Richmond, VA rental property investing guide
The numbers, rules and risks behind rental investing in Richmond. Tell us what you're looking for and we'll look for an investor-focused agent who fits. Free for investors.
Tell us what you're looking forHow investors approach Richmond
Richmond is Virginia's capital and the center of a metro of about 1.39 million people that keeps adding residents: more people moved in from the rest of the country than left every year since 2011. State government, VCU and its health system, and a deep bench of corporate employers keep demand steady. It isn't a cash-flow market at the median, though. A typical metro home is worth about $395,000 and rents for about $1,730, which doesn't cover a financed purchase at today's rates. Virginia law also got more tenant-friendly in 2026. Tell us what you're looking for in Richmond and we'll look for an investor-focused agent who fits your strategy.
Long-term rentals in a growing state-capital metro. Rents run about 0.44% of home value a month at the median, so the deals that cash flow are bought below median or need work.
Living on the property and renting the rest: a duplex, a rowhouse with a basement unit, or a lot with an accessory dwelling unit. It's also the only way to run an STR in Richmond's residential areas.
Much of the city's housing is pre-war rowhouses and frame homes. Renovation can create equity, but budget for old systems, lead paint and historic-district review.
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Is Richmond worth investing in? The long-term trends
People, jobs, rents and prices for the Richmond metro, straight from the Census Bureau, the Bureau of Labor Statistics and Zillow. Hover or tap a chart for exact values.
View data table
| Period | Value |
|---|---|
| 2010 | 1,188,735 |
| 2011 | 1,198,898 |
| 2012 | 1,214,218 |
| 2013 | 1,227,139 |
| 2014 | 1,240,945 |
| 2015 | 1,254,013 |
| 2016 | 1,267,408 |
| 2017 | 1,279,887 |
| 2018 | 1,292,860 |
| 2019 | 1,305,584 |
| 2020 | 1,316,683 |
| 2021 | 1,326,763 |
| 2022 | 1,340,131 |
| 2023 | 1,354,817 |
| 2024 | 1,374,727 |
| 2025 | 1,389,338 |
View data table
| Period | Value |
|---|---|
| 2011 | +1,411 |
| 2012 | +5,204 |
| 2013 | +4,515 |
| 2014 | +4,771 |
| 2015 | +3,518 |
| 2016 | +3,786 |
| 2017 | +3,731 |
| 2018 | +5,855 |
| 2019 | +5,392 |
| 2020 | +4,793 |
| 2021 | +7,373 |
| 2022 | +6,890 |
| 2023 | +6,069 |
| 2024 | +7,196 |
| 2025 | +7,543 |
View data table
| Period | Value |
|---|---|
| 2010 | 587,400 |
| 2011 | 596,100 |
| 2012 | 608,200 |
| 2013 | 617,500 |
| 2014 | 627,900 |
| 2015 | 646,000 |
| 2016 | 658,600 |
| 2017 | 666,800 |
| 2018 | 677,100 |
| 2019 | 684,100 |
| 2020 | 650,700 |
| 2021 | 667,300 |
| 2022 | 693,100 |
| 2023 | 709,500 |
| 2024 | 720,700 |
| 2025 | 730,100 |
View data table
| Period | Value |
|---|---|
| Dec 2015 | $989/mo |
| Dec 2016 | $1,016/mo |
| Dec 2017 | $1,066/mo |
| Dec 2018 | $1,114/mo |
| Dec 2019 | $1,158/mo |
| Dec 2020 | $1,221/mo |
| Dec 2021 | $1,383/mo |
| Dec 2022 | $1,487/mo |
| Dec 2023 | $1,522/mo |
| Dec 2024 | $1,609/mo |
| Dec 2025 | $1,656/mo |
| Sep 2026 | $1,706/mo |
View data table
| Period | Value |
|---|---|
| Dec 2010 | $195,726 |
| Dec 2011 | $183,721 |
| Dec 2012 | $186,502 |
| Dec 2013 | $194,497 |
| Dec 2014 | $199,595 |
| Dec 2015 | $208,981 |
| Dec 2016 | $220,231 |
| Dec 2017 | $231,983 |
| Dec 2018 | $242,958 |
| Dec 2019 | $255,566 |
| Dec 2020 | $279,379 |
| Dec 2021 | $312,660 |
| Dec 2022 | $347,606 |
| Dec 2023 | $363,993 |
| Dec 2024 | $379,939 |
| Dec 2025 | $386,072 |
| Sep 2026 | $392,106 |
View data table
| Period | Value |
|---|---|
| Dec 2015 | 17.6× |
| Dec 2016 | 18.1× |
| Dec 2017 | 18.1× |
| Dec 2018 | 18.2× |
| Dec 2019 | 18.4× |
| Dec 2020 | 19.1× |
| Dec 2021 | 18.8× |
| Dec 2022 | 19.5× |
| Dec 2023 | 19.9× |
| Dec 2024 | 19.7× |
| Dec 2025 | 19.4× |
| Sep 2026 | 19.2× |
Data retrieved October 16, 2026. Figures cover the Richmond metro area.
The numbers and rules that matter in Richmond
Zillow Home Value Index, Richmond metro, Sep 2026 (+2.6% YoY).
Zillow Observed Rent Index, all home types, Sep 2026 (+2.5% YoY). Single-family 3-beds rent higher.
Typical rent ÷ typical home value. Well under the 1% rule; plan on cash flow from buying right, not from rents.
Over the past year: home values +2.6%, rents +2.5%.
