Richmond Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Richmond, VA. Currently, the overall median rent in the city stands at $1,383, after rising 1.0% last month. Prices and are now up 1.3% 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 up 1.0% month-over-month and up 1.3% year-over-year

The median rent in Richmond rose by 1.0% over the course of March, and has now increased by a total of 1.3% over the past 12 months. Richmond’s rent growth over the past year has has fallen behind the state average (4.1%) but has outpaced the national average (-0.8%).

Richmond rent growth in 2024 pacing above last year

Three months into the year, rents in Richmond have risen 1.4%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 0.2%.

March rent growth in Richmond ranked #22 among large U.S. cities

Richmond rents went up 1.0% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #22. Similar monthly rent growth took place in Tulsa, OK (1.1%) and Chesapeake, VA (1.0%).

Richmond is the #56 most expensive large city in the U.S., with a median rent of $1,383

Citywide, the median rent currently stands at $1,250 for a 1-bedroom apartment and $1,425 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,383. That ranks #56 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Richmond is 0.3% lower than the national, and is similar to the prices you would find in Philadelphia, PA ($1,392) and Fort Worth, TX ($1,377).