How much does it cost to rent in Richmond, VA?

As of July 2026, the median monthly rent in Richmond, VA is $1,682. This figure is based on aggregated data from public sources and community-submitted rents.

Is Richmond cheaper than other Virginia cities?

Richmond is among the more affordable cities in Virginia, ranking #64 out of 83 cities at $1,682/mo.

When was Richmond rent data last updated?

Richmond rent data reflects July 2026 and was last refreshed on July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.

City Report · VA

Richmond

Name: Average Rent Prices in Richmond, VA
Creator: RentDataNow
License: https://rentdatanow.com/terms-of-service

Pop. 229,359·64th most expensive in Virginia·Richmond rents are up 9.9% over the past year

Median rent (all units)

$1,682/mo

Year-over-Year

+9.9%

Month-over-Month

-0.3%

vs US Median

-$283

Stable (Monthly)

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Most AffordableMost Expensive

Richmond · $1,682

More affordable than 63% of US cities · National median $1,965/mo

Rent Reality Score

55/100

Fairly priced

OverheatedFairGreat value

Rents are 3% below what Richmond's 10-year trend predicts — a better deal than its own history suggests.

Actual rent

$1,682/mo

Expected by trend

$1,728/mo

The Rent Reality Score compares today's median rent to where Richmond's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$1,577

1 BR

$1,639

2 BR

$1,813

3 BR

$2,296

4 BR+

$2,838

Research median

$1,813/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost

$20,184/yr

At $1,682/mo median

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 9.9% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+9.9% YoY, -0.3% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Richmond, VA is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 45.6% of residents hold a bachelor's degree or higher.

Population

229,359

Median income

$64,587

Median age

34.7

Renters

56.5%

Age distribution

17.5%

33%

23.9%

14.1%

Under 1817.5%

18–3433%

35–5423.9%

55–6411.5%

65+14.1%

Gender

47.4%

52.6%

Male47.4%

Female52.6%

Race & ethnicity

42.8%

41%

White42.8%

Black41%

Hispanic10.7%

Asian2.1%

Other3.4%

Education (25+)

21.3%

23.3%

45.6%

No HS diploma9.8%

HS diploma21.3%

Some college23.3%

Bachelor's+45.6%

Housing tenure

43.5%

56.5%

Owner43.5%

Renter56.5%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Richmond, VA has changed in 5 years

Rent

$1,209 → $1,682

up 39.1%

Income

$54,795 → $64,587

up 17.9%

Population

225,676 → 229,359

up 1.6%

Renter share

56.6% → 56.5%

-0.1 pts

Bachelor's+

43.1% → 45.6%

+2.5 pts

Rent in Richmond, VA has climbed 39.1% since 2021, going from about $1,209 per month to roughly $1,682 today. Median household income grew from $54,795 to $64,587 between 2021 and 2024, a 17.9% shift. Rent outpaced income growth by roughly 21.2 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 225,676 to 229,359 between 2021 and 2024, a 1.6% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 43.1% to 45.6%. Taken together, the five-year picture in Richmond, VA reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

Community

Discussions about Richmond

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View Richmond rent history (2015–2026) →

Salary vs rent

Can you afford rent in Richmond on your salary?

At $1,682/mo, how Richmond rent compares to typical pay (30% rule).

Registered Nurse

Avg $96,370/yr · Rent = 20.9% income

affordable

Elementary School Teacher

Avg $68,422/yr · Rent = 29.5% income

affordable

Police Officer

Avg $78,815/yr · Rent = 25.6% income

affordable

Software Developer

Avg $140,872/yr · Rent = 14.3% income

very comfortable

Lawyer

Avg $179,999/yr · Rent = 11.2% income

very comfortable

Firefighter

Avg $64,066/yr · Rent = 31.5% income

stretched

Truck Driver

Avg $57,844/yr · Rent = 34.9% income

stretched

Electrician

Avg $71,298/yr · Rent = 28.3% income

affordable

By apartment size

Richmond rent by bedroom count

Median rent for each apartment size in Richmond. Click any size for full breakdown.

Local insights

Tips for renters in Richmond

About renting in Richmond, VA

Last updated: July 20, 2026

The median rent in Richmond is $1,682/mo as of July 2026. A studio apartment averages $1,577/mo while a 2-bedroom runs $1,813/mo. One-bedroom apartments average $1,639/mo and 3-bedroom units go for $2,296/mo.

At 31% of local median household income ($64,587/yr), Richmond ranks as moderate compared to the national benchmark of 30%. Rents have increased 9.9% over the past year.

FAQ

Frequently asked questions

Is Richmond an affordable city for renters?

Richmond is considered moderate for renters. At $1,682/mo, rent takes approximately 31% of the local median household income ($64,587/yr). The standard benchmark is 30%. Richmond slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Richmond?

To keep rent at or below 30% of gross income, you would need to earn at least $67,000/year (~$32/hour full-time) to afford the median rent of $1,682/mo in Richmond. The local median household income is $64,587/yr, meaning the typical Richmond household falls short of that threshold.

Is rent going up or down in Richmond?

Rent in Richmond has increased 9.9% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Richmond neighborhoods have the lowest rent?

The most affordable ZIP codes in Richmond are 23225 ($1,541/mo), 23224 ($1,556/mo), and 23234 ($1,575/mo). Citywide, the median rent in Richmond is $1,682/mo.

How does Richmond rent compare to other cities in Virginia?

Richmond is one of the more affordable cities in Virginia for rent, ranking #64 out of 83 tracked cities at $1,682/mo.

Which nearby cities are cheaper to rent in than Richmond?

Several nearby cities have lower median rents than Richmond ($1,682/mo): Montrose ($1,595/mo), Bellwood ($1,658/mo).

What percentage of Richmond residents rent vs. own?

According to Census data, approximately 56.5% of Richmond households are renters, while 43.5% are owner-occupied. With a majority renter population, Richmond has a strong rental market.

How does Richmond rent compare to the national average?

Richmond's median rent of $1,682/mo is $283 (14%) below the US national median of $1,965/mo. Within Virginia, it ranks #64 out of 83 tracked cities.

Income Affordability

31%

MODERATE

At $1,682/mo, rent takes ~31% of Richmond's median household income ($64,587/yr). The standard benchmark is 30%.

Richmond 31%Benchmark 30%

State income tax2–5.75%

Run the Richmond affordability calculator →

Nearby cities