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RentData.org Logo Richmond Fair Market Rent FY 2023 Richmond, VA MSA Rental Data

Fair Market Rent Prices in Richmond, VA :
$1,157 $1,183 $1,336 $1,727 $2,100
Studio / Efficiency 1-Bedroom 2-Bedroom 3-Bedroom 4-Bedroom
0-BR 1-BR 2-BR 3-BR 4-BR
Expensive 40th Percentile Metro Area

Fair Market Rent prices in Richmond are very high compared to the national average. This FMR area is more expensive than 94% of other FMR areas. Fair Market Rent for a two-bedroom apartment in Richmond is $1,336 per month.

The previous year, rent for a two-bedroom home was $1,189 per month. This is a 12.36% increase year-over-year.

This FMR rate applies to Mannboro, VA, Ford, VA, Jetersville, VA, Rice, VA, Church Road, VA, Amelia Court House, VA and other cities within the region. The Metro Code or CBSA code for this region is METRO40060M40060.

Additionally, This Fair Market Rent (FMR) area Richmond, VA MSA spans one county or city in Virginia which is listed in the table below. Estimated population of Richmond, VA MSA FMR area is 12,970 people based on latest Census data.

Compared to the rest of Virginia, the Richmond FMR area is more expensive than 95% of the state.

Virginia Rents Map

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What is Fair Market Rent?

Fair Market Rent is determined each fiscal year by the HUD and is used to set payment standards for federal housing assistance programs in Richmond. Fair Market Rent is the 40th-percentile of typical rentals in a given region. Learn more

Median Rent Prices in Richmond

To compute the 40th percentile of rent prices the HUD must determine the median or 50th percentile as well. 50th percentile rent prices are NOT fair market rents (unless otherwise noted as a 50th percentile designated region above). However, some home owners or rents may be interested in the median rent prices as well.

50th Percentile Rental Prices:
0-BR Studio / Efficiency $ 1244
1-BR 1-Bedroom $ 1271
2-BR 2-Bedroom $ 1436
3-BR 3-Bedroom $ 1856
4-BR 4-Bedroom $ 2258
Change Year:
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

There is just one county (listed below) within the Richmond, VA MSA FMR area (most regions, especially metro areas, cover multiple counties). This FMR area covers one metro area: Richmond - Petersburg.

County / Region Est. Population
Richmond, VA Metro 12,970
Zip Codes in Richmond, VA MSA

There are 6 unique zip codes in this Fair Market Rent (FMR) area:

23002, 23083, 23105, 23833, 23850 and 23966

Lookup Fair Market Rent by Zip Code

What's Next?

Here are some additional resources you may also be interested in:

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