NORFOLK, Va. — It’s no secret that rent is on the rise and now we’re getting a clearer picture of how rent prices break down month-by-month and neighborhood-by-neighborhood in Norfolk.
New research from the company CityWork is making it easier to follow the trends, which show a gradual increase in rental prices across Norfolk. Researchers are breaking down how much renters are paying in different parts of the city in real time.
Alex Fella, an adjunct professor at Christopher Newport University and the director of CityWork, has spent the past four years with his team tracking these trends.
“Right now, half of the renters in this city are suffering and the renters that aren’t suffering right now might think that this problem doesn’t affect them, but it’s getting worse every single day," Fella said. "So, if you are somewhere right now where you can afford your rent, get ready for the next time your lease gets renewed because you might be getting hit with a massive increase that you’re not prepared for, nor one you can afford.”
Fella compiled the average price of monthly rent in Norfolk by neighborhood and he’s already noticed some warning signs.
Neighborhoods like Ghent and Ocean View have become some of the most expensive places to rent in the city but have some of the highest rent-to-income gaps, meaning rising rent prices have outpaced wages.
In Kensington, for example – according to the research – the average rent for a one-bedroom is more than $2,100 a month. But the medium income in that neighborhood is just over $35,000.
“Like you’re saying, like a lot of renters I talk to, like myself, we are getting notices in the mail that say our rent is increasing by two, three, four hundred dollars sometimes. And we’re saying: ‘Who can afford this?’” Fella said.
“What we’re seeing that’s most concerning for us as a city, and us as engaged citizens, is that there are certain neighborhoods where rents are increasing pretty dramatically and they’re outpacing the medium incomes in those neighborhoods.”
The research also compares rent to income by race, age and rent-burdened households.
Fella said data like this isn’t easily available to the public, because it’s often behind paywalls, or it’s general census data that is delayed by a year.
With this data, anyone can track average monthly rent by neighborhood and Fella hopes his research gives people the tools they need to advocate for change.
“Right now and for the past couple months, studios in Norfolk overall have been going for $1,500 to $1,600, which far outpaces the one- and two-bedroom rents in the city, which makes sense because studios tend to be newer builds – which are luxury builds," Fella said.
"Most newbuild apartments in Norfolk are not affordable housing, they’re luxury builds. And this is a problem because a lot of people will say, ‘We need to build more. We need to build more.’ People are building but what they are building is not serving the needs of the community.”
Fella said his research is expanding. Next month, CityWork will release monthly rental price data for the entire Hampton Roads area.
CityWork is not a non-profit organization, but Fella said all of their research is self-funding and they accept donations to fund this rental study and future research.