70 Luxury Apartments for rent in Williamsburg, VA
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September 2017 Williamsburg Rent Report
Welcome to the September 2017 Williamsburg Rent Report. Williamsburg rents declined over the past month. In this report, we'll evaluate trends in the Williamsburg rental market, including comparisons to similar cities nationwide.
Williamsburg rents declined over the past month
Williamsburg rents have declined 0.9% over the past month, and are down significantly by 4.4% in comparison to the same time last year. Currently, median rents in Williamsburg stand at $960 for a one-bedroom apartment and $1,150 for a two-bedroom. This is the sixth straight month that the city has seen rent decreases after an increase in February. Williamsburg's year-over-year rent growth lags the state average of 1.6%, as well as the national average of 3.0%.
Williamsburg rents more affordable than many large cities nationwide
As rents have fallen in Williamsburg, many large cities nationwide have seen prices increase, in some cases substantially. Williamsburg is still more affordable than most large cities across the country.
- Other cities across the state have seen rents increase, with Virginia as a whole logging rent growth of 1.6% over the past year.
- Williamsburg's median two-bedroom rent of $1,150 is slightly below the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 4.4% decline in Williamsburg.
- While rents in Williamsburg fell over the past year, many cities nationwide saw increases, including Seattle (+5.4%), Phoenix (+4.9%), and Denver (+3.0%).
- Renters will find more reasonable prices in Williamsburg than most large cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than two-and-a-half times the price in Williamsburg.
| City | Median 1BR price | Median 2BR price | M/M price change | Y/Y price change |
|---|---|---|---|---|
| Virginia Beach | $1,070 | $1,290 | 0.3% | 2.6% |
| Norfolk | $800 | $960 | 0.1% | 2.2% |
| Newport News | $830 | $1,000 | 0.2% | 2.1% |
| Hampton | $860 | $1,030 | 0.8% | 2.2% |
| Portsmouth | $770 | $930 | -0.3% | 3.3% |
| Williamsburg | $960 | $1,150 | -0.9% | -4.4% |
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.
