Here's what $2,000 in rent gets you in Richmond
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A monthly rent of $2,000 can get you a 1,137-square-foot apartment in the Richmond area, per a new Redfin report.
Why it matters: That's 34 whole square feet larger than the national estimate of 1,103 square feet.
The big picture: Across the country, renters with that budget can afford 70 more square feet than they could in 2022, when rents peaked — enough for a small office, according to Redfin.
- Brand new apartments flooded the market over the past few years, helping to slow rent hikes.
Between the lines: The median asking rent, or the cost of a new lease, was recently $1,585 in the Richmond area and $1,615 nationwide, per the report.
- Researchers analyzed apartments in buildings with five or more units that were listed on Redfin.com or Rent.com between last August and October.
Reality check: Many are pouring money into rent.
- Over a quarter of U.S. renters spend more than half of their income on housing, census data shows.
What we're watching: As people postpone home purchases, increased apartment demand and less apartment construction pave the way for higher rents.