Richmond Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Richmond, VA (the Richmond metro area) was $1,155 in 2019 according to the Census ACS survey.1 Average gross rent in Richmond was $1,119 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Richmond median and average rent data will be released in September of 2021.
Data is also available below for Richmond rental vacancy rates, Richmond rent as a percent of median income and the fraction of renters in Richmond.
Real Gross Rent in Richmond Virginia (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Virginia Median Gross Rent | $1,254 | +1.37% | +3.29% |
| Richmond, VA Median Gross Rent | $1,155 | +3.12% | +8.15% |
Richmond, VA Real Gross Rent Trends
At $1,155, real median gross rent in Richmond was at its highest level in 2019 since the series began in 2005. At $1,119, real average gross rent in Richmond was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Richmond: Richmond VA Median, Richmond VA Average, Virginia Median, US Median
Real Gross Rent History for Richmond
| Date | US Median |
Virginia Median |
Richmond, VA Median |
Richmond, VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,155 | $1,119 |
| 2018 | $1,077 | $1,237 | $1,120 | $1,114 |
| 2017 | $1,043 | $1,216 | $1,093 | $1,092 |
| 2016 | $1,027 | $1,214 | $1,068 | $1,083 |
| 2015 | $1,017 | $1,214 | $1,081 | $1,088 |
| 2014 | $986 | $1,178 | $1,067 | $1,054 |
| 2013 | $953 | $1,144 | $1,010 | $1,013 |
| 2012 | $940 | $1,136 | $999 | $990 |
| 2011 | $941 | $1,147 | $999 | $969 |
| 2010 | $955 | $1,139 | $1,009 | $1,007 |
| 2009 | $960 | $1,127 | $1,027 | $1,022 |
| 2007 | $927 | $1,048 | $975 | $960 |
| 2005 | $910 | $1,015 | $933 | $936 |
Richmond Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Richmond Virginia was 5.93% according to Census ACS data.
Rental Vacancy Rate in Richmond Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Richmond, VA | 5.93% | +1.59% | +1.82% |
Trends in Richmond, VA Rental Vacancy Rate
The rental vacancy rate in Richmond peaked in 2011 at 13.19%. Since then it has fallen by 7.26% to 5.93%. Data records for this series originated in 2005. From a 2015 post peak low of 3.51%, the rental vacancy rate has increased by 2.42%.
Rental Vacancy Rate: Richmond VA, Virginia, US
Historical Rental Vacancy Rate data for Richmond
| Date | US | Virginia | Richmond, VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 5.93% |
| 2018 | 6.15% | 5.17% | 4.34% |
| 2017 | 6.18% | 6.45% | 5.50% |
| 2016 | 5.89% | 5.59% | 4.11% |
| 2015 | 5.85% | 5.13% | 3.51% |
| 2014 | 6.32% | 5.79% | 6.31% |
| 2013 | 6.49% | 6.38% | 6.26% |
| 2012 | 6.77% | 6.18% | 10.11% |
| 2011 | 7.40% | 7.54% | 13.19% |
| 2010 | 8.17% | 7.02% | 12.69% |
| 2009 | 8.43% | 7.29% | 7.78% |
| 2007 | 7.87% | 7.11% | 8.18% |
| 2005 | 7.74% | 7.20% | 10.58% |
Rent as a Fraction of Income
Using median household income data for Richmond, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Richmond, median monthly gross rent as a fraction of median household income was 20.29% in 2019 according to the ACS.
Richmond Virginia Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Virginia | 19.68% | -0.41% | -0.74% |
| Richmond, VA | 20.29% | +0.79% | +0.84% |
Trends in Richmond, VA Rent as a Fraction of Income
Richmond renters paid 20.29% of median household income towards the median monthly gross rent in 2019. This is the highest fraction of median household income going to rent since the series originated in 2005.
Fraction of Income towards Rent: Richmond VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Richmond Virginia
| Date | US | Virginia | Richmond, VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 20.29% |
| 2018 | 20.50% | 20.09% | 19.50% |
| 2017 | 20.13% | 19.78% | 18.81% |
| 2016 | 20.43% | 20.42% | 19.45% |
| 2015 | 20.63% | 20.72% | 20.14% |
| 2014 | 20.89% | 20.63% | 19.91% |
| 2013 | 20.78% | 20.80% | 20.09% |
| 2012 | 20.65% | 20.76% | 19.85% |
| 2011 | 20.70% | 20.59% | 20.26% |
| 2010 | 20.50% | 20.15% | 19.59% |
| 2009 | 20.12% | 20.00% | 19.44% |
| 2007 | 18.66% | 17.97% | 17.55% |
| 2005 | 18.89% | 17.96% | 17.04% |
Renter Fraction in Richmond Virginia
You can calculate the renter fraction in Richmond in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Richmond as a fraction of total Richmond households. In 2019 33.68% of households were renters according to Census ACS data.
Richmond Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Virginia | 33.87% | -0.21% | -0.84% |
| Richmond, VA | 33.68% | -0.74% | -1.18% |
Trends in the Richmond, VA Renter Fraction
The Richmond household renter fraction peaked in in 2015 at 35.96% and is now 2.28% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Richmond VA, Virginia, US
History of Richmond Renter Fraction
| Date | US | Virginia | Richmond, VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 33.68% |
| 2018 | 36.05% | 34.08% | 34.42% |
| 2017 | 36.13% | 33.43% | 33.76% |
| 2016 | 36.88% | 34.71% | 34.86% |
| 2015 | 36.97% | 34.99% | 35.96% |
| 2014 | 36.90% | 34.67% | 35.30% |
| 2013 | 36.50% | 34.38% | 35.92% |
| 2012 | 36.09% | 33.84% | 32.80% |
| 2011 | 35.42% | 32.67% | 33.00% |
| 2010 | 34.65% | 32.33% | 31.16% |
| 2009 | 34.13% | 31.87% | 31.00% |
| 2007 | 32.80% | 30.49% | 31.18% |
| 2005 | 33.10% | 30.36% | 30.30% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
