Richmond, VA Rental Market Trends
What is the average rent in Richmond?
The average rent for an apartment in Richmond is $1,569. The cost of rent varies depending on several factors, including location, size, and quality.
Average rent in Richmond, VA
Last updated April 2025
| Average Rent | Average Apartment Size |
|---|---|
| $1,569 | 838 sq. ft. |
What is the average apartment size in Richmond?
The average size for a Richmond, VA apartment is 838 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. 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
Richmond, VA Occupied Housing Units
57,759 or 57% of the households in Richmond, VA are renter-occupied while 44,386 or 43% are owner-occupied.
Richmond, VA rent trends
Average Rent in Richmond, VA By Neighborhood
| City | Average Rent |
|---|---|
| Carver | $2,101 |
| Stony Point | $1,961 |
| The Diamond | $1,945 |
| Brittons Hill | $1,944 |
| Dabney Center | $1,937 |
| Sauer's Gardens | $1,901 |
| Austin Heights | $1,886 |
| Central Office | $1,865 |
| Scott's Addition | $1,836 |
| Heritage Commons - Country Place | $1,811 |
| Providence Green | $1,775 |
| Crestview | $1,767 |
| Museums | $1,763 |
| Rock Creek Park | $1,705 |
| VCU | $1,701 |
| The Fan | $1,683 |
| Chamberlayne Industrial Center | $1,678 |
| Manchester | $1,676 |
| Jahnke | $1,650 |
| Monroe Ward | $1,641 |
| Malvern Gardens | $1,587 |
| Shockoe Slip | $1,583 |
| Hioaks | $1,570 |
| Belfair - Lantern Ridge | $1,565 |
| Museum District | $1,564 |
| Richmond City Center | $1,550 |
| Jackson Ward | $1,545 |
| Old Town Manchester | $1,536 |
| Stevens Hollow - Newberry Towne | $1,517 |
| Shockoe Bottom | $1,514 |
| Chippenham Forest | $1,479 |
| Knightsbridge | $1,412 |
| Upper Shockoe Valley | $1,406 |
| Woodland Heights | $1,355 |
| Central Park - Crescent Park | $1,346 |
| Cedarhurst | $1,337 |
| Piney Knolls | $1,281 |
| McGuire Veterans Hospital | $1,181 |
| Falling Creek Villa - Sherbourne Heights | $1,173 |
| Elkhardt | $1,097 |
| Cofer | $958 |
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What are the most affordable neighborhoods in Richmond?
The most affordable neighborhoods in Richmond are Cofer, where the average rent goes for $958/month, Elkhardt, where renters pay $1,097/mo on average, and Falling Creek Villa - Sherbourne Heights, where the average rent goes for $1,173/mo. If you’re looking for other great deals, check out the listings from McGuire Veterans Hospital ($1,181), Piney Knolls ($1,281), and Cedarhurst ($1,337), where the asking prices are below the average Richmond rent of $1,569/mo.
What are the most expensive neighborhoods in Richmond?
The most expensive neighborhoods in Richmond are The Diamond ($1,945), Stony Point ($1,961) and Carver ($2,101).
What are the most popular neighborhoods in Richmond?
The most popular neighborhood in Richmond is Shockoe Bottom, where there are 14 listings with an average rent of $1,514. Next up is Sauer's Gardens, where apartments go for $1,901/month, followed by Old Town Manchester with $1,536 If you’re looking to rent in Richmond’s most popular neighborhoods, make sure to also check out Richmond City Center, where renters pay $1,550 on average, and The Fan, where the average monthly rent is $1,683.
Richmond | Rent Comparison by Neighborhood
Rent in Austin Heights is 20% higher than in Belfair - Lantern Ridge
$1,886
Austin Heights rent is 20% higher than Richmond average
Average Rent
$1,886
$1,565
Belfair - Lantern Ridge rent is 1% lower than Richmond average
Average Rent
$1,565
How Richmond Compares to Other Cities
| State | Average Rent |
|---|---|
| Richmond | $1,569 |
| Arlington | $2,716 |
| Alexandria | $2,234 |
| Charlottesville | $2,093 |
| Newport News | $1,388 |
| Norfolk | $1,484 |
| Virginia Beach | $1,724 |
| Henrico | $1,579 |
| Woodbridge | $2,051 |
| Falls Church | $2,287 |
| Portsmouth | $1,359 |
| Midlothian | $1,805 |
| Glen Allen, VA | $1,790 |
| Petersburg, VA | $1,312 |
| Chesterfield, VA | $1,791 |
| Chester, VA | $1,659 |
| Hopewell, VA | $1,216 |
| Mechanicsville, VA | $1,675 |
| Prince George, VA | $1,369 |
| Colonial Heights, VA | $1,290 |
What is the average price for a storage unit in Richmond?
The average rent for a non-climate-controlled 10'x10' storage unit in Richmond is $146.5. Rental costs vary depending on several factors, including unit size and the storage facility's location and amenities.
Most Popular Apartments in Richmond
Summit At Bon Air
1701 Irondale Road, North Chesterfield, VA 23235| 1 BED | $1,452+ |
| 2 BEDS | $1,567+ |
| 3 BEDS | $2,526+ |
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4N4 Midtown
4 N. 4Th St., Richmond, VA 23219| 1 BED | $1,036 |
| 2 BEDS | N/A |
Lofts And Upper Lofts At Canal Walk
1817 E. Main Street, Richmond, VA 23223| STUDIO | $1,027+ |
| 1 BED | $1,226+ |
| 2 BEDS | $1,855+ |