ZIP 23704
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12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in ZIP 23704 usually run 0.9% below trend in January and 0.7% above it in September, about $26 a month apart at today's median. Based on 9 years of data.
Rent in ZIP 23704 is at its highest level since Zillow's records here began in April 2016.
Rent in ZIP 23704 changed +7.3% over the year to September 2026. Across the 169 Virginia ZIP codes Zillow tracks, the typical change was +3.4%.
From 2019 to 2024, rent in ZIP 23704 rose 41.5% while median household income rose 31% ($37,851 to $49,583). Rent outpaced income.
Rent in ZIP 23704 is 55.2% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 10 months in a row, and rose in 11 of the last 12 months.
30% of the median household income ($49,583) is $1,240 a month. That is less than HUD's Fair Market Rent for a studio ($1,430).
3rd cheapest of 5 ZIP codes in Portsmouth.
From Zillow's monthly rent index (ZORI) for ZIP 23704. 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.
Who lives here
ZIP 23704 (Portsmouth, VA) is majority renter-occupied, has a median income below the national average, 24.9% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 23704 in Portsmouth, VA has changed in 5 years
Since 2021, the typical rent in ZIP 23704 in Portsmouth, VA has increased from $1,121 to $1,611, a 43.7% change over five years. On the earnings side, the typical household in ZIP 23704 in Portsmouth, VA now reports about $49,583, up from $42,831 in 2021. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 4.7% since 2021, moving from about 18,344 residents to roughly 19,207. Renters now make up 59.8% of households, compared with 63.8% five years ago. College-educated residents now make up 24.9% of adults here, versus 20.6% in 2021. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 23704 in Portsmouth, VA reflects that arc in its own way.
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Tips for renters in ZIP 23704
Last updated: October 17, 2026
ZIP code 23704 covers Portsmouth, VA. The median rent here is $1,611/mo as of October 2026. A 1-bedroom rents for a median of $1,450/mo. A 2-bedroom rents for a median of $1,640/mo.
At 39% of local median household income ($49,583/yr), ZIP 23704 ranks as moderate compared to the national benchmark of 30%. Rents have increased 7.3% over the past year.
Frequently asked questions
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How does ZIP 23704 compare to the rest of Portsmouth?
At $1,611/mo, rent takes ~39% of ZIP 23704's median household income ($49,583/yr). The standard benchmark is 30%.
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