WRIC Richmond News and Weather - Richmond Home To Highest Rental Vacancies

Richmond Home To Highest Rental Vacancies

According to new numbers from the census bureau, Richmond has the highest percentage of rental vacancies.

According to the census bureau, 23.7 percent of rental properties in Richmond are vacant. The national average is a little over 10 percent.  A big difference, but is it making a big impact here?

"For the most part it's worked out well."  Nick Zaccanelli moved to Richmond last summer. He rents an apartment with a friend and looks forward to paying less for rent.

"I think that when my lease is up I'll definitely be in a much stronger position to negotiate for lower rent," says Zaccanelli.

That is because his complex has several units that have been empty for months.

"Just the fact that number one, people can't afford their rent and number two, the vacancies are so high I just knew that prices was going to come down."

But not all complex and rental agencies are struggling.

"I think we're doing very well."

RentInRichmond.com manages about 200 properties and while they do have vacancies, the company does everything it can to keep its units from becoming empty.

"We try to work with everyone cause I don't want to turn people, I want them to have a place to live and also I want the business," says Karen Engard with RentInRichmond.com.

Rent In Richmond currently has about 55 vacant units, but that is normal and the company hopes things stay that way.

"As long as I've been here, and I've been here six years, we've always done well."