Zip codes with the fastest growing rent in Virginia

Written by:
March 25, 2021
realtor.com

Zip codes with the fastest growing rent in Virginia

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in Virginia using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

Zip codes with the fastest growing rent in Virginia

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in Virginia using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

#30. 23322 (Chesapeake)

- 1 year rent change: +5.3%
--- #19 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +10.8%
- Typical rent: $1,960
--- 38.2% above typical rent in Virginia Beach, VA metro

- Pictured (for rent): 100-110 Williamsburg Dr, Chesapeake 23322 ($1,310)

#29. 22408 (Fredericksburg)

- 1 year rent change: +5.4%
--- #10 fastest growing rent among zip codes in Washington, DC metro
- 5 year rent change: +16.7%
- Typical rent: $1,505
--- 27.3% less than typical rent in Washington, DC metro

- Pictured (for rent): 10500 Abberly Village Dr, Fredericksburg 22408 ($2,472)

#28. 20164 (Sterling)

- 1 year rent change: +5.4%
--- #9 fastest growing rent among zip codes in Washington, DC metro
- 5 year rent change: +12.2%
- Typical rent: $2,099
--- 1.4% above typical rent in Washington, DC metro

- Pictured (for rent): 21940 Muirfield Cir, Sterling 20164 ($1,705)

#27. 23233 (Henrico)

- 1 year rent change: +5.4%
--- #6 fastest growing rent among zip codes in Richmond, VA metro
- 5 year rent change: +16.7%
- Typical rent: $1,724
--- 27.1% above typical rent in Richmond, VA metro

- Pictured (for rent): 3400 Cox Rd, Richmond 23233 ($1,635)

#26. 23462 (Virginia Beach)

- 1 year rent change: +5.5%
--- #18 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +13.7%
- Typical rent: $1,451
--- 2.3% above typical rent in Virginia Beach, VA metro

- Pictured (for rent): 749 Trellis Way, Virginia Beach 23462 ($1,070)

#25. 23803 (Petersburg)

- 1 year rent change: +5.5%
--- #5 fastest growing rent among zip codes in Richmond, VA metro
- 5 year rent change: +18.6%
- Typical rent: $901
--- 33.6% less than typical rent in Richmond, VA metro

- Pictured (for rent): 518 Halifax St, Petersburg 23803 ($890)

#24. 23608 (Newport News)

- 1 year rent change: +5.5%
--- #17 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +12.7%
- Typical rent: $1,275
--- 10.1% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 91 River Palms Rd, Newport News 23608 ($1,315)

#23. 23320 (Chesapeake)

- 1 year rent change: +5.6%
--- #16 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +12.9%
- Typical rent: $1,481
--- 4.4% above typical rent in Virginia Beach, VA metro

- Pictured (for rent): 111 Gateway Ct, Chesapeake 23320 ($1,904)

#22. 23518 (Norfolk)

- 1 year rent change: +5.6%
--- #15 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +16.3%
- Typical rent: $1,289
--- 9.1% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 8150 Shore Dr, Norfolk 23518 ($1,865)

#21. 23602 (Newport News)

- 1 year rent change: +5.6%
--- #14 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +11.8%
- Typical rent: $1,393
--- 1.8% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 14353 Deloice Cres, Newport News 23602 ($1,435)

#20. 23452 (Virginia Beach)

- 1 year rent change: +5.7%
--- #13 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +15.1%
- Typical rent: $1,448
--- 2.1% above typical rent in Virginia Beach, VA metro

- Pictured (for rent): 4129 Inverness Rd, Virginia Beach 23452 ($1,886)

#19. 23112 (Midlothian)

- 1 year rent change: +5.9%
--- #4 fastest growing rent among zip codes in Richmond, VA metro
- 5 year rent change: +20.0%
- Typical rent: $1,659
--- 22.3% above typical rent in Richmond, VA metro

- Pictured (for rent): 12224 Petrel Xing, Midlothian 23112 ($2,335)

#18. 23451 (Virginia Beach)

- 1 year rent change: +6.0%
--- #12 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +21.0%
- Typical rent: $1,597
--- 12.6% above typical rent in Virginia Beach, VA metro

- Pictured (for rent): 952 Maximus Sq, Virginia Beach 23451 ($996)

#17. 23502 (Norfolk)

- 1 year rent change: +6.3%
--- #11 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +19.2%
- Typical rent: $1,157
--- 18.4% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 5371 Wyngate Dr, Norfolk 23502 ($1,375)

#16. 20152 (Chantilly)

