RICHMOND, Va. (WRIC) — 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 also noted the average size of a studio, one-bedroom, two-bedroom, and three-bedroom apartment across the city.

Apartment TypeAverage Square FeetAverage Rent
Studio379 sq. ft.$1,126/ month
One Bedroom696 sq. ft.$1,370/ month
Two Bedroom1,052 sq. ft.$1,752/ month
Three Bedroom1,048 sq. ft.$1,941/ month
Average monthly rent in Richmond, Va. as of May 2023, according to

Richmond rent has decreased by 4.96% in the past year, which averages $67 less per month than in 2022, according to the 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.