Richmond, Virginia Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Richmond, Virginia rental market.
Richmond, Virginia
Average Apartment Rent
$1,558
Y-o-Y Change in Average
Apartment Rent
4.4%
As of November 2024
Compared to a year ago, Richmond, Virginia apartments have recorded a 4.4% rent increase.
Richmond, Virginia Average apartment rent trend
Richmond, Virginia Average Apartment Rent
Richmond, Virginia Apartment rent ranges
At 47.32%, apartments priced $1,000 - $1,500 represent the bulk of Richmond, Virginia rentals, while condos priced $700 - $1000 hold the lowest share of the market – 3.79%.
Richmond, Virginia Housing tenure**
Renters take up 57% of Richmond, Virginia real estate, occupying a total of 57,449 units, while homeowners live in 43,752 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$42,998
Average household size of renter-occupied housing units**
2.07
Rental vacancy rate**
4.8%
Richmond, Virginia Renter-occupied housing units by no. of bedrooms**
There are 23,912 rentals in Richmond, Virginia with 2 beds making up the highest share of the market, at 42%. Units with 4 beds, on the other hand, hold the lowest percentage (5%), amounting to 2,759 units. Overall, the median number of rooms in Richmond, Virginia homes for rent is 4.
Richmond, Virginia Renter-occupied units by age of householder**
Most condos for rent in Richmond, Virginia are occupied by residents in the 25 - 34 years age group (33%), followed by those in the 35 - 44 years age group (16%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Richmond, Virginia Renter-occupied housing units by family type**
Richmond, Virginia Renter-occupied housing units by the presence of own children**
A total of 18,430 apartments for rent in Richmond, Virginia, or 32% of all rentals are family households. Additionally, 19% of rental homes include children under the age of 18 – that’s 10,705 units. All in all, the median size of a renter-occupied household in Richmond, Virginia is 2.07.
Richmond, Virginia Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 37% of the rental market. In contrast, residents with less than a high school degree reside in 13% of the homes for rent in Richmond, Virginia.
Richmond, Virginia Renter-occupied units by year structure built**
The highest share of Richmond, Virginia apartment rentals, namely 24% or 13,632 units, were Built 1939 or earlier, followed by those Built 1950 - 1959 (12%, 7,144 units), and the ones Built 1960 - 1969 (12%, 7,021 units).
Richmond, Virginia Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Richmond, Virginia renters (41%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Richmond, Virginia condos for rent is 2018.
Richmond, Virginia Renter-occupied housing units by vehicles available**
When it comes to transportation options, 49% of Richmond, Virginia renters have 1 vehicle available per household, 24% of them have 2 vehicles available, and 21% have No vehicle available.
Richmond, Virginia Means of transportation to work of householders living in renter-occupied housing units**
Richmond, Virginia Geographical mobility in the past year for householders living in renter-occupied housing units**
Richmond, Virginia Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Richmond, Virginia apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
