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Rental market trends in Richmond, VA

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Average Rent in Richmond, VA

Average Rent in Richmond, VA

Avg. RentAnnual Change
Studio - $1,292-2%
1 Bed - $1,441-2%
2 Beds - $1,754+1%
Last updated 6/13/2024

Average Apartment Cost in Richmond, VA

The average rent for apartments in Richmond, VA, is between $1,292 and $1,754 in 2024. For a studio apartment in Richmond, VA, the average rent is $1,292. When it comes to 1-bedroom apartments, the average rent in Richmond, VA, is $1,441. For a 2-bedroom apartment, the average rent is $1,754.

Apartment Rent Ranges in Richmond, VA

Apartment PricesProportion
0%
2%
42%
28%
27%

Neighborhood Apartment Rent Trends in Richmond, VA

NeighborhoodStudio Avg RentAnnual Change
Church Hill$2,100--
St. Johns Church$2,100--
Innsbrook$2,048+16%
Manchester$2,009+3%
Northside$1,336--
Chamberlayne Industrial Center$1,336--
Downtown$1,329+3%
Shockoe Slip$1,325--
City Center$1,304-3%
Carytown - Museum District$1,2500%
Old South$1,225-3%
Woodland Heights$1,225+6%
Shockoe Bottom$1,195-8%
East End$1,195-8%
Tobacco Row$1,195-8%
Monroe Ward$1,159+17%
Old Town Manchester$1,095-13%
Jackson Ward$1,025+16%
Neighborhood1 Bed Avg RentAnnual Change
Manchester$1,692+16%
Carytown$1,499--
Carytown - Museum District$1,499+3%
South Richmond$1,475--
Shockoe Slip$1,450-5%
Downtown$1,4450%
The Museum District$1,445--
Tobacco Row$1,4250%
Chimborazo$1,425+36%
East End$1,424+2%
Scott's Addition$1,420-26%
Innsbrook$1,405--
City Center$1,401-6%
The Fan$1,399+1%
West Grace Street$1,399+1%
Shockoe Bottom$1,3990%
Oregon Hill$1,395--
Woodland Heights$1,389+1%
Fulton Hill$1,340+4%
Old South$1,331-12%
Monroe Ward$1,299+11%
Byrd Park$1,295--
Old Town Manchester$1,272-19%
Near West End$1,260--
Mary Munford$1,260--
Fairmount$1,225--
Jackson Ward$1,150+8%
Carver$1,149+2%
Northside$1,093-29%
Chamberlayne Industrial Center$1,093-29%
Broad Street$1,054--
Neighborhood2 Beds Avg RentAnnual Change
Manchester$2,557+36%
Union Hill$2,350--
Chippenham Forest$2,313--
Brandermill$2,265-4%
Jackson Ward$2,095+35%
South Richmond$2,050--
Downtown$2,004+13%
Carytown$1,950--
Shockoe Bottom$1,935+8%
Shockoe Valley$1,935--
Scott's Addition$1,930--
Tobacco Row$1,825+2%
West Grace Street$1,799+8%
Fulton Hill$1,790+5%
Innsbrook$1,760--
Carytown - Museum District$1,655+6%
The Museum District$1,655--
City Center$1,630--
Woodland Heights$1,626-4%
Monroe Ward$1,620-5%
Near West End$1,550--
Mary Munford$1,550--
East End$1,540-9%
Shockoe Slip$1,539-23%
The Fan$1,475-12%
Old South$1,427+2%
Old Town Manchester$1,392-1%
Chimborazo$1,350+29%
Northside$1,308-40%
Chamberlayne Industrial Center$1,308-40%
Carver$1,300+3%
Byrd Park$1,295--
Fairmount$1,175--

How Other Cities Compare to Richmond, VA

CityStudio Avg RentAnnual Change
Colonial Heights$2,269-15%
Glen Allen$1,559-12%
Tappahannock$1,500--
Williamsburg$1,205-2%
Petersburg$7240%
City1 Bed Avg RentAnnual Change
Williamsburg$1,777+37%
Glen Allen$1,577+10%
Midlothian$1,523-19%
Henrico$1,499-3%
Chester$1,433-19%
Spotsylvania$1,325-22%
North Chesterfield$1,105-18%
Petersburg$1,0530%
Hopewell$985+6%
Ashland$8300%
Colonial Heights$700--
City2 Beds Avg RentAnnual Change
Glen Allen$1,961+9%
Midlothian$1,837-20%
Mechanicsville$1,827-11%
North Chesterfield$1,763+19%
Henrico$1,6430%
Spotsylvania$1,620-17%
Williamsburg$1,615+15%
Chester$1,480-20%
Sandston$1,3950%
Petersburg$1,273+2%
Hopewell$1,223+11%
Colonial Heights$1,091-13%
Prince George$1,048--
Ashland$9650%

Richmond, VA Rent Trends

Studio1 Bed2 Beds
Jun 2023Jul 2023Aug 2023Sep 2023Oct 2023Nov 2023Dec 2023Jan 2024Feb 2024Mar 2024Apr 2024May 2024Jun 2024
$1295$1285$1285$1229$1252$1218$1243$1254$1208$1211$1266$1294$1298
$1500$1497$1495$1495$1448$1495$1495$1485$1457$1445$1460$1435$1455
$1823$1786$1775$1771$1752$1727$1706$1662$1619$1695$1694$1754$1759
$1953$2001$1995$1949$1822$1762$1727$1727$1727$1930$1967$1857$1856

Neighborhood Information for Richmond, VA

What are the most affordable neighborhoods in Richmond, VA?

The most affordable neighborhoods in Richmond are Blackwell, where the average 1-bedroom apartment rent goes for $658, Broad Street, where renters pay $1,054 on average for a 1-bedroom apartment, and Northside, where the average 1-bedroom apartment rent goes for $1,093. If you're looking for other great deals, check out the listings in Chamberlayne Industrial Center ($1,093 for a 1-bedroom apartment) or Carver ($1,149 for a 1-bedroom apartment), compared to the $1,441 average for a Richmond 1-bedroom apartment.

What are the most expensive neighborhoods in Richmond, VA?

The most affordable neighborhoods in Richmond are Stony Point, where the average 1-bedroom apartment rent goes for $2,247, Chippenham Forest, where renters pay $2,171 on average for a 1-bedroom apartment, and Brandermill, where the average 1-bedroom apartment rent goes for $1,993. If you're looking for other great deals, check out the listings in Manchester ($1,692 for a 1-bedroom apartment) or Carytown ($1,499 for a 1-bedroom apartment), compared to the $1,441 average for a Richmond 1-bedroom apartment.

What are the most popular neighborhoods in Richmond, VA?

The most popular neighborhoods in Richmond are Carver, where the average 1-bedroom apartment rent goes for $1,149, Chamberlayne Industrial Center, where renters pay $1,093 on average for a 1-bedroom apartment, and The Fan, where the average 1-bedroom apartment rent goes for $1,399. If you're looking for other popular neighborhoods, check out the listings in West Grace Street ($1,399 for a 1-bedroom apartment) or The Museum District ($1,445 for a 1-bedroom apartment), compared to the $1,441 average for a Richmond 1-bedroom apartment.

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