Hampton Roads Rent Report - April 2023

Hampton Roads Rent - 5 Key Takeaways

As Summer starts, rents are up. In April, the average rent in Hampton Roads across all units was $1,783, up from $1,770 in February. The average breakdowns per unit in the region are:

Studio: $1437
1-Bedroom: $1439
2-Bedroom: $1601
3+ Bedroom: $2236

Norfolk saw average rents rise to $1,724. Up from $1,636 in February. This jump in price is expected (if unwelcome) given that units tend to move more quickly towards Summer. Meanwhile, occupancy remains at around 93%, down from around 96% last year.

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5 Key Takeaways

1. Norfolk, Suffolk, Portsmouth, Hampton, and Newport News all saw rents rise. While Virginia Beach and Chesapeake saw rents fall in April. Norfolk saw the largest increase of $88 / month.
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2. 1-Bedroom rents rise.

The average 1-bedroom rent in Hampton Roads is $1,439 / month, up from $1,380 in February.

3. Not many affordable options.

Out of 134 neighborhoods with 1-bedroom apartments available to rent, just 38 neighborhoods had 1-bedrooms below $1,200 a month. 96 neighborhoods had 1-bedroom rents over $1,200 a month. That's over 2/3.

4. Kensington

Norfolk's most expensive neighborhood to rent a 1-bedroom continues to be Kensington, where the average asking rent for a 1-bedroom is $2117 / month. The median annual income in Kensington is $35,431 a year, representing one of the largest income-to-rent gaps in the region. One reason is the new “The Point on 38th” apartments, owned by PRG Realty an “investment and fund management company,” whose 1-bedroom apartments go for over around $2000 a month.

5. Most expensive neighborhoods.

North Virginia Beach has the most expensive rent overall, averaging over $5,000 / month, as well as the highest 1-bedroom rents, averaging $3,500 / month. Suffolk's Riverfront has the most expensive Studios at $3,100 / month.

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