Live on the lot: house hacks, ADUs and the STR rule
Richmond's short-term rental rules push investors toward owner-occupied deals. In residential districts an STR has to be on the lot of the operator's primary residence, and only one is allowed per lot. You can't buy a house across town and run it as an Airbnb, but you can live in one unit and rent another.
The city allowed accessory dwelling units by right in 2023. A lot with room for a backyard cottage or a basement apartment can produce rent (long-term, or short-term if you live on the lot) without buying a second property.
For a long-term house hack, a duplex or a rowhouse with a separate unit lets you use owner-occupant financing while a tenant covers part of the payment. That's often the only way a median-priced Richmond purchase gets close to breaking even.
- Richmond is rewriting its zoning code (Code Refresh). The August 2026 draft dropped a proposal to allow duplexes by right in single-family neighborhoods, and the council hasn't voted yet. Confirm what a lot allows under the code in force when you buy.
- Historic districts cover much of the older city. Exterior changes and new structures there can need approval, which adds time and cost.
- Building an ADU is expensive. Get a builder's bid and run the rent math before you pay for a lot's potential.
- The STR primary-residence rule is checked against DMV or voter registration records. If you move out, the STR has to stop.
Virginia landlord-tenant basics
Most Richmond rentals fall under the Virginia Residential Landlord and Tenant Act (Va. Code Title 55.1, Chapter 12). It's balanced rather than landlord-friendly, and it changed in 2026:
- Nonpayment: since July 1, 2026, the pay-or-quit notice is 14 days, up from 5 (HB 15 / SB 48, 2026 session). Courts won't grant judgment for unpaid rent on a 5-day notice anymore.
- Security deposit: capped at two months' rent. Return it, with an itemized list of any deductions, within 45 days after the tenancy ends or the tenant moves out, whichever is later.
- No rent control: Virginia localities can't cap rents. A 2026 bill to let them limit increases (backed by the City of Richmond) was continued to 2027 in a Senate committee, and the Virginia Housing Commission is studying the idea. Treat it as a live political risk.
- Rental inspections: Richmond's city council passed a rental inspection ordinance in November 2025. Inspections only apply inside rental inspection districts the council designates after public hearings. Ask whether a property falls in one before you buy.
- Older homes: much of the city was built before 1978, so federal lead-paint disclosure applies to most rentals, and renovation work has to follow lead-safe rules.
Short-term rental rules in Richmond
Richmond rewrote its STR rules in Ordinance 2023-235 (adopted September 25, 2023). They're strict about who can operate:
- In residential zoning districts, the STR must be on the lot of the operator's primary residence, verified with Virginia DMV or voter registration records. Absentee whole-home STRs aren't allowed there.
- Only one short-term rental is allowed per lot in a residential district.
- You need a city STR permit, and the property must pass an inspection before the city issues its zoning compliance certificate. Check the city's STR page for the current fee and renewal period.
- Non-residential districts allow STRs in multifamily buildings, capped at 10 units or one-third of the building's units, whichever is less.
- Short stays owe Virginia sales tax and Richmond's lodging tax. Confirm which ones your platform collects for you.
- Henrico and Chesterfield counties have their own rules. HOAs and condo bylaws can prohibit STRs regardless of city rules.
Last reviewed October 15, 2026. General information, not legal or tax advice — rules and fees change, so confirm with the city, the statute, or your attorney before you rely on them. Sources: Zillow Research data (ZHVI, ZORI) — Richmond metro; Va. Code § 55.1-1226 — Security deposits; Va. Code Title 55.1, Chapter 12, Article 5 — Remedies (incl. § 55.1-1245); Kaufman & Canoles — Virginia extends pay-or-quit notice to 14 days (effective July 1, 2026); Virginia Mercury — Housing bills on the way to Spanberger's desk (2026); The Richmonder — Rent stabilization bills backed by Richmond fail in General Assembly; City of Richmond — Short-term rentals; City of Richmond — Zoning changes; Virginia Housing Alliance — Richmond regulates STRs and allows ADUs by right; VPM — Richmond council passes rental inspection ordinance (Nov 2025); WTVR — Richmond Code Refresh third draft (Aug 2026).
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Questions investors ask about Richmond
Is Richmond, VA a good place to buy a rental property?
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It's a steady growth market, not a cash-flow market. The metro has gained about 5.5% in population since 2020 and adds jobs every year, but typical rents of about $1,730 against typical home values of about $395,000 won't cover a financed median-priced purchase. Investors here buy below median, renovate older homes, or house hack.
Can I run an Airbnb in Richmond?
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Only at your own primary residence if the property is in a residential district. The city requires the STR to be on the lot where the operator lives (checked against DMV or voter records), allows one per lot, and requires a permit and an inspection. Investor-owned whole-home STRs aren't allowed in residential areas.
What changed in Virginia landlord law in 2026?
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The biggest change: since July 1, 2026, tenants get 14 days to pay overdue rent after a written notice, up from 5, before a landlord can terminate the lease for nonpayment. Deposits are still capped at two months' rent with a 45-day return deadline, and there's still no rent control, though a bill to allow it is being studied for 2027.
Does Richmond inspect rental properties?
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It can. City council passed a rental inspection ordinance in November 2025, but inspections only apply inside districts the council designates after public hearings. Check whether a property is in one before you buy.
How do I find an investor-friendly agent in Richmond?
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Tell us your strategy, budget and target area. We'll look for an investor-focused agent who works Richmond and fits what you're doing. It's free for investors.
What does it cost to use Agents Invest?
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Nothing. Agents Invest is free for investors. The agent pays us a referral fee only if you close a deal with them.
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