Market Analysis
Richmond Rental Market
Rental investment market data and analysis · Updated November 2026
Median Home Price
$387,425
Average Monthly Rent
$1,485
Estimated Cap Rate
4.6%
Rent-to-Price Ratio
0.4%
Below 1% Rule
Rent ÷ price by zip code
0 of 4 clear the 1% rule · November 2026
| Zip | Median price | Median rent | Rent ÷ price |
|---|---|---|---|
| 23224 | $274,950 | $1,395 | 0.51% |
| 23230 | $399,950 | $1,650 | 0.41% |
| 23220 | $459,900 | $1,595 | 0.35% |
| 23227 | $374,900 | $1,300 | 0.35% |
Context · FRED home price index
Market Trends
Richmond metro area — % change since 2018
Home Prices
+83.0%
Rent Index
+36.2%
Average Rent by Bedroom
| Bedrooms | Avg Rent |
|---|---|
| Multi-Family | $1,295/mo |
| Apartment | $1,358/mo |
| Condo | $1,646/mo |
| Single Family | $2,023/mo |
| Townhouse | $2,418/mo |
Sample Investment Analysis
Based on median price + average rent, 20% down, 6.8% rate, 30yr
Purchase Price$387,425
Down Payment (20%)$77,485
Monthly P&I$2,021
Monthly Rent$1,485
Est. NOI$10,692/yr
Est. Cash Flow-$1,130/mo
Cash on Cash-15.9%
The Richmond market is cash-flow negative at median prices. Look for properties 15-20% below median or with value-add potential.
What Investors Should Know About Richmond
- 1Compressed cap rates below 5% — focus on appreciation or value-add deals
- 21% Rule fails at median prices — need rent of $3,874/mo to pass
- 3Below-average rents keep entry costs low for new investors
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