Rents are 4% 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 $1,628 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
December. Asking rents in Richmond usually run 0.8% below trend in December and 0.9% above it in July, about $28 a month apart at today's median. Based on 11 years of data.
Rent in Richmond is at its highest level since Zillow's records here began in January 2015.
Rent in Richmond changed +2.8% over the year to September 2026. Across the 66 Virginia cities Zillow tracks, the typical change was +2.5%.
From 2019 to 2024, rent in Richmond rose 37.1% while median household income rose 36.7% ($47,250 to $64,587). Rent outpaced income.
Rent in Richmond is 43.3% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 20 months in a row, and rose in 12 of the last 12 months.
30% of the median household income ($64,587) is $1,615 a month. That covers HUD's Fair Market Rent for up to a studio ($1,577); a 1-bedroom is $1,639.
The priciest of 10 ZIP codes in Richmond, 23226 ($2,094/mo), costs 38% more than the cheapest, 23225 ($1,518/mo).
Hopewell, 23 miles away, rents for 19% less ($1,322/mo), about $3,700 a year in savings.
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, 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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Richmond, VA has changed in 5 years
Rent in Richmond, VA has climbed 35.3% since 2021, going from about $1,203 per month to roughly $1,628 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 17.4 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.
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Can you afford rent in Richmond on your salary?
At $1,628/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 $1,628/mo as of October 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 30% of local median household income ($64,587/yr), Richmond ranks as moderate compared to the national benchmark of 30%. Rents have increased 2.8% over the past year.
Frequently asked questions
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How does Richmond rent compare to other cities in Virginia?
At $1,628/mo, rent takes ~30% of Richmond's median household income ($64,587/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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