Average Rent in Richmond, VA
The Fair Market Rent for a 2-bedroom in Richmond, VA is $1,655 per month, based on HUD data. With a median household income of $84,405, a household would spend 23.5% of income on housing at Fair Market Rent. Rent has increased 8.0% year over year. The national median 2BR FMR is $1,250/mo for comparison.
Fair Market Rent by Bedroom
| Size | Monthly FMR |
|---|---|
| Studio | $1,442 |
| 1 Bedroom | $1,507 |
| 2 Bedroom | $1,655 |
| 3 Bedroom | $2,072 |
| 4 Bedroom | $2,553 |
Affordability
| Metric | Value |
|---|---|
| Median Household Income | $84,405 |
| Rent Burden (2BR FMR / Income) | 23.5% |
| Income Needed for 2BR (30% rule) | $66,200/yr |