The Zumper Norfolk Metro Area Report analyzed active listings in January 2020 across 6 metro cities to show the most and least expensive cities and cities with the fastest growing rents. The Virginia one bedroom median rent was $1,248 last month.
The Most Expensive
– Portsmouth was the most expensive city with one bedrooms priced at $1,180.
– Chesapeake rent grew 3.7% to $1,130 and ranked as the second priciest city.
-Virginia Beach saw rent remain at $1,000 and as third.
The Least Expensive
–Newport News stayed the most affordable city with one bedrooms priced at $870.
–Hampton saw rent drop 1.1% to $890 and rank as the second with most expensive city.
–Norfolk was third with rent at $920.
The Fastest Growing (Y/Y%)
–Norfolk had the fastest growing rent, up 15.0% since this time last year.
–Chesapeake saw rent climb 14.1%, making it the second fastest growing.
–Portsmouth was third with rent increasing 5.4%.
The Fastest Growing (M/M%)
–Chesapeake had the largest monthly growth rate, climbing 3.7%.
-Newport News saw rent grow 2.4% last month, making it second.
About
The Zumper Norfolk Metro Area Report analyzed active
listings that hit the market last month. Listings are aggregated by city to
calculate median asking rents.
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