What Millennials Can Expect To Pay in Rent in These 5 Virginia Cities

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Nearly 9 million people live in Virginia, a state known for its long history (it dates back to 1607), natural beauty (both coastal and mountainous) and thriving economy. The population in the Old Dominion, as Virginia is dubbed, is growing. In 2024, more people moved into the state than out of the state. 

Living in Virginia is a little steep, financially. The cost of living there is the same as the national average, according to RentCafe. However, the cost of housing in Virginia is 2% higher than the national average. But what about the cost of rent, specifically for millennials — the largest renter group in the nation? 

In a recent study, GOBankingRates analyzed the average rental cost of major U.S. cities and the cost of living in those cities. We then zeroed in on the following major metros in Virginia: Richmond, Norfolk, Chesapeake, Virginia Beach and Arlington. Cities are ranked from the least expensive to the most expensive average monthly rent amounts. 

5. Richmond

• Average rent for a 1-bedroom: $1,219  
• Average rent for a 2-bedroom: $1,389
• Average monthly rent overall: $1,348   

4. Norfolk

• Average rent for a 1-bedroom: $1,193
• Average rent for a 2-bedroom: $1,395
• Average monthly rent overall: $1,436

3. Chesapeake

• Average rent for a 1-bedroom: $1,424
• Average rent for a 2-bedroom: $1,546
• Average monthly rent overall: $1,637

2. Virginia Beach

• Average rent for a 1-bedroom: $1,394 
• Average rent for a 2-bedroom: $1,576
• Average monthly rent overall: $1,682

1. Arlington

• Average rent for a 1-bedroom: $2,298   
• Average rent for a 2-bedroom: $2,777  
• Average monthly rent overall: $2,440 

Methodology: For this study, GOBankingRates analyzed the average rental cost of major U.S. cities and the cost of living in those cities. First, GOBankingRates found the 100 most populated cities according to the U.S. Census American Community Survey. For each city, a number of factors were found including; total population, total households, population ages 65 and over, household median income all sourced from the U.S. Census American Community Survey, the cost of living indexes as sourced from Sperling’s BestPlaces, the average overall rental cost, 1-bedroom rental cost, and 2-bedroom rental cost all sourced from ApartmentList, the average cost of a condo or coop as sourced from Zillow Home Value Index, and the livability index as sourced from AreaVibes. Using the cost of living indexes and using the national average expenditure costs for all residents as sourced from Bureau of Labor Statistics Consumer Expenditure Survey. Using the average condo/coop value, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate the average mortgage can be calculated. Using the overall rental cost and expenditure costs the total cost of living for each city can be calculated. The cities were sorted to show the highest population places first showcasing the average apartment costs in major U.S. cities. All data was collected on and is up to date as of Sept. 13, 2024.

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