Home & Garden

General Articles

Rental Prices in Richmond

Rental Prices in Richmond

Are you searching for an apartment in Virginia’s capital city? If so, it wouldn’t hurt to get some guidance. Richmond is located on the northern end of Virginia. There are nearly 205,000 residents living in this great state in which the primary economy is driven by finance, law, and government. Many government employees and lawmakers call Richmond home, and there are several notable banking and legal firms, not to mention local, state, and federal government agencies that call the downtown area home.

Depending on the kind of place you want to call home, you’ll find that the rents charged for apartments in Richmond and the surrounding area are pretty competitive with many other major cities on the East Coast. Prices for Richmond apartments, like other cities, have been increasing over the past decade because of the growing demand for such space. It’s gone up anywhere from 3 to 7 percent, relatively speaking. The average rent for Richmond apartments for rent in 2010 is $783 a month for a one-bedroom, $804 per month for a two-bedroom, and $1,068 a month for a three-bedroom. You may think these prices are high if you’re moving from the Midwest, but they are actually reasonably priced when looking at other major metropolitan areas like New York City or Boston.

You can find reasonably priced Richmond apartments, especially in Richmond suburbs, like Eastern Henrico County, where you can find a one-bedroom for $530 a month. Then there’s the downtown Richmond area, where one bedroom apartments will run you in the mid $800s. The significant increase in monthly rents for Richmond apartments has to do with the number one rule in real estate – location, location, location.

You should be able to find a lengthy list of Richmond apartment listings but narrowing that list down is another story. It can be very difficult, especially if you have champagne taste but a beer budget. How can you find the perfect place to call home? You can always use a real estate agent or an apartment locator to help you narrow the list down to the perfect location.

If you’ll be conducting your own apartment search, you should keep several things in mind. Trying to stay under $1,000 in rent, you’ll have to sacrifice amenities. That’s partly the difference in prices between various apartment complexes throughout city. Richmond apartments for rent vary in terms of pricing because of location and the amenities they offer. Some will pay the utilities for you and others will offer a garage or washer/dryer hookups inside each apartment. There are some that also have pools and workout rooms, but others don’t. The apartment complexes with the fewest amenities, of course, will be the complexes with the lowest monthly rents.

Apartments in Richmond vary as much as the people who reside there. It can be tough trying to figure out which of the many Richmond apartment rentals is right for you but as long as you take your time and do some research beforehand, you can be confident you’re making the right choice.