Richmond City Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Richmond City VA was $1,078 in 2019 according to the Census ACS survey.1 Average gross rent in Richmond City was $1,034 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 City median and average rent data will be released in September of 2021.
Data is also available below for Richmond City rental vacancy rates, Richmond City rent as a percent of median income and the fraction of renters in Richmond City.
Real Gross Rent in Richmond City 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 City VA Median Gross Rent | $1,078 | +4.26% | +9.33% |
Richmond City VA Real Gross Rent Trends
At $1,078, real median gross rent in Richmond City was at its highest level in 2019 since the series began in 2005. Average gross rent for Richmond City peaked in real terms in 2018 at $1,036 and is now $2 (0.19%) lower.
Real Gross Rent: Richmond City VA Median, Richmond City VA Average, Virginia Median, US Median
Real Gross Rent History for Richmond City
| Date | US Median |
Virginia Median |
Richmond City VA Median |
Richmond City VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,078 | $1,034 |
| 2018 | $1,077 | $1,237 | $1,034 | $1,036 |
| 2017 | $1,043 | $1,216 | $975 | $991 |
| 2016 | $1,027 | $1,214 | $986 | $1,017 |
| 2015 | $1,017 | $1,214 | $983 | $988 |
| 2014 | $986 | $1,178 | $943 | $962 |
| 2013 | $953 | $1,144 | $917 | $921 |
| 2012 | $940 | $1,136 | $912 | $911 |
| 2011 | $941 | $1,147 | $909 | $913 |
| 2010 | $955 | $1,139 | $940 | $938 |
| 2009 | $960 | $1,127 | $929 | $965 |
| 2007 | $927 | $1,048 | $872 | $861 |
| 2005 | $910 | $1,015 | $871 | $878 |
Richmond City 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 City Virginia was 5.54% according to Census ACS data.
Rental Vacancy Rate in Richmond City Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Richmond City VA | 5.54% | +1.72% | +2.42% |
Trends in Richmond City VA Rental Vacancy Rate
The rental vacancy rate in Richmond City peaked in 2012 at 12.30%. Since then it has fallen by 6.76% to 5.54%. Data records for this series originated in 2005. From a 2016 post peak low of 3.12%, the rental vacancy rate has increased by 2.42%.
Rental Vacancy Rate: Richmond City VA, Virginia, US
Historical Rental Vacancy Rate data for Richmond City
| Date | US | Virginia | Richmond City VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 5.54% |
| 2018 | 6.15% | 5.17% | 3.82% |
| 2017 | 6.18% | 6.45% | 5.34% |
| 2016 | 5.89% | 5.59% | 3.12% |
| 2015 | 5.85% | 5.13% | 4.18% |
| 2014 | 6.32% | 5.79% | 4.21% |
| 2013 | 6.49% | 6.38% | 5.82% |
| 2012 | 6.77% | 6.18% | 12.30% |
| 2011 | 7.40% | 7.54% | 11.25% |
| 2010 | 8.17% | 7.02% | 10.05% |
| 2009 | 8.43% | 7.29% | 6.74% |
| 2007 | 7.87% | 7.11% | 8.39% |
| 2005 | 7.74% | 7.20% | 7.29% |
Rent as a Fraction of Income
Using median household income data for Richmond City, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Richmond City, median monthly gross rent as a fraction of median household income was 25.22% in 2019 according to the ACS.
Richmond City 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 City VA | 25.22% | +0.34% | -1.45% |
Trends in Richmond City VA Rent as a Fraction of Income
The fraction of median Richmond City household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 27.88%. Since then it has fallen by 2.65% to 25.22%.
Fraction of Income towards Rent: Richmond City VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Richmond City Virginia
| Date | US | Virginia | Richmond City VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 25.22% |
| 2018 | 20.50% | 20.09% | 24.89% |
| 2017 | 20.13% | 19.78% | 24.54% |
| 2016 | 20.43% | 20.42% | 26.68% |
| 2015 | 20.63% | 20.72% | 27.88% |
| 2014 | 20.89% | 20.63% | 24.89% |
| 2013 | 20.78% | 20.80% | 26.67% |
| 2012 | 20.65% | 20.76% | 26.93% |
| 2011 | 20.70% | 20.59% | 25.96% |
| 2010 | 20.50% | 20.15% | 25.48% |
| 2009 | 20.12% | 20.00% | 26.48% |
| 2007 | 18.66% | 17.97% | 23.15% |
| 2005 | 18.89% | 17.96% | 24.32% |
Renter Fraction in Richmond City Virginia
You can calculate the renter fraction in Richmond City 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 City as a fraction of total Richmond City households. In 2019 56.41% of households were renters according to Census ACS data.
Richmond City 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 City VA | 56.41% | -1.53% | -2.29% |
Trends in the Richmond City VA Renter Fraction
The Richmond City household renter fraction peaked in in 2013 at 60.60% and is now 4.19% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Richmond City VA, Virginia, US
History of Richmond City Renter Fraction
| Date | US | Virginia | Richmond City VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 56.41% |
| 2018 | 36.05% | 34.08% | 57.94% |
| 2017 | 36.13% | 33.43% | 56.64% |
| 2016 | 36.88% | 34.71% | 58.70% |
| 2015 | 36.97% | 34.99% | 59.83% |
| 2014 | 36.90% | 34.67% | 58.80% |
| 2013 | 36.50% | 34.38% | 60.60% |
| 2012 | 36.09% | 33.84% | 56.62% |
| 2011 | 35.42% | 32.67% | 54.93% |
| 2010 | 34.65% | 32.33% | 55.78% |
| 2009 | 34.13% | 31.87% | 54.32% |
| 2007 | 32.80% | 30.49% | 48.96% |
| 2005 | 33.10% | 30.36% | 54.63% |
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. ↩
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