Richmond, VA Rental Market Trends

Richmond Rent Report: December 2022

Welcome to the Apartment List December 2022 Rent Report for Richmond, VA. Currently, the overall median rent in the city stands at $1,327, after falling 1.5% last month. Prices remain up 5.3% year-over-year. Read on to learn more about what’s been happening in the Richmond rental market and how it compares to trends throughout the nation as a whole.

Richmond rents are down 1.5% month-over-month and up 5.3% year-over-year

The median rent in Richmond fell by 1.5% over the course of November, and has now increased by a total of 5.3% over the past 12 months. Richmond’s rent growth over the past year has is similar to both the state (4.4%) and national averages (4.6%).

Richmond rent growth in 2022 pacing below last year

Eleven months into the year, rents in Richmond have risen 5.7%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to November 2021 rents had increased 14.8%.

November rent growth in Richmond ranked #74 among large U.S. cities

Richmond rents went down 1.5% in the past month, compared to the national rate of -1.0%. Among the nation's 100 largest cities, this ranks #74. Similar monthly rent growth took place in Greensboro, NC (-1.5%) and Riverside, CA (-1.5%).

Richmond is the #63 most expensive large city in the U.S., with a median rent of $1,327

Citywide, the median rent currently stands at $1,146 for a 1-bedroom apartment and $1,347 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,327. That ranks #63 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,163 for a 1-bedroom, $1,333 for a 2-bedroom, and $1,356 overall. The median rent in Richmond is 2.1% lower than the national, and is similar to the prices you would find in Arlington, TX ($1,329) and Fresno, CA ($1,318).

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.

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