People have been settling in Richmond successfully for roughly 275 years, and guess what? You can, too! There's just a few things to know about Richmond before you start your apartment hunting journey!
Founded in 1737, it is one of America’s most tenured cities and played critical roles in both the Revolutionary and Civil Wars
People have been settling in Richmond successfully for roughly 275 years, and guess what? You can, too! There's just a few things to know about Richmond before you start your apartment hunting journey!
Founded in 1737, it is one of America’s most tenured cities and played critical roles in both the Revolutionary and Civil Wars. 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.
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. However, also keep in mind that 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.
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.
The following rent averages come from current listings on our website. Rent prices listed are averages and may not reflect the cost of specific units. Rental prices can vary depending on factors like size, location, amenities, and availability.
On average, expect to pay around $1,139 per month for a studio apartment in Richmond.
The average rent for a 1-bedroom apartment in Richmond is approximately $1,552 per month.
In Richmond, a 2-bedroom apartment typically rents for around $1,949 per month.
A 3-bedroom apartment in Richmond will cost, on average, $2,503 per month.
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…).
Finding a pet-friendly apartment in Richmond can feel overwhelming, but don't despair! While the city boasts a vibrant mix of cultures and energy, pet policies can vary significantly.
The good news? Major rental listing websites like Apartment List allow filtering by pet-friendliness. Simply select “Dog-Friendly” or “Cat-Friendly” in your preferences when you start your search.
Still have questions about renting in Richmond? Here are some of the most commonly asked questions from people who are moving to the city for the first time:
At a median rate of $1,250 a month for a one-bedroom, and ranking as the 22nd most expensive city in the nation for renters, Richmond is not especially cheap. We estimate you would need to earn around $50,000 to afford a one-bedroom in Richmond.
Using a budgeting rule that says rent should not be more than 30% of your income, we estimate you would need to earn around $50,000 to afford a one bedroom at a median rate of $1,250 in Richmond. You need closer to $60,000 to afford a two-bedroom for $1,425.
Job Market: Richmond has a healthy job market with growth in several sectors, making it an attractive destination for professionals.
History and Culture: Richmond is steeped in American history, with Civil War sites and museums alongside a vibrant arts scene, breweries, and trendy restaurants, offering a unique blend of old and new.
Livable City: Richmond offers a variety of neighborhoods, from walkable areas close to downtown to family-friendly suburbs with good schools. The city also has a growing focus on outdoor activities with parks, trails, and access to nature.
Accessibility: Richmond is a manageable size, with most areas being within a 20-30 minute commute from the city center. Additionally, it's close to mountains and beaches for weekend getaways.
So which neighborhood in Richmond is right for you? You have your choice of 50-plus distinct ‘hoods to pick from, including:
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.
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.
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.
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.
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.
The representation of ethnic minorities in Richmond is higher than the national average. The eight main ethnic groups that make up the population of Richmond are Black Or African American (42.8%), White (41.5%), Hispanic Or Latino (7.8%), Two Or More (4.9%), Asian (2.2%), Other (0.6%), American Indian Or Alaska Native (0.2%), and Native Hawaiian Or Other Pacific Islander (0%).
The representation of ethnic minorities in Richmond is higher than the national average. The eight main ethnic groups that make up the population of Richmond are Black Or African American (42.8%), White (41.5%), Hispanic Or Latino (7.8%), Two Or More (4.9%), Asian (2.2%), Other (0.6%), American Indian Or Alaska Native (0.2%), and Native Hawaiian Or Other Pacific Islander (0%).
Apartment List has released the results for Richmond from the third annual Apartment List Renter Satisfaction Survey. This survey, which drew on responses from over 45,000 renters nationwide, provides insight on what states and cities must do to meet the needs of the country’s 111 million renters.
These Richmond neighborhoods are insanely popular right now! Renters are hunting down properties in these places.
Richmond is one of the best places to live in Virginia because of its location along the beautiful James River and appealing mix of urban culture and historic charm.
This city is home to numerous popular restaurants and a thriving arts scene. Enjoy a meal before taking in an improv show or visiting one of the many museums and art galleries. If landmarks are more your thing, visit the Virginia State Capitol, the seat of state government of the Commonwealth of Virginia, or John Marshall House — a historic house-turned-museum.
