Richmond, VA Rental Market Trends
What is the average rent in Richmond?
The average rent for an apartment in Richmond is $1,573. The cost of rent varies depending on several factors, including location, size, and quality.
Average rent in Richmond, VA
Last updated August 2025
| Average Rent | Average Apartment Size |
|---|---|
| $1,573 | 840 sq. ft. |
What is the average apartment size in Richmond?
The average size for a Richmond, VA apartment is 840 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Richmond, VA apartment rent ranges
Richmond, VA Occupied Housing Units
57,759 or 57% of the households in Richmond, VA are renter-occupied while 44,386 or 43% are owner-occupied.
Richmond, VA rent trends
Average Rent in Richmond, VA By Neighborhood
| City | Average Rent |
|---|---|
| Carver | $2,090 |
| Dabney Center | $1,988 |
| Stony Point | $1,966 |
| Museums | $1,960 |
| Brittons Hill | $1,948 |
| The Diamond | $1,945 |
| Sauer's Gardens | $1,926 |
| Heritage Commons - Country Place | $1,842 |
| Central Office | $1,827 |
| Austin Heights | $1,818 |
| Scott's Addition | $1,808 |
| Crestview | $1,802 |
| Rock Creek Park | $1,790 |
| Providence Green | $1,787 |
| Manchester | $1,694 |
| The Fan | $1,680 |
| Museum District | $1,646 |
| VCU | $1,639 |
| Jahnke | $1,590 |
| Monroe Ward | $1,589 |
| Belfair - Lantern Ridge | $1,574 |
| Shockoe Slip | $1,571 |
| Old Town Manchester | $1,562 |
| Richmond City Center | $1,543 |
| Jackson Ward | $1,539 |
| Hioaks | $1,523 |
| Chamberlayne Industrial Center | $1,519 |
| Stevens Hollow - Newberry Towne | $1,510 |
| Shockoe Bottom | $1,501 |
| Chippenham Forest | $1,482 |
| Upper Shockoe Valley | $1,441 |
| Malvern Gardens | $1,403 |
| Woodland Heights | $1,400 |
| Knightsbridge | $1,385 |
| Central Park - Crescent Park | $1,384 |
| Cedarhurst | $1,381 |
| Swanson | $1,301 |
| Falling Creek Villa - Sherbourne Heights | $1,297 |
| Piney Knolls | $1,290 |
| McGuire Veterans Hospital | $1,241 |
| Elkhardt | $1,222 |
| Cofer | $957 |
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What are the most affordable neighborhoods in Richmond?
The most affordable neighborhoods in Richmond are Cofer, where the average rent goes for $957/month, Elkhardt, where renters pay $1,222/mo on average, and McGuire Veterans Hospital, where the average rent goes for $1,241/mo. If you’re looking for other great deals, check out the listings from Piney Knolls ($1,290), Falling Creek Villa - Sherbourne Heights ($1,297), and Swanson ($1,301), where the asking prices are below the average Richmond rent of $1,573/mo.
What are the most expensive neighborhoods in Richmond?
The most expensive neighborhoods in Richmond are Stony Point ($1,966), Dabney Center ($1,988) and Carver ($2,090).
What are the most popular neighborhoods in Richmond?
The most popular neighborhood in Richmond is The Fan, where there are 13 listings with an average rent of $1,680. Next up is Shockoe Bottom, where apartments go for $1,501/month, followed by Richmond City Center with $1,543 If you’re looking to rent in Richmond’s most popular neighborhoods, make sure to also check out Sauer's Gardens, where renters pay $1,926 on average, and Old Town Manchester, where the average monthly rent is $1,562.
Richmond | Rent Comparison by Neighborhood
Rent in Austin Heights is 15% higher than in Belfair - Lantern Ridge
$1,818
Austin Heights rent is 16% higher than Richmond average
Average Rent
$1,818
$1,574
Belfair - Lantern Ridge rent is 1% higher than Richmond average
Average Rent
$1,574
How Richmond Compares to Other Cities
| State | Average Rent |
|---|---|
| Richmond | $1,573 |
| Arlington | $2,690 |
| Charlottesville | $2,090 |
| Alexandria | $2,210 |
| Newport News | $1,405 |
| Norfolk | $1,535 |
| Virginia Beach | $1,738 |
| Henrico | $1,598 |
| Woodbridge | $2,076 |
| Portsmouth | $1,369 |
| Fairfax | $2,403 |
| Midlothian | $1,874 |
| Petersburg, VA | $1,302 |
| Glen Allen, VA | $1,805 |
| Chester, VA | $1,719 |
| Chesterfield, VA | $1,761 |
| Hopewell, VA | $1,271 |
| Mechanicsville, VA | $1,756 |
| Prince George, VA | $1,331 |
What is the average price for a storage unit in Richmond?
The average rent for a non-climate-controlled 10'x10' storage unit in Richmond is $137.53. Rental costs vary depending on several factors, including unit size and the storage facility's location and amenities.
Most Popular Apartments in Richmond
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RICHFIELD PLACE APARTMENTS
6001 Grammarcy Circle, Richmond, VA 23227| 1 BED | Call for pricing |
| 2 BEDS | Call for pricing |
| 3 BEDS | Call for pricing |