Norfolk is the #47 most expensive large city in the U.S., with a median rent of $1,436

Citywide, the median rent currently stands at $1,193 for a 1-bedroom apartment and $1,395 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,436. That ranks #47 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Norfolk is 2.9% higher than the national, and is similar to the prices you would find in Irving, TX ($1,444) and Charlotte, NC ($1,433).

Norfolk rents are 6.9% 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 Norfolk ($1,436) is 6.9% 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%).

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