Fusion at Neon
225 W Olney Rd,
Norfolk, VA 23510
Studio - 3 Beds | $1,781 - $3,869
Rental Market Trends in Portsmouth, VA
Updated July 2026
The average rent in Portsmouth, VA is $1,289/month.
Rent in Portsmouth is 22% lower than the national average rent of $1,663/month, making this one of the less expensive cities statewide.
$1,289/month
Average Rent
715 Sq Ft
Average Size
+2.9%
Change / Year
823
Available Apartments
Portsmouth rent varies by unit size and layout:
- Studio apartments in Portsmouth average $1,118 per month.
- One-bedroom apartments in Portsmouth average $1,289 per month.
- Two-bedroom apartments in Portsmouth average $1,379 per month.
- Three-bedroom apartments in Portsmouth average $1,578 or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Portsmouth, VA?
In the past year, rent has increased by 2.9%, which averages out to $37 more per month.
Market Trends Over Time
July 2026
2025
2026
Rent Ranges in Portsmouth, VA
July 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
14%
$700 - $1,000/month
57%
$1,001 - $1,500/month
27%
$1,501 - $2,000/month
2%
Above $2,000/month
Rent by Neighborhood
What are the most affordable neighborhoods in Portsmouth?
Based on current rent prices, 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 and Old Towne 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 and Old Towne 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 $1,289, you’ll want to make about $4,296 per month or $51,552 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.
View the Portsmouth Area GuideStudio
$1,159/month
$1,260/month
One Bedroom
$1,511/month
$1,515/month
Two Bedroom
$1,602/month
$1,720/month
Three Bedroom
$1,818/month
$971/month
Compare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
Apartment Communities in Portsmouth We Think You'll Love
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Frequently Asked Questions
What is the average rent in Portsmouth?
The average rent in Portsmouth is $1,289 per month, which is 22.5% lower than the national average of $1,663.
What is the average rent for a house in Portsmouth?
The average rent for a house in Portsmouth, VA is $2,194 per month.
What is the average rent for a townhome in Portsmouth?
The average rent for a townhome in Portsmouth, VA is $1,490 per month.
Are rents going up or down in Portsmouth?
Rents in Portsmouth, VA are increasing, with prices up 2.9% year-over-year and $37 more per month.
What rent range is most common in Portsmouth?
In Portsmouth, VA, 57% of apartments fall between $1,001 - $1,500/month, though prices may vary depending on location and other factors.
Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
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.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.