Median rents, rental comps, and market trends across 20 zip codes in Richmond, VA.
Close enough to DC to catch the spillover, far enough to keep rent estimates reasonable. State capital with growing healthcare and finance employment — the sweet spot between DC prices and Southern affordability.
Median Asking Rent
$1,671
Rent Change (YoY)
-4.2%
Avg Days on Market
43
Active Rental Listings
2,106
Median List Price
$402,000
Average across 20 zip codes
ZIP | Median Rent |
|---|---|
| 23233 | $2,550/mo |
| 23236 | $2,495/mo |
| 23226 | $2,350/mo |
| 23229 | $2,300/mo |
| 23294 | $2,145/mo |
| 23235 | $2,050/mo |
| 23238 | $1,995/mo |
| 23228 | $1,932/mo |
| 23220 | $1,750/mo |
| 23230 | $1,700/mo |
| 23225 | $1,695/mo |
| 23221 | $1,681/mo |
| 23219 | $1,499/mo |
| 23223 | $1,499/mo |
| 23231 | $1,499/mo |
| 23234 | $1,495/mo |
| 23222 | $1,449/mo |
| 23224 | $1,397/mo |
| 23237 | $1,295/mo |
| 23227 | $1,200/mo |
Get rental comps for any property in Richmond
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| Unit Size | Median Rent |
|---|---|
| Studio | $1,195/mo |
| 1 Bedroom | $1,335/mo |
| 2 Bedroom | $1,598/mo |
| 3 Bedroom | $2,173/mo |
| 4 Bedroom | $2,548/mo |
Aggregated median across all Richmond zip codes with available data.
| ZIP | Median List Price |
|---|---|
| 23226 | $699,000 |
| 23221 | $599,500 |
| 23233 | $545,520 |
| 23229 | $525,000 |
| 23238 | $524,950 |
| 23230 | $500,000 |
| 23220 | $485,000 |
| 23235 | $439,750 |
| 23225 | $418,000 |
| 23236 | $415,000 |
| 23219 | $389,000 |
| 23294 | $379,950 |
| 23227 | $377,990 |
| 23223 | $350,000 |
| 23231 | $350,000 |
| 23237 | $349,950 |
| 23222 | $345,000 |
| 23228 | $339,950 |
| 23234 | $327,420 |
| 23224 | $298,800 |
| Unit Size | Fair Market Rent |
|---|---|
| Studio | $1,490/mo |
| 1 Bedroom | $1,560/mo |
| 2 Bedroom | $1,710/mo |
| 3 Bedroom | $2,140/mo |
| 4 Bedroom | $2,640/mo |
Fair Market Rents are published annually by HUD for the Richmond metropolitan area. Local housing authorities use these to set Section 8 voucher payment standards, typically between 90% and 110% of the FMR.
The median asking rent across Richmond, VA is currently $1,671/month, based on active rental listings across 20 zip codes. Median asking rents have decreased by -4.2% over the past 12 months.
Asking rents vary significantly across the city. ZIP 23233 has the highest median asking rent at $2,550/month, while ZIP 23227 comes in at $1,200/month.
Rental listings in the area spend an average of 43 days on market before being leased, suggesting a more tenant-friendly market.
The HUD Fair Market Rent for a 2-bedroom in the Richmond metro area is $1,710/month. Current median asking rents are near or below the FMR for this area.
Richmond has been growing steadily, partly driven by people who want to be near DC without paying DC prices. The state capital brings government employment, and VCU Health is a major employer. The Fan, Carytown, and Church Hill are premium areas with a lot of character. Southside and the East End are more affordable. Virginia is a relatively balanced state for landlord-tenant law — not as landlord-friendly as Alabama or Texas, but not as restrictive as California or New York. Richmond's advantage is that it's still affordable relative to its economic fundamentals. There's real value here for investors who see the growth trajectory but can get in at prices that make the cash flow work today.
Want to look up rental comps and rent estimates for a specific property in Richmond? PropMetrics lets you search any address and get detailed rental data instantly.
Get rent estimates, comparable rentals, and market data for any property in Richmond, VA. Free to start.
What rental comps are, what makes a good one, and how to use them to price your rental property accurately.
Fair market rent, Section 8, HUD... what does it all mean? A straightforward breakdown of how it works and why it matters.
A step-by-step guide to pricing your rental so it rents quickly without leaving money on the table.