153 Apartments for rent in Richmond, VA

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Last updated August 18 at 2:32AM
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City Guide
Richmond
Richmond: A Sneak Peek at “The River City”

Richmond has a fascinating history of its own. Founded in 1737, it is one of America’s most tenured cities and played critical roles in both the Revolutionary and Civil Wars. But you’re not here for a history lesson, we know. You want to hear about Richmond in the here and now. So here are a few facts of life you should know about the city in the 21st century:

  • A History Aficionado’s Heaven: Outsiders continue to flock to the city to visit Richmond National Battlefield Park and Hollywood Cemetery, among other historic locations. Be prepared: Richmond is a hotbed for Civil War reenactments, so if you’re sitting on your favorite barstool in Shockoe Botton one night and you see a blood-stained Johnny Reb stumbling by, you’re not hallucinating or seeing a ghost. It’s just a “regular” guy who’s pretending to be wounded in action or dying of dysentery in 1864.

  • Navigating the City: The most convenient way to maneuver throughout the city is (big surprise alert!) via your own vehicle. Traffic is rarely backed up in Richmond and parking spaces are easy enough to find, so if you have your own gas-guzzler, you’re in good shape. If not, you can always take the GRTC city buses that service the area, but be sure to have either exact change or a nifty little GRTC Go Card (available everywhere anything at all is sold…).

  • Day… Richmond residents who like to have their fun under the sun won’t be disappointed. Popular daytime recreational haunts include Belle Isle on the James River, Monument Avenue, and Maymont Park (one of the country’s most aesthetic urban parks). Numerous other parks and museums (including the Edgar Allen Poe Museum) are spread throughout the city as well.

  • And Night: If a musical genre exists, there’s a live band in Richmond playing it right now. Throughout Shockoe Bottom, the downtown area, and the Fan District, music junkies will find an endless stream of live music venues with bands exploring every genre from punk, funk, and indie to bluegrass, hip hop, and – sorry to say it – disco. Never fear, techno-tronic enthusiasts: The Shockoe Bottom ‘hood also serves up its fair share of pulse-pounding club music, so don’t forget to pack your glittery shirts and glow sticks.

Settling in Richmond

People have been settling in Richmond successfully for roughly 275 years, and guess what? You can, too! Just a few caveats to consider before signing on that dotted line:

  • Richmond-ers can be choosers: Richmond is one of those rare cities in Virginia where renters outnumber buyers (by more than seven percent in this case). So be choosy and don’t settle on a pad until you’re sure it’s exactly what your little heart desires.

  • Take careful inventory: When you move-in, chances are your apartment manager will give you a checklist so you can note anything that isn’t completely perfect in your new pad. Don’t blow this off! Apartments tend to turn over very quickly in Richmond, and property managers don’t always have the chance to examine every last nook and cranny of vacant units for blemishes. You don’t want to get blamed – or worse, lose your deposit – for something that happened before your time.

  • Bring the basics: Of course, you’ll need I.D., proof of income, a list of previous landlords, and banking info to rent at most Richmond properties. Or, you’ll need a co-signer.

  • It’s not old, it’s distinguished … Roughly 75 percent of buildings in Richmond, including rental properties, were built prior to 1970, so hopefully you appreciate a certain degree of antiquity in your living quarters.

The Lay of the Land

So which neighborhood in Richmond is right for you? You have your choice of 50-plus distinct ‘hoods to pick from, including:

  • Downtown: The downtown area, especially the Monroe Ward and Shockoe Slip areas, are ideal for those who want to be in the hub of the city’s commerce and culture (average apartment cost is around $900). The historical neighborhood of Jackson Ward is also downtown and has some rental houses available in the $1200 range.

  • Shockoe Bottom: The epicenter of Richmond’s nightlife is Shockoe Bottom, on the banks of the James River. Just be prepared to spend close to a grand for a 1 BR and $1300-plus for a multi-room unit.

  • Tobacco Row: Remember those “eclectic” living spaces we promised? We were talking about Tobacco Row, whose clusters of former tobacco factories have been transformed into chic, spacious lofts and condos. Riverside rentals are currently available in the $700 range for the smallest units (600 square feet), while the more roomy digs (1100-plus square feet) will cost you close to $1200.

Closing thoughts: “Give me liberty or give me cheap cost of living”

Well, then, liberty it is! The cost of living in Richmond is nearly 9 percent higher than the national average, but fortunately, the average rental unit is hovering around only $850, and move-in specials pop up frequently.

Welcome to Richmond, and happy hunting!

