Norfolk City Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Norfolk City VA was $1,021 in 2019 according to the Census ACS survey.1 Average gross rent in Norfolk City was $1,067 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Norfolk City median and average rent data will be released in September of 2021.
Data is also available below for Norfolk City rental vacancy rates, Norfolk City rent as a percent of median income and the fraction of renters in Norfolk City.
Real Gross Rent in Norfolk City Virginia (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Virginia Median Gross Rent | $1,254 | +1.37% | +3.29% |
| Norfolk City VA Median Gross Rent | $1,021 | -3.13% | -1.35% |
Norfolk City VA Real Gross Rent Trends
Median gross rent for Norfolk City peaked in real terms in 2018 at $1,054 and is now $33 (3.13%) lower. Average gross rent for Norfolk City peaked in real terms in 2017 at $1,098 and is now $31 (2.82%) lower.
Real Gross Rent: Norfolk City VA Median, Norfolk City VA Average, Virginia Median, US Median
Real Gross Rent History for Norfolk City
| Date | US Median |
Virginia Median |
Norfolk City VA Median |
Norfolk City VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,021 | $1,067 |
| 2018 | $1,077 | $1,237 | $1,054 | $1,073 |
| 2017 | $1,043 | $1,216 | $1,020 | $1,098 |
| 2016 | $1,027 | $1,214 | $1,035 | $1,092 |
| 2015 | $1,017 | $1,214 | $1,047 | $1,084 |
| 2014 | $986 | $1,178 | $1,003 | $1,064 |
| 2013 | $953 | $1,144 | $1,007 | $1,048 |
| 2012 | $940 | $1,136 | $987 | $1,040 |
| 2011 | $941 | $1,147 | $1,025 | $1,063 |
| 2010 | $955 | $1,139 | $998 | $1,055 |
| 2009 | $960 | $1,127 | $982 | $1,018 |
| 2007 | $927 | $1,048 | $914 | $942 |
| 2005 | $910 | $1,015 | $871 | $861 |
Norfolk City Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Norfolk City Virginia was 7.14% according to Census ACS data.
Rental Vacancy Rate in Norfolk City Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Norfolk City VA | 7.14% | +1.77% | +0.36% |
Trends in Norfolk City VA Rental Vacancy Rate
The rental vacancy rate in Norfolk City peaked in 2013 at 8.68%. Since then it has fallen by 1.54% to 7.14%. Data records for this series originated in 2005.
Rental Vacancy Rate: Norfolk City VA, Virginia, US
Historical Rental Vacancy Rate data for Norfolk City
| Date | US | Virginia | Norfolk City VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 7.14% |
| 2018 | 6.15% | 5.17% | 5.37% |
| 2017 | 6.18% | 6.45% | 7.35% |
| 2016 | 5.89% | 5.59% | 6.78% |
| 2015 | 5.85% | 5.13% | 6.05% |
| 2014 | 6.32% | 5.79% | 6.47% |
| 2013 | 6.49% | 6.38% | 8.68% |
| 2012 | 6.77% | 6.18% | 5.81% |
| 2011 | 7.40% | 7.54% | 7.87% |
| 2010 | 8.17% | 7.02% | 7.43% |
| 2009 | 8.43% | 7.29% | 7.03% |
| 2007 | 7.87% | 7.11% | 7.34% |
| 2005 | 7.74% | 7.20% | 6.98% |
Rent as a Fraction of Income
Using median household income data for Norfolk City, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Norfolk City, median monthly gross rent as a fraction of median household income was 23.08% in 2019 according to the ACS.
Norfolk City Virginia Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Virginia | 19.68% | -0.41% | -0.74% |
| Norfolk City VA | 23.08% | -1.97% | -2.44% |
Trends in Norfolk City VA Rent as a Fraction of Income
The fraction of median Norfolk City household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 26.42%. Since then it has fallen by 3.34% to 23.08%.
Fraction of Income towards Rent: Norfolk City VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Norfolk City Virginia
| Date | US | Virginia | Norfolk City VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 23.08% |
| 2018 | 20.50% | 20.09% | 25.05% |
| 2017 | 20.13% | 19.78% | 24.00% |
| 2016 | 20.43% | 20.42% | 25.51% |
| 2015 | 20.63% | 20.72% | 25.75% |
| 2014 | 20.89% | 20.63% | 26.40% |
| 2013 | 20.78% | 20.80% | 26.05% |
| 2012 | 20.65% | 20.76% | 26.11% |
| 2011 | 20.70% | 20.59% | 26.42% |
| 2010 | 20.50% | 20.15% | 25.75% |
| 2009 | 20.12% | 20.00% | 24.20% |
| 2007 | 18.66% | 17.97% | 22.94% |
| 2005 | 18.89% | 17.96% | 22.65% |
Renter Fraction in Norfolk City Virginia
You can calculate the renter fraction in Norfolk City in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Norfolk City as a fraction of total Norfolk City households. In 2019 55.99% of households were renters according to Census ACS data.
Norfolk City Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Virginia | 33.87% | -0.21% | -0.84% |
| Norfolk City VA | 55.99% | -3.94% | -3.05% |
Trends in the Norfolk City VA Renter Fraction
The Norfolk City household renter fraction peaked in in 2018 at 59.93% and is now 3.94% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Norfolk City VA, Virginia, US
History of Norfolk City Renter Fraction
| Date | US | Virginia | Norfolk City VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 55.99% |
| 2018 | 36.05% | 34.08% | 59.93% |
| 2017 | 36.13% | 33.43% | 56.51% |
| 2016 | 36.88% | 34.71% | 59.04% |
| 2015 | 36.97% | 34.99% | 55.69% |
| 2014 | 36.90% | 34.67% | 57.43% |
| 2013 | 36.50% | 34.38% | 58.38% |
| 2012 | 36.09% | 33.84% | 57.63% |
| 2011 | 35.42% | 32.67% | 53.78% |
| 2010 | 34.65% | 32.33% | 54.69% |
| 2009 | 34.13% | 31.87% | 54.79% |
| 2007 | 32.80% | 30.49% | 54.15% |
| 2005 | 33.10% | 30.36% | 53.98% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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