Fusion at Neon
225 W Olney Rd,
Norfolk, VA 23510
Studio - 3 Beds | $1,395 - $3,270
Rental Market Trends in Portsmouth, VA
What is the average rent in Portsmouth, VA?
$1,209/month
Average Rent
703 Sq Ft
Average Apartment Size
+0.3%
Increase in the Last Year
As of December 2024, the average rent in Portsmouth, VA is $1,209 per month. This is 22% lower than the national average rent of $1,560/month, making renting in Portsmouth more affordable than most cities in the US. When you rent an apartment in Portsmouth, you can expect to pay about $1,140 per month for a studio, $1,209 for a one-bedroom apartment, and around $1,312 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,460 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Portsmouth, VA?
In the past year, rent has increased by 0.3%, which averages out to $5 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated December 2024
Legend
2023
2024
Rent Ranges in Portsmouth, VA
Last Updated December 2024
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
15%
$700 - $1,000/month
65%
$1,001 - $1,500/month
19%
$1,501 - $2,000/month
2%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Portsmouth?
Based on current rent prices, Midtown Portsmouth, Old Towne Portsmouth and Downtown Portsmouth are the most affordable neighborhoods in Portsmouth.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Portsmouth?
Based on current rent prices, Downtown Portsmouth, Old Towne Portsmouth and Midtown Portsmouth are the most expensive neighborhoods in Portsmouth.
Neighborhood
Average Rent
Average Sq Ft
Which Portsmouth neighborhoods have the most rentals available?
The neighborhoods in Portsmouth with the most apartments available are Downtown Portsmouth, Old Towne Portsmouth and Midtown Portsmouth .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Portsmouth, VA?
Because the average rent in Portsmouth is $1,209, you’ll want to make about $4,030 per month or $48,360 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Portsmouth, VA compare to other nearby cities and neighborhoods?
Use the tool below to compare Portsmouth, VA to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$701/month
$1,300/month
One Bedroom
$837/month
$1,403/month
Two Bedroom
$1,068/month
$1,632/month
Three Bedroom
$1,350/month
$938/month
Nearby City Rent Trends
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Ripley Heatwole Co., Inc.
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11
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4
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Greystar
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3,191
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884,840
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829
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Two Coast Living
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92
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28,099
Units
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79
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Arlington Properties
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25,250
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.