Charlottesville rent surpasses some major cities as housing supply lags behind

CHARLOTTESVILLE, Va. (CBS19 NEWS) -- Rent is rising in Charlottesville, with prices now outpacing larger Virginia cities such as Richmond and Norfolk.

According to CoStar data, the average price of an apartment in Charlottesville has climbed to $1,950 per month, roughly 20% higher than the average rent in Richmond or Norfolk. That number has been increasing by 3.8% annually.