Mar 26, 2025 - Real Estate
Richmond renters stay longer in their homes as prices soar
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Renters are staying in their homes longer while homeownership costs spike.
The big picture: Renters move less often than a decade ago in all of the 50 most populous U.S. metro areas, according to a Redfin analysis of 2023 U.S. Census Bureau data.
- Roughly 34% in 2023 lived in the same rental for longer than five years, up from around 28% in 2013.
Zoom in: Around 15% of Richmond renters have stayed in their homes for at least five years, up from 11% in 2013.
- The median rent in Richmond right now is $1,580, per Redfin.
Sabrina's thought bubble: I'm a renter who has stayed in the same Richmond apartment for nearly five years and it's truly because I got a steal in 2020.
- Moving anywhere else right now would skyrocket my costs and likely be a worse apartment — and I refuse to suffer.
The bottom line: High housing costs are forcing more renters and homeowners to stay put.