ZIP Code · VA

ZIP 23234

Part of Richmond, VA

Pop. 47,465·Chesterfield County·162nd most expensive ZIP in Virginia

Median rent (all units)

$1,559/mo

Year-over-Year

+4.2%

Month-over-Month

+0.3%

vs US Median

-$373

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 23234 · $1,559

More affordable than 69% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,340

1 BR

$1,400

2 BR

$1,540

3 BR

$1,950

4 BR+

$2,410

Research median

$1,540/mo

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

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

February. Asking rents in ZIP 23234 usually run 1.2% below trend in February and 1.3% above it in July, about $39 a month apart at today's median. Based on 6 years of data.

Compared with the peak

Rent in ZIP 23234 is at its highest level since Zillow's records here began in September 2020.

Past year vs. the rest of Virginia

Rent in ZIP 23234 changed +4.2% over the year to September 2026. Across the 169 Virginia ZIP codes Zillow tracks, the typical change was +3.4%.

Recent direction

Rent has risen 7 months in a row, and rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($66,619) is $1,665 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,540); a 3-bedroom is $1,950.

Rank in Richmond

4th cheapest of 10 ZIP codes in Richmond.

From Zillow's monthly rent index (ZORI) for ZIP 23234. 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.

Annual cost

$18,708/yr

At $1,559/mo median

Location

CityRichmond

StateVA

CountyChesterfield County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (4.2% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+4.2% YoY, +0.3% MoM), not inventory.

Demographics

Who lives here

ZIP 23234 (Richmond, VA) is majority owner-occupied, 20.2% of residents hold a bachelor's degree or higher.

Population

47,465

Median income

$66,619

Median age

Renters

40.8%

Age distribution

23.9%

26.1%

24.8%

13.9%

Under 1823.9%

18–3426.1%

35–5424.8%

55–6411.4%

65+13.9%

Gender

49.6%

50.4%

Male49.6%

Female50.4%

Race & ethnicity

18.3%

46.4%

30.6%

White18.3%

Black46.4%

Hispanic30.6%

Asian2.3%

Other2.4%

Education (25+)

18.8%

31.8%

29.2%

20.2%

No HS diploma18.8%

HS diploma31.8%

Some college29.2%

Bachelor's+20.2%

Housing tenure

59.2%

40.8%

Owner59.2%

Renter40.8%

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

2021 vs 2026

How ZIP 23234 in Richmond, VA has changed in 5 years

Rent

$1,077 → $1,559

up 44.8%

Income

$54,856 → $66,619

up 21.4%

Population

45,435 → 47,465

up 4.5%

Renter share

45.3% → 40.8%

-4.5 pts

Bachelor's+

17.9% → 20.2%

+2.3 pts

Median age

35.6 → 35

-0.6 yrs

The median rent in ZIP 23234 in Richmond, VA stood at $1,077 in 2021 and currently runs about $1,559, reflecting a 44.8% increase over the period. Local incomes tracked alongside that move, going from a median of $54,856 in 2021 to $66,619 more recently. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 4.5% since 2021, moving from about 45,435 residents to roughly 47,465. Renters now make up 40.8% of households, compared with 45.3% five years ago. College-educated residents now make up 20.2% of adults here, versus 17.9% in 2021. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 23234 in Richmond, VA market of 2021.

Community

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Local insights

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About renting in ZIP 23234

Last updated: October 17, 2026

ZIP code 23234 covers Richmond, VA. The median rent here is $1,559/mo as of October 2026. A 1-bedroom rents for a median of $1,400/mo. A 2-bedroom rents for a median of $1,540/mo.

At 28% of local median household income ($66,619/yr), ZIP 23234 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 23234?

To keep rent at or below 30% of gross income, you would need to earn at least $62,000/year (about $30/hour full-time) to afford the median rent of $1,559/mo in ZIP 23234. The local median household income is $66,619/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 23234?

Rent in ZIP 23234 has risen 4.2% over the past year as of September 2026. That is the highest level since Zillow's records here began in September 2020.

When is the cheapest time to rent in ZIP 23234?

Asking rents in ZIP 23234 are usually lowest in February, about 1.2% below their yearly trend, and highest in July, about 1.3% above it. At today's median that is a gap of roughly $39 a month. This pattern comes from 6 years of Zillow rent data.

How does ZIP 23234 compare to other ZIPs in Virginia?

ZIP 23234 is one of the more affordable among Virginia ZIP codes for rent, ranking #162 of 194 at $1,559/mo. Over the year to September 2026, rent in ZIP 23234 changed +4.2%, against a typical +3.4% across the 169 Virginia ZIP codes Zillow tracks.