RICHMOND, Va. (WRIC) — Apartments.com has recently released new data on the average cost of rent in Richmond.
As of May 2023, the average monthly rent for a one-bedroom apartment in the city is $1,370, a $67 decrease from the previous year.
The data from Apartments.com also noted the average size of a studio, one-bedroom, two-bedroom, and three-bedroom apartment across the city.
|Apartment Type||Average Square Feet||Average Rent|
|Studio||379 sq. ft.||$1,126/ month|
|One Bedroom||696 sq. ft.||$1,370/ month|
|Two Bedroom||1,052 sq. ft.||$1,752/ month|
|Three Bedroom||1,048 sq. ft.||$1,941/ month|
Richmond rent has decreased by 4.96% in the past year, which averages $67 less per month than in 2022, according to the Apartments.com data, collected by CoStar Group researchers.
As a general rule of thumb, renters are advised to allocate approximately 30% of their net income to rent.
- Yearly Income X .3 = Yearly Rent Amount
- Yearly Rent Amount ÷ 12 = Monthly Rent Amount
Using these formulas, a Richmond resident would need to make around $46,000 to live comfortably in a one-bedroom apartment in the city. Of course, the 30% can be deviated from depending on individual lifestyles and other expenses. For instance, if you have other expenses like childcare, student loans or a car payment, you may want to look for housing at a slightly lower net income percentage.
According to the July 1, 2022, U.S. Census, the median household income in Richmond was estimated to be $54,795, and the per capita income was $37,132. In addition, 19.8% of the city’s population was estimated to be in poverty.
To compare and contrast the average rent cost in your area, click here, and scroll to the Apartment Averages comparison function.
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