Richmond multifamily market, October 2026

Landlords have the edge in Richmond, and it is cooling: asking rents are up 1.6% on a year, while jobs slipped 1.0%.

Updated October 31, 2026 · from Zillow, BLS and the US Census Bureau

+1.6%

Asking rent, year over year

Zillow · September 2026

-1.0%

Jobs, year over year

BLS · September 2026, preliminary

6.1%YEARLY

Vacancy

Census · 2024 count

What is moving now

Asking rents are up 1.6% on a year to September 2026, which is the figure the condition is read from. Jobs are down 1.0% over the same year to September 2026, a first release the BLS revises the following month. Job growth has cooled (September 2026).

The backdrop

These are yearly Census counts, not this month's: 6.1% of rentals sat empty in 2024, permits for new apartments were up 28% in 2025, more people moved in than out in 2025, and the typical rent was $1,546 a month in 2024. They are the background the monthly figures move against, and they are the newest the Census has published.

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Common questions about Richmond

Answered from the data, updated October 31, 2026

Is the Richmond rental market tight or soft right now?

In Richmond right now, landlords have the edge, and it is cooling.

Which way is the Richmond market heading?

Richmond is cooling right now, as asking rents firm over the past year (Zillow ZORI, monthly).

Is Richmond a landlord's or a renter's market?

Richmond is a landlord's market right now: landlords have the edge, and it is cooling.

What is the vacancy rate in Richmond?

Vacancy in Richmond is 6.1% in the 2024 count, a yearly snapshot rather than a monthly reading (US Census Bureau).

How much have Richmond rents changed?

Asking rents in Richmond are up 1.6% over the past year (Zillow ZORI, monthly, latest Sep 2026).

Recent coverage

Daily, from the MetroSgnl news feed. Headlines only.

Standard Communities Breaks Ground on $88M Affordable Housing Development in Richmond, VirginiaMultifamily & Affordable Housing Business

PRC Plans Affordable Seniors Housing Redevelopment in RichmondSeniors Housing Business

Richmond Redevelopment and Housing Authority labeled ‘troubled’ by federal governmentWRIC ABC 8News

Federal Government labels Richmond Housing Authority as ‘troubled’ after failing HUD ScoreWWBT

Two legislators suggest building code changes to encourage for more affordable housingRichmond Times-Dispatch

Richmond wants to partner with faith leaders to create new affordable housingWRIC ABC 8News

See all Richmond news →

Data: Zillow ZORI, BLS, US Census Bureau, FRED, and the MetroSgnl news feed. Recomputed daily. Market information only, not investment advice.
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