Median rents, rental comps, and market trends across 11 zip codes in Norfolk, VA.
Naval Station Norfolk is the largest naval base in the world. That's not trivia — it's your tenant pipeline. Military rental demand here is about as consistent and predictable as it gets anywhere in the country.
Median Asking Rent
$1,507
Rent Change (YoY)
-3.1%
Avg Days on Market
53
Active Rental Listings
1,155
Median List Price
$319,000
Average across 11 zip codes
ZIP | Median Rent |
|---|---|
| 23509 | $1,750/mo |
| 23510 | $1,750/mo |
| 23518 | $1,695/mo |
| 23517 | $1,606/mo |
| 23508 | $1,600/mo |
| 23507 | $1,495/mo |
| 23504 | $1,450/mo |
| 23503 | $1,400/mo |
| 23513 | $1,399/mo |
| 23502 | $1,395/mo |
| 23505 | $1,350/mo |
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| Unit Size | Median Rent |
|---|---|
| Studio | $1,175/mo |
| 1 Bedroom | $1,095/mo |
| 2 Bedroom | $1,395/mo |
| 3 Bedroom | $2,000/mo |
| 4 Bedroom | $2,550/mo |
Aggregated median across all Norfolk zip codes with available data.
| ZIP | Median List Price |
|---|---|
| 23518 | $393,000 |
| 23508 | $364,000 |
| 23503 | $350,000 |
| 23502 | $332,900 |
| 23505 | $330,000 |
| 23510 | $319,000 |
| 23513 | $305,000 |
| 23517 | $299,900 |
| 23509 | $287,500 |
| 23504 | $280,000 |
| 23507 | $270,000 |
| 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 |
Fair Market Rents are published annually by HUD for the Norfolk metropolitan area. Local housing authorities use these to set Section 8 voucher payment standards, typically between 90% and 110% of the FMR.
The median asking rent across Norfolk, VA is currently $1,507/month, based on active rental listings across 11 zip codes. Median asking rents have decreased by -3.1% over the past 12 months.
Asking rents vary significantly across the city. ZIP 23509 has the highest median asking rent at $1,750/month, while ZIP 23505 comes in at $1,350/month.
Rental listings in the area spend an average of 53 days on market before being leased, suggesting a more tenant-friendly market.
The HUD Fair Market Rent for a 2-bedroom in the Norfolk metro area is $1,990/month. Current median asking rents are near or below the FMR for this area.
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. The BAH (Basic Allowance for Housing) rates set a de facto rent floor for many properties. Ghent, the Freemason District, and Ocean View are premium. The East Side and Campostella are more affordable. Virginia is a moderate state for landlord-tenant law. The thing about Norfolk that investors should understand is that military renters are generally reliable — they have steady income and consequences for not paying rent. The downside is that the market is heavily dependent on defense spending and base decisions. But Naval Station Norfolk isn't going anywhere.
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