Richmond, VA Rental Market Trends

Highlights

The average rent for an apartment in Richmond is $1,060, a 5% increase compared to the previous year, when the average rent was $1,013.

Average Rent in Richmond, VA

Last updated May 2019
Average Rent Y-o-Y Change Average Apartment Size
$1,060 5% 833 sq. ft.

The average size for a Richmond, VA apartment is 833 square feet, but this number varies greatly depending on apartment type. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.

Richmond, VA Apartment Rent Ranges

  • $501-$7007%
  • $701-$1,00046%
  • $1,001-$1,50038%
  • $1,501-$2,0007%
  • > $2,0002%

Richmond, VA Rent Trends

Average Rent Jan / 2016 May / 2016 Sept / 2016 Jan / 2017 May / 2017 Sept / 2017 Jan / 2018 May / 2018 May / 2019
Richmond, VA $952 $974 $973 $976 $1,002 $1,013 $1,017 $1,016 $1,060
National $1,290 $1,319 $1,334 $1,329 $1,354 $1,366 $1,366 $1,381 $1,396
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Average Rent in Richmond, VA By Neighborhood

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The most affordable neighborhoods in Richmond are Austin Heights, where the average rent goes for $744/month, Austin Park, where renters pay $744/mo on average, and Brookland Park, where the average rent goes for $744/mo. If you’re looking for other great deals, check out the listings from Chatham Place ($744), Cloverland ($744), and Confederate Heights ($744), where the asking prices are below the average Richmond rent of $1,060/mo.

The most expensive neighborhoods in Richmond are Gambles Hill ($1,411), Richmond City Center ($1,411) and Shockoe Slip ($1,411).

Richmond | Rent Comparison by Neighborhood

Neighborhood
vs.
Neighborhood

Rent in Afton is 16% higher than in Afton

$981

Afton rent is 7% lower than Richmond average

Average Rent $981
$848

Afton rent is 20% lower than Richmond average

Average Rent $848

How Does Richmond Compare to Nearby Cities

Average Rent Y-o-Y Change
Richmond $1,060 5%
Virginia Beach $1,178 2%
Hampton $984 1%
Chesapeake $1,207 3%
Suffolk $1,213 2%

For more information about the Richmond rental trends, check out our monthly rent report

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Mid-priced Listings on RENTCafé

Most Expensive Listings on RENTCafé

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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 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.

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