Rents in the Richmond metro are increasing as 2025 comes to a close, offering renters some idea of what’s to come in the area in 2026.
The Realtor.com® November 2025 Rental Report shows that asking rents are now higher than they were last fall, placing Richmond competing against a broader national rental cooldown.
Richmond rents decline, offering modest relief
Richmond and surrounding neighborhoods posted a 1.5% year-over-year increase in median asking rent for 0- to 2-bedroom units in November. The average price in the area came in at $1,500 for the month.
Higher rents are not helping at the margins, and affordability pressures persist. Two minimum-wage earners in the Richmond area would each need to work about 48 hours per week to afford the median rental while keeping housing costs at 30% of income. That requirement remains well above a standard full-time schedule, highlighting how elevated rents still are relative to wages.
National rents keep falling, reinforcing the cooldown
Richmond’s rent spike does not mirror the broader national trend. Across the 50 largest U.S. metros, the median asking rent fell to $1,693 in November, down 1% from a year earlier. That marked the 28th consecutive month of year-over-year rent declines nationwide…