Department of Numbers

Richmond Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Richmond, VA (the Richmond metro area) was $1,020 in 2016 according to the Census ACS survey.1 Average gross rent in Richmond was $1,034 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Richmond median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Richmond Virginia (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Virginia Median Gross Rent $1,159 0.00% +6.14%
Richmond, VA Median Gross Rent $1,020 -1.16% +5.81%

Richmond, VA Real Gross Rent Trends

Median gross rent for Richmond peaked in real terms in 2015 at $1,032 and is now $12 (1.16%) lower. Average gross rent for Richmond peaked in real terms in 2015 at $1,039 and is now $5 (0.48%) lower.

Real Gross Rent in Richmond: Richmond VA Median, Richmond VA Average, Virginia Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Richmond

Date US
Median
Virginia
Median
Richmond, VA
Median
Richmond, VA
Average
2016 $981 $1,159 $1,020 $1,034
2015 $972 $1,159 $1,032 $1,039
2014 $942 $1,125 $1,019 $1,006
2013 $910 $1,092 $964 $967
2012 $898 $1,085 $954 $946
2011 $898 $1,095 $954 $925
2010 $912 $1,087 $964 $962
2009 $916 $1,076 $981 $976
2008 $932 $1,056 $980 $950
2007 $885 $1,001 $931 $917
2006 $895 $992 $930 $908
2005 $869 $969 $891 $894

Richmond Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Richmond Virginia was 4.11% according to Census ACS data.

Rental Vacancy Rate in Richmond Virginia

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Virginia 5.59% +0.46% -0.79%
Richmond, VA 4.11% +0.60% -2.15%

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 9.08% to 4.11%. Data records for this series originated in 2005. From a 2015 post peak low of 3.51%, the rental vacancy rate has increased by 0.60%.

Rental Vacancy Rate: Richmond VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Richmond

Date US Virginia Richmond, VA
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%
2008 7.86% 6.82% 9.28%
2007 7.87% 7.11% 8.18%
2006 7.70% 6.88% 8.13%
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 19.45% in 2016 according to the ACS.

Richmond Virginia Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Virginia 20.42% -0.30% -0.38%
Richmond, VA 19.45% -0.69% -0.64%

Trends in Richmond, VA Rent as a Fraction of Income

The fraction of median Richmond household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 20.26%. Since then it has fallen by 0.81% to 19.45%.

Fraction of Income towards Rent: Richmond VA, Virginia, US

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

Historical Data for Annual Rent as a Fraction of Income in Richmond Virginia

Date US Virginia Richmond, VA
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%
2008 19.00% 18.30% 17.72%
2007 18.66% 17.97% 17.55%
2006 18.90% 18.04% 17.81%
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 2016 34.86% of households were renters according to Census ACS data.

Richmond Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Virginia 34.71% -0.28% +0.33%
Richmond, VA 34.86% -1.10% -1.06%

Trends in the Richmond, VA Renter Fraction

The Richmond household renter fraction peaked in in 2015 at 35.96% and is now 1.10% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Richmond VA, Virginia, US

Fraction of renters in Richmond

History of Richmond Renter Fraction

Date US Virginia Richmond, VA
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%
2008 33.36% 31.30% 29.65%
2007 32.80% 30.49% 31.18%
2006 32.73% 30.11% 30.29%
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.