The median asking rent across 12 Norfolk zip codes is $1,579/month, down 3.8% from a year ago.
Naval Station Norfolk is the largest naval base in the world. That's your tenant pipeline. Military rental demand here is about as consistent and predictable as it gets anywhere in the country.
Median Asking Rent
$1,579
Rent Change (YoY)
-3.8%
Avg Days on Market
42
Active Rental Listings
1,147
Median List Price
$315,000
Average across 12 zip codes
ZIP | Median Rent |
|---|---|
| 23508 | $1,985/mo |
| 23518 | $1,875/mo |
| 23510 | $1,712/mo |
| 23507 | $1,700/mo |
| 23517 | $1,600/mo |
| 23523 | $1,595/mo |
| 23509 | $1,575/mo |
| 23502 | $1,565/mo |
| 23503 | $1,395/mo |
| 23504 | $1,395/mo |
| 23505 | $1,350/mo |
| 23513 | $1,350/mo |
Comps for any address in Norfolk
Type the address, get the comps. No setup.
| Unit Size | Median Rent |
|---|---|
| Studio | $1,088/mo |
| 1 Bedroom | $1,117/mo |
| 2 Bedroom | $1,400/mo |
| 3 Bedroom | $2,000/mo |
| 4 Bedroom | $2,500/mo |
Aggregated median across all Norfolk zip codes with available data.
| ZIP | Median List Price |
|---|---|
| 23518 | $435,000 |
| 23508 | $369,000 |
| 23503 | $365,000 |
| 23502 | $350,000 |
| 23507 | $335,000 |
| 23505 | $330,000 |
| 23509 | $315,000 |
| 23513 | $310,000 |
| 23510 | $300,000 |
| 23504 | $299,900 |
| 23511 | $299,500 |
| 23523 | $249,900 |
| 23517 | $238,500 |
| Unit Size | Fair Market Rent |
|---|---|
| Studio | $1,730/mo |
| 1 Bedroom | $1,760/mo |
| 2 Bedroom | $1,990/mo |
| 3 Bedroom | $2,760/mo |
| 4 Bedroom | $3,250/mo |
HUD publishes Fair Market Rents once a year for the Norfolk metro area. Local housing authorities use them to set Section 8 voucher payment standards, usually 90% to 110% of the FMR.
The median asking rent across Norfolk, VA sits at $1,579/month, pulled from active rental listings in 12 zip codes. That's down 3.8% from a year ago.
Rents aren't uniform across the city. ZIP 23508 tops the list at $1,985/month. ZIP 23505 comes in lowest at $1,350/month. About a 47% gap between the two ends of the city.
A 2-bedroom rents for $1,400/month at the median. 1-bedrooms run about $1,117. 3-bedrooms come in around $2,000.
Listings take longer here. The average is 42 days on market, which gives renters more room to negotiate and means landlords should price carefully.
Rent-to-price math is tight in Norfolk. The gross figure sits at about 6.0% ($1,579/month against $315,000 median price). Most investors here are betting on appreciation, not monthly cash flow.
HUD's Fair Market Rent for a 2-bedroom in the Norfolk metro is $1,990/month. Asking rents come in about 21% below the federal benchmark, which can make Section 8 properties competitive here.
Norfolk has the largest naval base in the world, and the military rental demand is massive and consistent. Service members rotate through on regular cycles, creating a predictable renter pipeline. BAH (Basic Allowance for Housing) rates set a de facto rent floor on many properties. Ghent, the Freemason District, and Ocean View are premium. The East Side and Campostella are cheaper. Virginia sits in the middle on landlord-tenant law. Military renters are generally reliable. Steady income and real consequences for non-payment. The downside is concentration: heavy dependence on defense spending and base decisions. Naval Station Norfolk isn't going anywhere though.
These numbers are city-wide averages. If you're pricing a specific property in Norfolk, pull comps from the same zip code. The spread is usually bigger than people expect.
City-wide medians are the headline. The comps that actually price a property come from the block it's on. Search any Norfolk address to see them.
20 zip codes
20 zip codes
17 zip codes
22 zip codes
22 zip codes
17 zip codes
What rental comps actually are, what makes one good or weak, and how to use them to price a rental without guessing.
What HUD's fair market rent actually means, how it ties into Section 8, and when it should change how you price a rental.
A step-by-step approach to pricing a rental so it fills fast and doesn't leave money on the table.