A Point2Homes analysis uncovered the best U.S. metros for house renters. The study looked at 75 of the largest metros in the country, scoring them against 25 key metrics that cover both Economy & Housing, as well as Community & Quality of Life. From cost of living and job growth to local amenities and neighborhood appeal, the findings paint a comprehensive picture of where house renting makes the most sense. Topping the charts, Richmond, VA, stands out as the best metro in the U.S. for single-family home renters.
- Richmond, VA, takes the lead as the best metro for Americans renting single-family homes thanks to a mix of appealing factors for single-family renters — ranging from low unemployment and spacious homes to ample parking and good air quality.
- The state of Virginia boasts two top metros for house renting, with Virginia Beach-Chesapeake-Norfolk, VA-NC, joining Richmond in the ranking as the 8th best metro for house renters.
Renting is no longer just a fallback — it’s increasingly seen as a long-term plan. Census data reveals that single-family rental households have grown by 31% in the past two decades, outpacing the 21% increase in owner-occupied homes. This trend is further reinforced by the surge in build-to-rent homes, with newly constructed properties specifically designed to meet the booming demand for rentals.
For many who once might have aspired to buy, renting single-family homes offers a more flexible alternative, eliminating the need to save tens of thousands for a down payment, shielding renters from soaring mortgage rates, and providing mobility when needed.
Luckily, renting in Richmond can offer both opportunity and a high quality of life. In fact, the East Coast manages to hit house-renters’ sweet spot, making half of the top 10 metros for single-family home renters.
Best Metro for Single-Family Renters: Richmond Ranks Highest Among 75 of the Largest U.S. Metros
With a score of 63.41 points out of 100, Richmond tops the rankings, surpassing 74 other large U.S. metros in a range of metrics that consider housing, economic, quality of life, and community aspects. As far as data goes, a mix of job prospects, low unemployment rates, a decent cost of living, and plenty of entertainment options make Richmond a top place for house renters to call home.
1. Thriving Economy
In terms of Housing and Economy, Richmond is the fourth-best metro in the U.S. according to the study. This is largely due to the metro's thriving job market, excellent job growth, and low unemployment levels.
With year-over-year job growth of 3.4%, Richmond trails only Boise, ID, making it one of the strongest performers in the country. For house renters, this is a promising sign of both economic vitality and job stability. The strength of the market is further underscored by a low unemployment rate of just 3%, among the best in the study.
Richmond also serves as a hub for major employers, hosting eight Fortune 500 companies, including Performance Food Group, Owens & Minor, and Genworth Financial. Combined with a diverse range of thriving industries — most notably a robust tech sector — the metro provides opportunities for professionals across a wide spectrum.
When it comes to income, the average single-family renter household brings in around $82,860. While this may fall short of the higher earnings seen in some West Coast metros, it aligns closely with the national average. Paired with Richmond’s comparatively lower cost of living, it gives renters here greater financial breathing room and overall affordability.
2. Enough Room & Then Some
The average single-family rental home in Richmond offers an impressive 3.9 bedrooms, giving renters ample room to spread out — ideal for families, roommates, or those simply seeking extra space. And it’s not just about what’s inside. With an average of 2.6 vehicles per household, Richmond rentals also provide the parking capacity to match, ensuring that residents have room for cars, storage, or even visiting guests.
Affordability is another key advantage. Roughly 53% of single-family renters in Richmond can comfortably manage their housing costs, a figure that highlights the area’s rare balance of space, convenience, and financial accessibility in today’s tight rental market.
3. High Quality of Life
Beyond housing and economic benefits, several metrics in the study look at the quality of life in each metro area. Richmond once again scores fairly well across several metrics, particularly air quality. With almost 70% days of the year enjoying good air quality, Richmond outperforms the majority of the metros studied.
With an average commute time of 24 minutes, good public transport infrastructure and walkability, Richmond is easy to get around and isn’t particularly car-dependent, allowing renters to further cut costs. Most errands can be completed without a car, even in a lot of the suburban areas.