- 1 year rent change: +6.5%
--- #4 fastest growing rent among zip codes in Washington, DC metro
- 5 year rent change: +12.7%
- Typical rent: $2,490
--- 20.3% above typical rent in Washington, DC metro

- Pictured (for rent): 43001 Thoroughgood Dr, Chantilly 20152 ($1,869)

#15. 20155 (Gainesville)

- 1 year rent change: +6.5%
--- #3 fastest growing rent among zip codes in Washington, DC metro
- 5 year rent change: +16.7%
- Typical rent: $2,154
--- 4.1% above typical rent in Washington, DC metro

- Pictured (for rent): 14701 Deming Dr, Gainesville 20155 ($1,804)

#14. 23235 (Richmond)

- 1 year rent change: +6.8%
--- #3 fastest growing rent among zip codes in Richmond, VA metro
- 5 year rent change: +23.3%
- Typical rent: $1,637
--- 20.7% above typical rent in Richmond, VA metro

- Pictured (for rent): 9201 Creeks Crossing Blvd, Richmond 23235 ($1,595)

#13. 22153 (Springfield)

- 1 year rent change: +7.0%
--- #2 fastest growing rent among zip codes in Washington, DC metro
- 5 year rent change: +16.3%
- Typical rent: $2,360
--- 14.1% above typical rent in Washington, DC metro

- Pictured (for rent): 7816 Rolling View Ln, Springfield 22153 ($2,157)

#12. 23453 (Virginia Beach)

- 1 year rent change: +7.0%
--- #10 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +16.0%
- Typical rent: $1,446
--- 2.0% above typical rent in Virginia Beach, VA metro

- Pictured (for rent): 1302 Pine Cone Cir, Virginia Beach 23453 ($1,612)

#11. 23504 (Norfolk)

- 1 year rent change: +7.2%
--- #9 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +16.1%
- Typical rent: $1,266
--- 10.7% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 4233 Llewellyn Ave, Norfolk 23504 ($2,399)

#10. 23222 (Richmond)

- 1 year rent change: +7.3%
--- #2 fastest growing rent among zip codes in Richmond, VA metro
- 5 year rent change: +32.6%
- Typical rent: $1,258
--- 7.2% less than typical rent in Richmond, VA metro

- Pictured (for rent): 1603 Roane St, Richmond 23222 ($1,200)

#9. 23605 (Newport News)

- 1 year rent change: +7.4%
--- #8 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +14.5%
- Typical rent: $1,178
--- 16.9% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 6300 Grossman Pl, Newport News 23605 ($595)

#8. 23503 (Norfolk)

- 1 year rent change: +7.6%
--- #7 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +24.5%
- Typical rent: $1,226
--- 13.5% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 719 E Ocean View Ave, Norfolk 23503 ($2,125)

#7. 23704 (Portsmouth)

- 1 year rent change: +7.8%
--- #6 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +15.5%
- Typical rent: $1,241
--- 12.5% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 1 Harbor Ct, Portsmouth 23704 ($2,150)

#6. 23707 (Portsmouth)

- 1 year rent change: +8.4%
--- #5 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +21.4%
- Typical rent: $1,134
--- 20.0% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 2804 Turnpike Rd, Portsmouth 23707 ($1,168)

#5. 23669 (Hampton)

- 1 year rent change: +8.7%
--- #4 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +16.6%
- Typical rent: $1,281
--- 9.7% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 900 E Little Back River Rd, Hampton 23669 ($810)

#4. 23321 (Chesapeake)

- 1 year rent change: +8.8%
--- #3 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +15.3%
- Typical rent: $1,581
--- 11.5% above typical rent in Virginia Beach, VA metro

- Pictured (for rent): 3824 Maplefield Dr, Chesapeake 23321 ($990)

#3. 23508 (Norfolk)

- 1 year rent change: +11.0%
--- #2 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +16.6%
- Typical rent: $1,350
--- 4.8% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 4601 Mayflower Rd, Norfolk 23508 ($1,619)

#2. 23234 (Richmond)

- 1 year rent change: +11.1%
--- #1 fastest growing rent among zip codes in Richmond, VA metro
- 5 year rent change: +28.7%
- Typical rent: $1,238
--- 8.7% less than typical rent in Richmond, VA metro

- Pictured (for rent): 6500 Caymus Way, North Chesterfield 23234 ($1,660)

#1. 23607 (Newport News)

- 1 year rent change: +12.6%
--- #1 fastest growing rent among zip codes in Virginia Beach, VA metro
- 5 year rent change: +22.7%
- Typical rent: $1,096
--- 22.7% less than typical rent in Virginia Beach, VA metro

- Pictured (for rent): 2601 West Ave, Newport News 23607 ($1,250)

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