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Average Rent in Richmond & Rent Price Trends

By: Rob Warnock, Kimi Kaneshina, and Justin Chaplin
October 5, 2021

Considering a move to Richmond? Before you start apartment hunting, learn about the local rental market. Make sure you know the average rent in Richmond to get your budget started!

Average Rent in Richmond

Note: The data provided reflects our available units on Apartment List. For data that reflects the entire market, we recommend you visit our Rent Report, which is created based on our holistic methodology. You can also download the raw data containing rent estimates for hundreds of cities across the country.

Richmond rents have increased by 2.43% compared to last month, and are up by 13.25% compared to last year.

  • 2% of apartments in Richmond cost less than $1,000 per month.
  • 85% of apartments in Richmond cost between $1,000-$1,999 per month.
  • 13% of apartments in Richmond cost between $2,000-$2,999 per month.
  • 1% of apartments in Richmond cost over $3,000 per month.

  • 7% of apartments in Richmond are studio apartments.
  • 49% of apartments in Richmond are 1-bedroom apartments.
  • 36% of apartments in Richmond are 2-bedroom apartments.
  • 8% of apartments in Richmond are 3-bedroom apartments.

What Salary Do You Need to Live in Richmond?

Using the 30% rule, we can give a rough estimate of the salary needed to rent an apartment in Richmond. If these numbers look high, remember that a roommate or two can drastically cut down your monthly rent!

  • If you are renting an average priced studio apartment in Richmond, your annual salary should be around $43,416 or higher.
  • If you are renting an average priced 1-bedroom apartment in Richmond, your annual salary should be around $50,508 or higher.
  • If you are renting an average priced 2-bedroom apartment in Richmond, your annual salary should be around $62,064 or higher.
  • If you are renting an average priced 3-bedroom apartment in Richmond, your annual salary should be around $73,548 or higher.

Having trouble deciding how much rent you can afford? Try using a rent calculator.

Ready to make the move to Richmond? Start apartment hunting in Richmond with our quiz!

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SENIOR RESEARCH ASSOCIATE
Rob is a senior research associate at Apartment List, where he examines trends in the housing and rental markets. Previously he worked in public health policy, and before that, graduated from UCLA with a degree in Globalization. Read More
AUTHOR
Kimi is a Content Associate and contributing author at Apartment List, helping renters find a new place to call home. Kimi earned her BA in Organizational Studies, Economics from Scripps College. Read More
AUTHOR
Justin is a Content Manager and contributing author at Apartment List, helping people navigate the world of renting. Justin previously spent his time earning his BBA in Marketing from Boise State University. Read More
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