The Average Rent in Richmond

The Average Rent in Richmond

No matter the vibe you are looking for, Richmond is sure to please. There are neighborhoods within walking distance to some of the city’s most popular hotspots, as well as historic enclaves nestled on the outskirts. Statues, historic trails, museums and street art provide opportunities to immerse yourself in the culture and history of the city.

Furthermore, Richmond loves and supports its small business. Signature food trucks and quaint brunch spots are favorite weekend activities for hungry Richmonders looking to support local business owners. A raging restaurant scene and laid-back breweries offer entertainment for after-work get-togethers with friends or coworkers. In the summer, residents love to explore the many outdoor trails located around the city.

Known as “The River City,” Richmond neighborhoods each have their own distinct atmosphere, so whether you want the buzz of the city or the quiet feel of suburban life, there is something for everyone.

What is the average rent in Richmond?

The average cost of a one-bedroom apartment in Richmond is $1,184, up 6.99 percent year over year. As a comparison, the national average for a one-bedroom is about $1,600.

At roughly $400 less than the national average, Richmond provides an affordable option for both city living and suburban life.

Overall, Richmond has seen an increase in rental prices due to demand and economic growth. Booming revitalization has brought new businesses and jobs to the area. On top of that, the population is climbing. In the last decade, the city of nearly 232,866 people has grown by 14 percent.

All of those factors combined have translated to growing neighborhoods and numerous options for living in Richmond.

Richmond streets at night with street lights and cars blurry.

How much do I need to make to live in Richmond?

Experts recommend spending no more than 30 percent of your pre-tax income on housing. With the average one-bedroom rental in Richmond running around $1,184, you will need to make at least $47,360. The average salary in Richmond is $62,000, which would allow you to live comfortably and still have money in your budget for other expenses.

We have provided this easy-to-use rent calculator to help you determine what you can afford based on your salary.

The cost of living in Richmond

It is important to consider additional living expenses when selecting an apartment. Richmond’s cost of living index is 98.4, which is 1.6 percent lower than the national average. That means you can stretch your dollar a little further, especially on housing, so you’ll have more money for day-to-day spending — and fun.

Here’s how common expenses stack up in Richmond.

  • Housing: The cost of housing in Richmond is 6.9 percent lower than the national average.
  • Groceries: The cost of groceries in Richmond is 5 percent below the national average.
  • Transportation: The cost of transportation in Richmond is 4.5 percent lower than the national average.
  • Utilities: The cost of utilities in Richmond is 2 percent higher than the national average.
  • Miscellaneous goods and services: The cost of miscellaneous goods and services in Richmond is 2.6 percent more than the national average.
  • Healthcare: The cost of healthcare in Richmond is 6.6 percent above the national average.

view of richmond skyline from the james river with train tracks in the foreground

The most and least expensive neighborhoods in Richmond

Richmond offers a wide array of rental prices to fit all budgets. While the average rent in Richmond is $1,184, rent varies by neighborhood, with prices ranging as low as $540 up to as high as $1,596.

High-demand communities located in The Fan, Carytown and Downtown tend to have higher than average rental prices. In contrast, neighborhoods outside of these main centers of activity tend to see lower prices. The Greater Richmond area offers a multitude of options both in and out of the main downtown area.

The most expensive Richmond neighborhoods

Richmond’s most expensive neighborhoods have seen significant price increases. This is mainly due to new construction and high demand. Renters flock to these areas for the buzzing atmosphere and proximity to businesses. Despite this, the most expensive neighborhoods in Richmond fall in line with the national average.

For instance, living in the historic Northside will cost around $1,596, up 14.52 percent year over year. This is slightly more than the average in Richmond but almost an exact match for the national average. Interesting architecture and trees characterize Northside neighborhoods. It includes communities like Bellevue and Laburnum.

Furthermore, it is a short drive to watch the Flying Squirrels baseball team or visit the Washington Football Team Training Facility. Located just north of the Museum District and only minutes from downtown, Northside also has multiple pocket parks where you can gather and relax. Its proximity to the city makes this neighborhood an ideal choice.

Living in Scott’s Addition will also cost you slightly above Richmond’s market price with an average rent of $1,490, up 2.85 percent year over year. Known as the beverage district, Scott’s Addition has transformed from an industrial zone to a residential area with hip lofts.

The neighborhood has grown in popularity during recent years as a social spot for casual drinks after work. It is home to a bar-cade, cideries and several breweries, such as Veil Brewing, Strangeways and Ardent. Because this is a recent transformation, you can expect to find a lot of newly built or newly remodeled living spaces. This growing market has brought life into Scott’s Addition, making this area a top pick.

Take a look below at some more Richmond neighborhoods with similar price ranges.

*May not be a true market representation due to insufficient inventory

The least expensive Richmond neighborhoods

Some of the least expensive neighborhoods have seen a substantial decrease in cost, with some prices even dipping below $1,000.

The Diamond and Upper Shockoe Valley neighborhoods offer budget-friendly options if you desire a lower cost of living. For a more suburban lifestyle, Meadowbrook will place you just South of Richmond city in North Chesterfield. All three of these neighborhoods have seen a decrease in their year-over-year rental price.

Just across the James River outside of the metro Richmond area, Chippenham Forest averages about $936 for a one-bedroom rental. While that’s up 3.75 percent year over year, it’s still a steal of a deal considering what it offers. This neighborhood is conveniently located off of Forest Hill Avenue near retail shops, schools and highway access.

You should also be on the lookout for the weekly South of the James Farmers Market at Forest Hill Park. Chippenham Forest is worth checking out if you are looking for a more suburban, residential feel outside of the city.

Take a look below at some more Richmond neighborhoods with similar price ranges.

*May not be a true market representation due to insufficient inventory

Average rent prices in Richmond neighborhoods

Keeping in mind a variety of budgets and lifestyles, we’ve put together a list of average rental prices throughout the Greater Richmond area.

*May not be a true market representation due to insufficient inventory

Find your Richmond neighborhood

Richmond has much to offer residents with its rich culture, restaurant scene, outdoor beauty and diverse population. Aside from plenty to do, Richmond offers a sense of community and connection, bringing together people of all backgrounds. As such, it comes as no surprise that Southern Living highlighted Richmond as its ninth pick for “Top Cities in the South” in 2020.

Are you ready to make Richmond your home? Check out these apartments to search for a place to call your own.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory of one-bedroom apartments. Data was pulled in February 2021 and goes back for one year. We use a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
Neighborhoods with insufficient inventory were excluded.
Cost of living data comes from the Council for Community and Economic Research.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

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Published at Mon, 15 Mar 2021 14:37:32 +0000