4. There’s Plenty To See & Do in Richmond
House renters will find plenty to see and do in Richmond. The metro boasts a thriving arts scene and an array of galleries, from huge national galleries to small neighborhood venues. The metro is also awash with movie theaters, golf courses, and boasts a good number of amusement parks. Having said that, in terms of food services and drinking establishments per 10,000 residents, Richmond ranks fairly low compared to other metros in the study, with a score of 18.6.
Overall, Richmond ticks a lot of the right boxes for house renters. From spacious homes and a thriving economy to clean air and a rich local culture, there’s plenty to love about renting a house in Richmond. The metro manages to balance a variety of factors to hit that rental sweet spot, ensuring that even the metrics it doesn’t rank so high on are well outweighed by the many that it does.
Methodology
Point2Homes.com is a real estate listing portal for rental homes across the United States. Part of Yardi Systems, Point2Homes covers housing trends and news through comprehensive studies that draw from internal data, public records, governmental sources, and online research.
- For this study, we considered the 75 largest Metropolitan Areas based on the most recent data from the 2023 1-year ACS.
- To determine the best metros for house renters, this report uses a combination of ranking scores and weighted averages across 25 relevant metrics, divided into two categories: Economy & Housing; and Community & Quality of Life:
- Each metric received a score based on the metric's minimum and maximum value multiplied by the metric's weight. The score for the final ranking was based on the sum of scores across all metrics. Ranking metrics and data sources:
Economy & Housing
- Cost of Living for Single-Family Renter Households (Rent + Utilities) compared to the National Average: Weight: 8%; Source: IPUMS*
- Renters Insurance (state level): Weight: 2%; Source: Insurance Information Institute
- Share of Single-Family Renter Households: Weight: 4%; Source: IPUMS
- Share of Single-Family Renter Households comfortably affording Housing Costs: Weight: 4%; Source: IPUMS
- Single-Family Renter Household Average Income: Weight: 8%; Source: IPUMS
- Unemployment Rate: Weight: 8%; Source: Bureau of Labor Statistics
- Job Growth: Weight: 4%; Source: Bureau of Labor Statistics
- Average Number of Bedrooms per Single-Family Renter Household: Weight: 2%; Source: IPUMS
- Average Number of Vehicles per Single-Family Renter Household: Weight: 2%; Source: IPUMS
- Average Gasoline Price: Weight: 4%; Source: aaa.com
Community & Quality of Life
- Community Well-Being Index: Weight: 8%; Source: Sharecare.com
- Safety (Violent & Property Crime Rate): Weight: 8%; Source: Federal Bureau of Investigation
- Average Commute Time: Weight: 4%; Source: IPUMS
- Annual Hours of Delay per Commuter Average: Weight: 4%; Source: Texas Transportation Institute
- Walkability Index: Weight: 4%; Source: Environmental Protection Agency
- Share of Days with Good Air Quality: Weight: 4%; Source: Environmental Protection Agency
- Difference Between Average & Ideal Annual Temperature: Weight: 4%; Source: National Oceanic and Atmospheric Administration
- Quality of Education & Attainment Gap: Weight: 4%; Source: WalletHub
- Food Services & Drinking Places (per 10,000 residents): Weight: 2%; Source: BLS
- Fitness & Recreational Sports Centers (per 10,000 residents): Weight: 2%; Source: BLS
- Golf Courses & Country Clubs (per 100,000 residents): Weight: 2%; Source: BLS
- Performing Arts Companies (per 100,000 Residents): Weight:2 %; Source: BLS
- Motion Picture & Video Exhibition Places (per 100,000 residents): Weight: 2%; Source: BLS
- Libraries & Archives (per 100,000 residents): Weight: 2%; Source: BLS
- Amusement & Theme Parks (per 1,000,000 residents): Weight: 2%; Source: BLS
*IPUMS means Integrated Public Use Microdata Series and provides census and survey data from around the world integrated across time and space. IPUMS is a part of the Institute for Social Research and Data Innovation at the University of Minnesota. Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0 Images: Gorodenkoff; Wirestock Creators; Kevin Ruck; Joe Guetzloff/Shutterstock.com.
Image: Prostock-studio/Shutterstock.com
Fair use and redistribution
We encourage and freely grant permission to reuse, host or repost this article. When doing so, we only ask that you kindly attribute the authors by linking to Point2Homes.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.
