ZIP Code · VA

ZIP 23518

Part of Norfolk, VA

Pop. 29,746·Norfolk City·110th most expensive ZIP in Virginia

Median rent (all units)

$1,902/mo

Year-over-Year

+5.3%

Month-over-Month

-0.1%

vs US Median

-$30

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 23518 · $1,902

More expensive than 56% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,450

1 BR

$1,470

2 BR

$1,660

3 BR

$2,300

4 BR+

$2,710

Research median

$1,660/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

January. Asking rents in ZIP 23518 usually run 0.8% below trend in January and 1% above it in August, about $34 a month apart at today's median. Based on 11 years of data.

Compared with the peak

Rent in ZIP 23518 is 0.1% below its high of $1,904 in August 2026, at $1,902 as of September 2026.

Past year vs. the rest of Virginia

Rent in ZIP 23518 changed +5.3% over the year to September 2026. Across the 169 Virginia ZIP codes Zillow tracks, the typical change was +3.4%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 23518 rose 54.3% while median household income rose 30.9% ($59,299 to $77,594). Rent outpaced income.

Since before the pandemic

Rent in ZIP 23518 is 67.6% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($77,594) is $1,940 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,660); a 3-bedroom is $2,300.

Rank in Norfolk

10th cheapest of 11 ZIP codes in Norfolk.

Cheaper nearby

ZIP 23503, 4 miles away, rents for 13% less ($1,650/mo), about $3,000 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 23518. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$22,824/yr

At $1,902/mo median

Location

CityNorfolk

StateVA

CountyNorfolk City

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (5.3% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+5.3% YoY, -0.1% MoM), not inventory.

Demographics

Who lives here

ZIP 23518 (Norfolk, VA) is majority owner-occupied, 34.3% of residents hold a bachelor's degree or higher.

Population

29,746

Median income

$77,594

Median age

37.4

Renters

41%

Age distribution

20.1%

26.4%

23%

13.6%

16.9%

Under 1820.1%

18–3426.4%

35–5423%

55–6413.6%

65+16.9%

Gender

50.5%

49.5%

Male50.5%

Female49.5%

Race & ethnicity

61.5%

21.9%

White61.5%

Black21.9%

Hispanic9%

Asian4.3%

Other3.3%

Education (25+)

25.3%

32.2%

34.3%

No HS diploma8.2%

HS diploma25.3%

Some college32.2%

Bachelor's+34.3%

Housing tenure

59%

41%

Owner59%

Renter41%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 23518 in Norfolk, VA has changed in 5 years

Rent

$1,244 → $1,902

up 52.9%

Income

$65,286 → $77,594

up 18.9%

Population

28,602 → 29,746

up 4.0%

Renter share

45% → 41%

-4.0 pts

Bachelor's+

31.9% → 34.3%

+2.4 pts

Median age

38.1 → 37.4

-0.7 yrs

Rent in ZIP 23518 in Norfolk, VA has climbed 52.9% since 2021, going from about $1,244 per month to roughly $1,902 today. Local incomes tracked alongside that move, going from a median of $65,286 in 2021 to $77,594 more recently. Rent outpaced income growth by roughly 34.0 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 28,602 to 29,746 between 2021 and 2024, a 4.0% change. About 41% of households rent today, against 45% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 31.9% to 34.3%. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 23518 in Norfolk, VA market of 2021.

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About renting in ZIP 23518

Last updated: October 17, 2026

ZIP code 23518 covers Norfolk, VA. The median rent here is $1,902/mo as of October 2026. A 1-bedroom rents for a median of $1,470/mo. A 2-bedroom rents for a median of $1,660/mo.

At 29% of local median household income ($77,594/yr), ZIP 23518 ranks as affordable compared to the national benchmark of 30%. Rents have increased 5.3% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 23518?

To keep rent at or below 30% of gross income, you would need to earn at least $76,000/year (about $37/hour full-time) to afford the median rent of $1,902/mo in ZIP 23518. The local median household income is $77,594/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 23518?

Rent in ZIP 23518 has risen 5.3% over the past year as of September 2026. It sits 0.1% below its high of $1,904 in August 2026.

When is the cheapest time to rent in ZIP 23518?

Asking rents in ZIP 23518 are usually lowest in January, about 0.8% below their yearly trend, and highest in August, about 1% above it. At today's median that is a gap of roughly $34 a month. This pattern comes from 11 years of Zillow rent data.

Has rent outpaced income in ZIP 23518?

Yes. From 2019 to 2024, rent in ZIP 23518 rose 54.3% while median household income rose 30.9%, from $59,299 to $77,594. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 23518 compare to other ZIPs in Virginia?

ZIP 23518 is in the middle among Virginia ZIP codes for rent, ranking #110 of 194 at $1,902/mo. Over the year to September 2026, rent in ZIP 23518 changed +5.3%, against a typical +3.4% across the 169 Virginia ZIP codes Zillow tracks.