May 23, 2022 - Real Estate

Richmond apartment prices a magnet for DC residents moving south

A map showing where all the people searching for apartments in Richmond are searching from.
Map: Apartment List

Nearly half of all searches for apartments in Richmond are coming from people outside of the area — and most of those searches are coming from folks in Washington, D.C.

Why it matters: Median rent has skyrocketed in Richmond — up 22.7% since March 2020 — while the apartment vacancy rate is 4.6%, the lowest rate in nearly 20 years.

  • An influx of new residents means existing Richmonders will see prices continue to climb as inventory shrinks even further.

Driving the news: Apartment List's renter migration report shows Richmond ranks fifth in the nation for cities with the highest percentage of apartment searching coming from outside the city.

By the numbers: 47.6% of Richmond apartment searches are coming from outside of the metro area. Of those searches:

  • 22% came from D.C.
  • 21% came from Virginia Beach.
  • 12% came from Baltimore.
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