Norfolk, VA Rental Market
Norfolk is the heart of Hampton Roads and home to Naval Station Norfolk, the largest naval base in the world. The city's economy is deeply anchored by the U.S. Navy, NAVSEA, and a dense cluster of defense contractors, creating a uniquely stable rental demand from active-duty personnel and government civilians. Old Dominion University adds a student renter segment, while the revitalized downtown Granby Street corridor attracts young professionals seeking an urban lifestyle at below-DC prices.
Get a rent estimate for an address in NorfolkAverage Rent in Norfolk, VA
$1,380
per month · 2026-06
Market Score
Key Facts — Norfolk, VA Rental Market
- Average rent in Norfolk, VA:$1,380/mo
- Median rent:$1,270/mo
- Rent range:$700 – $3,050/mo
- Most common rental (2 bedrooms):$1,225/mo
- Active listings:1,400
- Avg days to lease:29 days
- Year-over-year change:+3.5%
- Median home value:$265,000
- Est. gross annual yield:6.2%
- Data as of:2026-06
Rent by Bedroom in Norfolk, VA
Average monthly rent for each bedroom type based on current active listings in Norfolk.
| Bedroom Type | Avg Rent/mo |
|---|---|
1 Bedroom | $1,000/mo |
2 Bedrooms | $1,225/mo |
3 Bedrooms | $1,550/mo |
4 Bedrooms | $1,900/mo |
5 Bedrooms | $2,175/mo |
Norfolk Rental Market Statistics
Key indicators from the current Norfolk, VA rental market.
1,400
Available now in Norfolk
29
From list to lease
$1.06
Average across listings
1,300 sq ft
Typical rental size
$700 – $3,050
Min to max active listings
+3.5%
Avg rent vs. prior year
Investing in Norfolk, VA Rental Properties
Estimated returns based on current market rents and median home values. Perform full due diligence before investing.
Median Home Value
$265,000
Typical purchase price in Norfolk
Est. Gross Annual Yield
6.2%
Before expenses & vacancy
Avg Monthly Income
$1,380
At average market rent
Gross yield = (avg rent × 12) ÷ median home value. Does not include expenses, financing, vacancies, or management fees. Analyze a specific property in Norfolk for a full cash-flow breakdown including all costs.
Norfolk, VA Rental Market FAQ
Common questions about renting and investing in Norfolk, VA.
What is the average rent in Norfolk, VA?
The average rent in Norfolk, VA is $1,380 per month as of 2026. One-bedroom apartments average $1,000/mo, two-bedrooms average $1,225/mo, and three-bedroom homes average $1,550/mo. Rents are meaningfully lower than Virginia Beach, making Norfolk one of the most affordable markets in the Hampton Roads metro.
How does Naval Station Norfolk affect the rental market?
Naval Station Norfolk — the largest naval installation in the world — employs tens of thousands of active-duty sailors, officers, and civilian workers. Military tenants receive Basic Allowance for Housing (BAH) that covers most Norfolk rent ranges, and frequent PCS (Permanent Change of Station) orders create a continuous cycle of incoming renters each year.
Is Norfolk, VA a good place to invest in rental property?
Norfolk offers a 6.2% estimated gross yield with a uniquely military-anchored tenant base that provides stable, government-backed rental income. Lower entry prices compared to Virginia Beach improve cash flow metrics. Investors focused on steady occupancy rather than maximum appreciation will find Norfolk's fundamentals compelling.
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