Richmond, VA Rental Market
Richmond (RVA) is Virginia's state capital and one of the fastest-growing mid-size cities in the Southeast. A robust healthcare sector anchored by VCU Health and Bon Secours, a booming arts and brewery culture, and Amazon HQ2 spillover demand from Northern Virginia have all converged to strengthen the rental market. VCU enrollment of over 28,000 students adds a consistent student renter base, while an influx of young professionals has revitalized neighborhoods like Scott's Addition, Carytown, and Church Hill.
Get a rent estimate for an address in RichmondAverage Rent in Richmond, VA
$1,480
per month · 2026-06
Market Score
Key Facts — Richmond, VA Rental Market
- Average rent in Richmond, VA:$1,480/mo
- Median rent:$1,362/mo
- Rent range:$750 – $3,250/mo
- Most common rental (2 bedrooms):$1,300/mo
- Active listings:1,600
- Avg days to lease:27 days
- Year-over-year change:+3.8%
- Median home value:$310,000
- Est. gross annual yield:5.7%
- Data as of:2026-06
Rent by Bedroom in Richmond, VA
Average monthly rent for each bedroom type based on current active listings in Richmond.
| Bedroom Type | Avg Rent/mo |
|---|---|
1 Bedroom | $1,075/mo |
2 Bedrooms | $1,300/mo |
3 Bedrooms | $1,650/mo |
4 Bedrooms | $2,050/mo |
5 Bedrooms | $2,350/mo |
Richmond Rental Market Statistics
Key indicators from the current Richmond, VA rental market.
1,600
Available now in Richmond
27
From list to lease
$1.14
Average across listings
1,300 sq ft
Typical rental size
$750 – $3,250
Min to max active listings
+3.8%
Avg rent vs. prior year
Investing in Richmond, VA Rental Properties
Estimated returns based on current market rents and median home values. Perform full due diligence before investing.
Median Home Value
$310,000
Typical purchase price in Richmond
Est. Gross Annual Yield
5.7%
Before expenses & vacancy
Avg Monthly Income
$1,480
At average market rent
Gross yield = (avg rent × 12) ÷ median home value. Does not include expenses, financing, vacancies, or management fees. Analyze a specific property in Richmond for a full cash-flow breakdown including all costs.
Richmond, VA Rental Market FAQ
Common questions about renting and investing in Richmond, VA.
What is the average rent in Richmond, VA?
The average rent in Richmond, VA is $1,480 per month as of 2026. One-bedroom apartments average $1,075/mo, two-bedrooms average $1,300/mo, and three-bedroom homes average $1,650/mo. Premium neighborhoods like Carytown, The Fan, and Scott's Addition command rents 10–20% above citywide averages.
Is Richmond, VA a good place to invest in rental property?
Richmond offers a 5.7% estimated gross yield with strong demand from VCU students, healthcare workers, state government employees, and a growing professional class drawn by the city's arts scene and relatively low cost of living. Neighborhoods like Scott's Addition and Manchester offer newer construction at prices well below comparable Northern Virginia submarkets.
What drives the Richmond, VA rental market?
Richmond's rental demand is driven by VCU (one of Virginia's largest universities), a major healthcare corridor including VCU Health and Bon Secours, Virginia state government employment, and proximity to Amazon HQ2 in Northern Virginia. The city's nationally recognized craft beer and restaurant scene continues attracting young professionals relocating from higher-cost metros.
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