Department of Numbers

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.

Show dollars as: Nominal Real

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

Lower quartile, median and upper quartile real gross rent

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

more history ...

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

Rental vacancy rate in Virginia

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%

more history ...

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

Percent of median household income going towards median monthly gross rent in Richmond City Virginia

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%

more history ...

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

Fraction of renters in Richmond City

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%

more history ...

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.