Hampton Roads Rent Report

Spring is here! And with it slightly lower rents. In February, the average rent in Norfolk was $1,636, a slight drop from January’s average of $1,653. The average rent for the entire Hampton Roads region was $1,770. Occupancy remains around 93%, virtually unchanged since October.

Kensington/ ODU  has taken the top spot for the second month as the most expensive neighborhood to rent a 1-bedroom apartment in Norfolk. Average asking prices for a 1-bedroom apartment are $2,128 / month. A slight decrease from $2,183 in January. It could be the as-of-yet unbuilt Publix driving rents up in Kensington. But the data points to a more likely culprit: the new “The Point on 38th” apartments, owned by PRG Realty an “investment and fund management company,” whose 1 Bedroom apartments go for over $1,900 / month.

For all of Norfolk, the average asking rent was $1,636 / month.
Studios: $1,331
1 bedroom: $1,216
2 bedroom: $1,463
3+ bedrooms: $2,117
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Norfolk Rent in 4 Charts

Below are four charts that capture a snapshot of renting in Norfolk. Each chart looks at rent and household income in six neighborhoods: Kensington / ODU, Colonial Place, Talbot Park, Downtown Norfolk, East Ghent / Railroad District, and Camellia Gardens. These six neighborhoods are both the most expensive places to rent (right now) and have some of the highest rent to income gaps.

Kensington/ ODU continues to be the most expensive neighborhood to rent a 1-bedroom apartment in Norfolk, with average asking prices for a 1-bedroom apartment at $2,128 / month. A slight decrease from $2,183 in January. Median income is around $35,000 a year.

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This chart shows the average 1 bedroom rent in the six most expensive neighborhoods compared to median White household income and median African American household income. Pay particular attention to Colonial Place and Camellia Gardens. In both neighborhoods rent prices are similar. In both neighborhoods, White median income is about double African American median income ($40,000 vs $80,000).

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Despite the similarities in rent, income, and residents’ race, only 4% of Colonial Place residents do not have health insurance. While over 15% of residents in Camellia Gardens do not have health insurance. What’s behind such a large insurance gap? Equally as striking is Talbot Park, where 16% of residents are uninsured. This could be the result of a pronounced income gap between White earners making over $100,000/ year and African American earners making under $40,000/ year.

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