Welcome to the August 2018 Norfolk Rent Report. Norfolk rents remained steady over the past month. In this report, we'll evaluate trends in the Norfolk rental market, including comparisons to cities throughout the state and nation.
View full Norfolk Rent Report
Welcome to the August 2018 Norfolk Rent Report. Norfolk rents remained steady over the past month. In this report, we'll evaluate trends in the Norfolk rental market, including comparisons to cities throughout the state and nation.
Norfolk rents have remained steady over the past month, but are down moderately by 0.7% year-over-year. Currently, median rents in Norfolk stand at $790 for a one-bedroom apartment and $950 for a two-bedroom. Norfolk's year-over-year rent growth lags the state average of 0.5%, as well as the national average of 1.2%.
While rent decreases have been occurring in the city of Norfolk over the past year, cities in the rest of the state are seeing the opposite trend. Rents have risen in 7 of the largest 10 cities in Virginia for which we have data. The state as a whole logged rent growth of 0.5% over the past year. Here's a look at how rents compare across some of the largest cities in the state.
As rents have fallen moderately in Norfolk, many large cities nationwide have seen prices increase, in some cases substantially. Norfolk is also more affordable than most large cities across the country.
| City | Median 1BR price | Median 2BR price | M/M price change | Y/Y price change |
|---|---|---|---|---|
| Virginia Beach | $1,070 | $1,280 | -0.3% | -0.2% |
| Norfolk | $790 | $950 | 0.0% | -0.7% |
| Chesapeake | $990 | $1,190 | -0.0% | 1.5% |
| Newport News | $840 | $1,010 | 0.5% | 1.5% |
| Hampton | $870 | $1,040 | -0.2% | 2.2% |
| Portsmouth | $760 | $920 | -1.2% | -1.9% |
| Suffolk | $920 | $1,110 | -0.2% | 2.4% |
| Williamsburg | $1,000 | $1,190 | -0.7% | 3.0% |
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start 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, comparing only units that are available across both time periods 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. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.
