Rents are 9% below what Richmond's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,109 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in Richmond usually run 0.5% below trend in January and 0.8% above it in October, about $14 a month apart at today's median. Based on 5 years of data.
Rent in Richmond is at its highest level since Zillow's records here began in March 2021.
Rent in Richmond changed +1.8% over the year to September 2026. Across the 26 Kentucky cities Zillow tracks, the typical change was +4.2%.
Rent rose in 8 of the last 12 months.
30% of the median household income ($50,870) is $1,272 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($950); a 3-bedroom is $1,330.
From Zillow's monthly rent index (ZORI) for Richmond. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Richmond, KY is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 34.9% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Richmond, KY has changed in 5 years
Five years ago, renters in Richmond, KY paid around $806 a month. That figure now sits near $1,109, up 37.6% from the 2021 baseline. Household income in the area moved from $40,221 to $50,870 across the same window, up 26.5% versus 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Richmond, KY adding about 2,449 residents over the five-year window, up 7.1% on net. The renter share has eased from 63.6% to 61.7%, with owner-occupied housing accounting for the remainder. Reading these numbers side by side helps frame whether current listings in Richmond, KY look reasonable against where the market sat half a decade ago.
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Can you afford rent in Richmond on your salary?
At $1,109/mo, how Richmond rent compares to typical pay (30% rule).
Richmond rent by bedroom count
Median rent for each apartment size in Richmond. Click any size for full breakdown.
Tips for renters in Richmond
Last updated: October 17, 2026
The median rent in Richmond is $1,109/mo as of October 2026. A studio apartment averages $740/mo while a 2-bedroom runs $950/mo. One-bedroom apartments average $830/mo and 3-bedroom units go for $1,330/mo.
At 26% of local median household income ($50,870/yr), Richmond ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.8% over the past year.
Frequently asked questions
How much income do you need to rent in Richmond?
Is rent going up or down in Richmond?
When is the cheapest time to rent in Richmond?
How does Richmond rent compare to other cities in Kentucky?
Which nearby cities are cheaper to rent in than Richmond?
At $1,109/mo, rent takes ~26% of Richmond's median household income ($50,870/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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