Despite an overall slowdown in rent growth nationally, Hampton Roads apartment rents are still among the fastest-growing in the nation during the past 12 months, according to a new report.

Average rent costs in Hampton Roads increased 2.7% from July 2024 to last month, more than double the national average of 1.1%, according to a report from the CoStar Group real estate information firm.

“Rent growth in Hampton Roads is being driven by a combination of strong demand, limited new supply and the region’s relative affordability,” said Melina Duggal, CoStar senior director of market analytics for the Washington, D.C. and Baltimore areas, in an emailed statement.

CoStar includes South Hampton Roads, the Peninsula, the Historic Triangle and parts of coastal North Carolina in its analysis.

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