Apartments for Rent in Park Place, Norfolk, VA

Park Place, Norfolk apartment availability

Park Place's rental market offers a good selection of listings, with an average of 41 rentals available each month. The neighborhood's inventory is comprised mostly of 2-bedroom and 3-bedroom apartments, with a smaller number of 1-bedroom and studio units. Many of these apartments offer convenient amenities, including in-unit laundry, dishwashers, and air conditioning. With over half of the apartments featuring in-unit laundry, renters can enjoy the ease of doing laundry from the comfort of their own homes. The variety of amenities and apartment types make Park Place a great option for renters looking for a comfortable and convenient living experience.

Park Place, Norfolk rental market trends

The Park Place neighborhood in Norfolk saw a significant increase in rent prices last year, with an average monthly rent of $1,477, representing a 14% year-over-year increase. Breaking it down by bed count, 1-bedrooms averaged $945 per month, a 24% increase from the previous year, while 2-bedrooms averaged $1,348, a 7% increase. The average rent for a 3-bedroom was $1,831, a substantial 34% increase.

Rent prices in Park Place tend to fluctuate throughout the year, with October typically seeing the highest rent prices, 15% higher than December, the month with the lowest rent prices. This suggests that renters may find better deals during the winter months. However, it's essential to note that the rental market can be competitive, especially during the peak season. By understanding these trends, renters and landlords can make informed decisions about their properties.

Why Park Place, Norfolk is a great place to live

Park Place in Norfolk stands out for its vibrant social scene and pet-friendly atmosphere. According to data, the neighborhood's apartments often feature pet-safe windows, outdoor spaces, and access to pet grooming services, making it an ideal spot for pet owners. Additionally, the presence of dog parks and pet supply stores further enhances its pet-friendliness. For those who value social living, Park Place offers a range of restaurants, a strong street infrastructure, and a high walk score, making it easy to get around and meet up with friends. With its convenient transit options and emphasis on safety, Park Place is a great choice for renters seeking a lively and welcoming community.