There’s a diverse range of Richmond neighborhoods and nearby cities, so you’ll likely find an area suited to your lifestyle. Bon Air, for example, is suburban with family-friendly homes close to major transportation routes. Nearby Woodlake is a more tranquil neighborhood with plenty of recreational activities, such as boating on the Swift Creek Reservoir.
If you’re looking for an apartment in Richmond, there are plenty of options, from a cozy studio or one-bedroom unit on Marshall Street to a two-bedroom place on Broad Street. To speed up your search, download the Apartment List app from Google Play or the App Store instead of typing “apartments for rent near me” into Google. We’ll provide a curated list of rentals in Richmond that match your criteria.
Apartment List’s personalized approach makes navigating rentals in Richmond, VA easy. Take our Renter Quiz to let us know your budget, amenity, and location needs. Whether you want a dog-friendly apartment in Mechanicsville or a spacious loft in East Highland Park, our tool will identify the best listings for you in no time.
We also offer a range of features that make finding Richmond apartments a breeze:
Richmond is one of the cheapest places to live in Virginia, with a median monthly rent of $1,386. Here’s the median rent for Richmond apartments:
With Apartment List’s personalized features, you can find affordable apartments to rent in Richmond. Some units offer move-in specials, like a free month’s rent or a lower security deposit.
Choosing the best Richmond area for you depends on your lifestyle and preferred activities. For instance, Shockoe Bottom is ideal if you love shopping and museums, while Carytown is centrally located with excellent dining and entertainment.
Virginia’s cost of living is 0.04% lower than the national average. While costs vary across the state, Richmond stands out as an affordable option. Apartment List will help you find apartments to rent in Richmond, VA that align with your budget.
Welcome to the Apartment List December 2024 Rent Report for Richmond, VA. Currently, the overall median rent in the city stands at $1,377, after falling 0.8% last month. Prices remain up 0.5% 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.
The median rent in Richmond fell by 0.8% over the course of November, and has now increased by a total of 0.5% over the past 12 months. Richmond’s rent growth over the past year has has fallen behind the state average (3.9%) but has outpaced the national average (-0.6%).
Eleven months into the year, rents in Richmond have risen 1.2%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to November 2023 rents had increased 0.7%.
Richmond rents went down 0.8% in the past month, compared to the national rate of -0.8%. Among the nation's 100 largest cities, this ranks #45. Similar monthly rent growth took place in Virginia Beach, VA (-0.8%) and Plano, TX (-0.8%).
Citywide, the median rent currently stands at $1,244 for a 1-bedroom apartment and $1,418 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,377. That ranks #55 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,214 for a 1-bedroom, $1,368 for a 2-bedroom, and $1,382 overall. The median rent in Richmond is 0.4% lower than the national, and is similar to the prices you would find in Raleigh, NC ($1,383) and Mesa, AZ ($1,362).
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.
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.
Welcome to the Apartment List December 2024 Rent Report for Richmond, VA. Currently, the overall median rent in the city stands at $1,377, after falling 0.8% last month. Prices remain up 0.5% 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.
Apartment List has released Richmond’s results from the third annual Apartment List Renter Satisfaction Survey. This survey, which drew on responses from over 45,000 renters nationwide, provides insight on what states and cities must do to meet the needs of the country’s 111 million renters.
"Richmond renters expressed general dissatisfaction with the city overall," according to Apartment List. "They gave most categories near-average and average scores."
Key Findings in Richmond include the following:
Renters say:
"I love Richmond - there is always something to do here. The city is full of festivals, food and breweries. But at the same time, it’s low key so you can relax and adventure out on your own." -Megan D.
"Richmond has a lot of culture and, for a town in the South, it’s diverse. It also has spirit and great food, arts and culture." -Ashley G.
"I love that Richmond is big enough to have everything imaginable but without being overwhelming. I don’t like that it’s losing its southern charm a bit." -Allie F.
For more information on the survey methodology and findings or to speak to one of our researchers, please contact our team at rentonomics@apartmentlist.com.
People have been settling in Richmond successfully for roughly 275 years, and guess what? You can, too! There's just a few things to know about Richmond before you start your apartment hunting journey!
Founded in 1737, it is one of America’s most tenured cities and played critical roles in both the Revolutionary and Civil Wars
View Richmond City Guide
