Over the last few years, Norfolk has undergone a large-scale revitalization program to reinvigorate its urban core. Notable developments include renovation of the Waterside District, including rebranding of the landmark Waterside Festival Marketplace, construction of the 23-story Norfolk Hotel Conference Center along with three new restaurants, and Simon Premium Outlets’ $75 million plan to construct approximately 100 new retail stores, which will create an estimated 300 jobs during construction and 800 permanent jobs once completed. Norfolk’s downtown redevelopment has attracted national attention and garnered acclaim from urban planners and economic developers nationwide.
The featured properties in this month’s rent survey represent six communities in Norfolk built between 1964 and 2013. Average occupancy rates for the communities range from 86% to 96%. Average rental rates per square foot range from $1.38 to $2.03, with average unit sizes ranging from 671 square feet to 1,130 square feet. Common area amenities include business centers, fitness centers, swimming pools, clubhouses, and on-site laundry facilities. Unit amenities include hardwood floors, wall-to-wall carpeting, granite countertops, stainless steel appliances, washers/dryers, and private balconies/patios. Residents pay application fees of $32 to $50 and post security deposits from $150 to $500. Pets are allowed in some surveyed communities with residents paying non-refundable pet deposits of $200 to $300 and monthly pet rents of $20 to $30.