Rent Report
Richmond

August 2017 Richmond Rent Report

Welcome to the August 2017 Richmond Rent Report. In this report, we'll evaluate trends in the Richmond rental market, including comparisons to cities throughout the state and nation.

Richmond rents increase sharply over the past month

Richmond rents have increased 0.6% over the past month, and are up moderately by 2.4% in comparison to the same time last year. Currently, median rents in Richmond stand at $870 for a one-bedroom apartment and $1,010 for a two-bedroom. This is the fifth straight month that the city has seen rent increases after a decline in February. Richmond's year-over-year rent growth leads the state average of 1.7%, but trails the national average of 2.9%.

Rents rising across cities in Virginia

Throughout the past year, rent increases have been occurring not just in the city of Richmond, but across the entire state. Of the largest 10 cities that we have data for in Virginia, all of them have seen prices rise. Virginia as a whole has logged a 1.7% year-over-year growth. Here's a look at how rents compare across some of the largest cities in the state.

  • Looking throughout the rest of the state, Arlington is the most expensive of all Virginia's major cities outside the Richmond metro, with a median two-bedroom rent of $2,060; of the 10 largest Virginia cities that we have data for, all have seen rents rise year-over-year, with Centreville experiencing the fastest growth (+4.8%).
  • Centreville, Portsmouth, and Virginia Beach have all experienced year-over-year growth above the state average (4.8%, 3.1%, and 2.9%, respectively).

Richmond rents more affordable than many comparable cities nationwide

Rent growth in Richmond has been relatively stable over the past year - some other large cities have seen more substantial increases, while in a few cases, rents have actually declined. Richmond is still more affordable than most other large cities across the country.

  • Richmond's median two-bedroom rent of $1,010 is below the national average of $1,160. Nationwide, rents have grown by 2.9% over the past year.
  • While rents in Richmond remained moderately stable this year, similar cities saw increases, including Seattle (+5.6%), Phoenix (+5.0%), Dallas (+2.9%); note that median 2BR rents in these cities go for $1,710, $1,020, and $1,110 respectively.
  • Renters will find more reasonable prices in Richmond than most similar cities. Comparably, San Francisco has a median 2BR rent of $3,060, which is more than three times the price in Richmond.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start 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, comparing only units that are available across both time periods 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. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.

Richmond Renter Confidence Survey
National study of renter confidence in the economy, homeownership, and cities
Here's how Richmond ranks on:
B+ Overall satisfaction
B- Safety and crime rate
B- Confidence in the local economy
B Plans for homeownership
A Recreational activities
C- Quality of schools
B Commute time
B- State and local taxes
Best Worst
Full data available when viewing on a non-mobile device.
Overview of Findings

Apartment List has released Richmond's results from the first annual Apartment List Renter Satisfaction Survey. The survey, which drew on responses from over 18,000 renters, provides new insights into what states and cities must do to meet the needs of the 105 million American renters nationwide.

"Richmond renters report above average satisfaction overall, with particular enthusiasm for access to recreational opportunities," says Andrew Tam, Vice President of Data Science at Apartment List. "The US renter population is at its highest level in 20 years, and while Richmond has a lot to offer renters, renters indicate that the quality of local schools has room for improvement."

Key findings in Richmond include the following:

  • Richmond renters give their city a B+ overall, ranking 34th in our study nationwide.
  • Only 24% of renters say they believe the local economy is on the right track, which ranks the city 54th out of 100 nationwide.
  • Richmond earned a B for future homeownership, with 61% of renters planning to buy a home.
  • Richmond's best grade is an A for access to recreational activities, with 76% of renters expressing satisfaction with access to parks, community activities, and nightlife.
  • Renters expressed concern for the quality of Richmond's schools. The city earned its lowest grade in this category (C-). Only 43% of respondents indicated they are satisfied with local school quality.
  • The survey covered 5 Virgina cities, all of which received at least a B+ for city satisfaction: Arlington topped the list with an A+, followed by Newport News (A), Virginia Beach (A-), Richmond (B+) and Alexandria (B+).
  • The top rated cities nationwide for city satisfaction were Plano, TX; Boston, MA; Arlington, VA; Austin, TX; and Torrance, CA. The lowest rated cities were Newark, NJ; New Haven, CT; Bridgeport, CT; Hartford, CT; and Columbia, SC.

A detailed report explaining the survey's methodology, analysis, and findings is available upon request. To obtain a copy, please email Andrew Tam, Apartment List's Vice President of Data Science, at andrew@apartmentlist.com.