The pandemic had an impact on rent prices in major cities and neighborhoods across the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of year-over-year neighborhood and city snapshots.
The subject of today’s snapshot is Downtown, Richmond, Virginia. Based on our analysis, Richmond’s year-over-year average rents increased among selected bedroom unit types.
Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for Downtown Richmond 1-2 bedroom rents from November 1, 2020 – November 1, 2021:
As the table shows, 1BR units increased by 3% from last year or $38 more, and 2BR units increased by 2% or $28 more. As demonstrated by the table, year-over-year performance for selected bedroom types saw no significant change in rent price.
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This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.