240 Luxury Apartments for rent in Norfolk, VA
June 2020 Norfolk Rent Report
Welcome to the June 2020 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.
June 2020 Norfolk Rent Report
Welcome to the June 2020 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 held steady over the past month
Norfolk rents have remained flat over the past month, however, they are up marginally by 0.6% year-over-year. Currently, median rents in Norfolk stand at $798 for a one-bedroom apartment and $960 for a two-bedroom. Norfolk's year-over-year rent growth leads the state average of 0.5%, but trails the national average of 0.8%.
Rents rising across cities in Virginia
Throughout the past year, rent increases have been occurring not just in the city of Norfolk, but across the entire state. Of the largest 10 cities that we have data for in Virginia, 9 of them have seen prices rise. 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.
- Looking throughout the state, Arlington is the most expensive of all Virginia's major cities, with a median two-bedroom rent of $2,127; of the 10 largest cities in the state that we have data for, Chesapeake, where a two-bedroom goes for $1,208, is the only major city to see rents fall year-over-year (-0.6%).
- Portsmouth, Virginia Beach, and Roanoke have all experienced year-over-year growth above the state average (2.2%, 2.0%, and 1.9%, respectively).
Norfolk rents more affordable than many large cities nationwide
As rents have increased marginally in Norfolk, other large cities nationwide have seen rents grow more quickly. Norfolk is still more affordable than most large cities across the country.
- Norfolk's median two-bedroom rent of $960 is below the national average of $1,194. Nationwide, rents have grown by 0.8% over the past year compared to the 0.6% rise in Norfolk.
- While Norfolk's rents rose marginally over the past year, many cities nationwide saw decreases, including San Francisco (-1.0%), Atlanta (-0.8%), and Denver (-0.4%).
- Renters will find more reasonable prices in Norfolk than most large cities. For example, San Francisco has a median 2BR rent of $3,071, which is more than three times the price in Norfolk.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
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.
Methodology:
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.
About Rent Reports:
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.