Rents in Hampton Roads are rising at twice the national pace, putting the region fourth among U.S. metropolitan areas for rent growth, according to the 2026 Regional Benchmarking Report from the Hampton Roads Planning District Commission. The finding is part of a mixed assessment of the region’s economy, with gains in some areas accompanied by concerns about housing and population trends.
Nikki Johnson, an economist with the commission, said Hampton Roads remains stable and continues to grow, though its progress is slow. On some measures, she said, the region is losing ground to metropolitan areas of comparable size. Housing costs are among the challenges identified in the report, with a shortage of homes driving rent increases.
Johnson said that housing shortage has worsened since the COVID-19 pandemic. The resulting affordability problems have consequences beyond individual households, she said. Employers can find it more difficult to attract workers and keep them in the region when housing is out of reach, while residents may consider moving to metropolitan areas with lower housing costs.
Those moves can contribute to the region’s already sluggish population growth, Johnson said. Higher rental bills also leave residents with less money to spend in other parts of the local economy, limiting what their earnings can support beyond housing.
Employment continued to increase in Hampton Roads in 2025, but federal spending cuts slowed job growth. Average weekly earnings rose after accounting for inflation, although they remained below both the national and state levels. Employment in shipbuilding and repair declined slightly while staying close to historic highs, Johnson said.
Population growth was another concern highlighted in the report. Johnson said growth had slowed as federal immigration policies took effect. Alongside that slowdown, the age profile of the region’s residents has shifted, with older people making up a larger proportion of the population.
Residents aged 65 and older accounted for about 10% of the population in 2000, compared with 18% in 2025, Johnson said. That age group now represents a greater share of residents than children younger than 15, a finding she described as surprising.
Johnson said those demographic changes matter for decisions about new housing. An aging population raises questions about whether demand remains the same for a traditional two-story, three-bedroom house designed for a family with two or three children. Housing planning, she said, needs to take those changing circumstances into account.
