Apartments.com recently released new data on the average cost of rent for apartments in Richmond, Virginia. The data shows the average rent for a studio, one-bedroom, two-bedroom, and three-bedroom apartment.
Average monthly rent in Richmond, Virginia
- Studio 379 sq. ft. $1,126
- One bedroom 696 sq. ft. $1,370
- Two bedroom 1,052 sq. ft. $1,752
- Three bedroom 1,048 sq. ft. $1,941
According to the Apartments.com data, collected by CoStar Group researchers, Richmond rent has decreased by 4.96% in the past year, which averages $67 less per month than in 2022,
Renters are advised to allocate approximately 30% of their net income to rent. Use the following formula:
- Yearly Income X .3 = Yearly Rent Amount
- Yearly Rent Amount ÷ 12 = Monthly Rent Amount
Going by the above formulas, a Richmond resident would need to make around $46,000 to live comfortably in a one-bedroom apartment in the city. The 30% will change depending on other expenses, such as childcare, student loans, a car payment, or excessive amounts on credit cards.
According to the July 1, 2022, U.S. Census, the median household income in Richmond was estimated to be around $54,795, and the per capita income was about $37,132. Another finding is that 19.8% of the city’s population is estimated to be in poverty.
Way to compare rent in Richmond
To compare and contrast the average rent cost in your area, click here. Then scroll to the Apartment Averages comparison function to see what the rental market trends are in Richmond, Virginia. Rent for an apartment in Richmond can be as little as $1,102 to as much as $2,133 a month. It depends on the location and size of the apartment. You will see that the average rent in Richmond, Virginia is around $1,408 per month.