Department of Numbers

Norfolk City Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Norfolk City VA was $989 in 2017 according to the Census ACS survey.1 Average gross rent in Norfolk City was $1,065 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Norfolk City median and average rent data will be released in September of 2019.

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.

Show dollars as: Nominal Real

Real Gross Rent in Norfolk City Virginia (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Virginia Median Gross Rent $1,179 +0.17% +3.15%
Norfolk City VA Median Gross Rent $989 -1.40% +1.64%

Norfolk City VA Real Gross Rent Trends

Median gross rent for Norfolk City peaked in real terms in 2015 at $1,015 and is now $26 (2.56%) lower. At $1,065, real average gross rent in Norfolk City was at its highest level in 2017 since the series began in 2005.

Real Gross Rent: Norfolk City VA Median, Norfolk City VA Average, Virginia Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Norfolk City

Date US
Median
Virginia
Median
Norfolk City VA
Median
Norfolk City VA
Average
2017 $1,012 $1,179 $989 $1,065
2016 $996 $1,177 $1,003 $1,059
2015 $987 $1,177 $1,015 $1,051
2014 $956 $1,143 $973 $1,032
2013 $924 $1,109 $976 $1,016
2012 $912 $1,102 $957 $1,009
2011 $912 $1,112 $994 $1,031
2010 $927 $1,104 $968 $1,023
2009 $931 $1,093 $953 $987
2008 $947 $1,073 $902 $932
2007 $899 $1,016 $886 $914
2006 $909 $1,008 $896 $902

Norfolk City Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Norfolk City Virginia was 7.35% according to Census ACS data.

Rental Vacancy Rate in Norfolk City Virginia

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Virginia 6.45% +0.86% +0.66%
Norfolk City VA 7.35% +0.57% +0.88%

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 1.33% to 7.35%. Data records for this series originated in 2005.

Rental Vacancy Rate: Norfolk City VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Norfolk City

Date US Virginia Norfolk City VA
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%
2008 7.86% 6.82% 6.86%
2007 7.87% 7.11% 7.34%
2006 7.70% 6.88% 3.96%

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 24.00% in 2017 according to the ACS.

Norfolk City Virginia Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Virginia 19.78% -0.64% -0.86%
Norfolk City VA 24.00% -1.51% -2.40%

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 2.41% to 24.00%.

Fraction of Income towards Rent: Norfolk City VA, Virginia, US

Percent of median household income going towards median monthly gross rent in Norfolk City Virginia

Historical Data for Annual Rent as a Fraction of Income in Norfolk City Virginia

Date US Virginia Norfolk City VA
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%
2008 19.00% 18.30% 23.31%
2007 18.66% 17.97% 22.94%
2006 18.90% 18.04% 22.43%

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 2017 56.51% of households were renters according to Census ACS data.

Norfolk City Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Virginia 33.43% -1.28% -1.24%
Norfolk City VA 56.51% -2.53% -0.92%

Trends in the Norfolk City VA Renter Fraction

The Norfolk City household renter fraction peaked in in 2016 at 59.04% and is now 2.53% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Norfolk City VA, Virginia, US

Fraction of renters in Norfolk City

History of Norfolk City Renter Fraction

Date US Virginia Norfolk City VA
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%
2008 33.36% 31.30% 52.95%
2007 32.80% 30.49% 54.15%
2006 32.73% 30.11% 52.43%

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.