At the start of 2022, home prices soared and forced many buyers to flounder between buying immediately or waiting things out until the market tilted back in their favor. If they decided to wait it out, they were soon met with an equally challenging hurdle — the rise of mortgage rates and surging inflation. In June 2022, inflation rose 9.1% year-over-year. Many in this position chose to ride out the wave of an uncertain market in the rental side of things.
For the first half of 2022, active rentals in the region climbed to 2,124 units — a 44% increase compared to 2021. Compared to 2021, June 2022 saw a 20.4% leap in rental median list price sitting at $1,800. The amount of rented units started to shift past 2021’s performance in May and June of 2022 just as home sales hit record highs in home prices.
5 Hampton Roads Cities with the highest rent closing out the first half of 2022*
- James City County – $2,795
- Chesapeake – $2,200
- Virginia Beach – $2,100
- Gloucester – $1,975
- Suffolk – $1,695
* June Active Median List Price
5 Hampton Roads Cities with the lowest rent closing out the first half of 2022*
- York County – $250
- Franklin – $775
- Isle of Wight – $1,200
- Southampton North County – $1,300
- Portsmouth – $1,400
* June Active Median List Price
As we journey into the final half of 2022, we seem to be experiencing more of the same in the market – low inventory, high median sales prices, and an economy forcing many to seek cheaper options. While more active rentals are hitting the market to choose from, expect rental median list prices to continue to inch higher and higher.
Whether you decide to continue to rent or dive into buying, use REIN.com to put you in the best position to find the right home at the right price. REIN.com is powered by REIN MLS, the Hampton Roads Multiple Listing Service, so you have access to the exact same information that real estate professionals use every day. Because REIN.com’s listing data comes from the local MLS, you’re getting the most accurate information from a reliable source.
Consider what’s best for you at this time, and connect with one of more than 9,000 agents to help you navigate the market. Ready to buy, but you’re not sure what you can afford? Check out the mortgage calculator to help estimate possible monthly payments. Download the REIN.com app and put the power of fresh and accurate listing data in the palm of your hand. Available in the App Store and Google Play Store. For local listings you can trust, start with REIN.com.
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