Exclusive: Richmond has more empty apartments — and rising rents
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Illustration: Aïda Amer/Axios
There are a lot of apartments sitting empty in metro Richmond, per new vacancy data the CoStar Group shared exclusively with Axios.
Why it matters: Richmond has more apartments available after a record building boom, but that hasn't solved the region's housing crisis — especially for renters who can't afford the new supply.
By the numbers: Metro Richmond's apartment vacancy rate was 8.1% as of Sept. 1, according to CoStar Group.
- That's higher than the national rate — 7.9% — and well above Virginia's 6.4%.
- Richmond's vacancy rate is down from a recent peak of 9.8% in late 2023, but still nearly double its pandemic-era low of 4.3% in 2021, CoStar's Nick Leverett tells Axios.
- Virginia-based CoStar Group, which owns Apartments.com, tracks more than 109,000 market-rate Richmond units across the region.
Zoom in: Vacancy rates vary widely in the area:
- Chesterfield's rate is the lowest at 6.4%, followed by Henrico at 8% and Richmond city at 8.6%.
The intrigue: In some city neighborhoods, more than 1 in 10 tracked apartments are vacant:
- Scott's Addition's rate: 11.2%
- Old Town Manchester: 11%
- Museum District: 10.1%
Zoom out: Richmond is still absorbing a historic wave of new apartments.
- Apartment deliveries peaked in 2023 at roughly 5,450 units — the most on record and nearly double Richmond's decade-long annual average of about 2,850, per Leverett.
- But the building wave has since receded: Just 2,150 units were delivered over the past 12 months, below the historical average.
- As those new apartments hit the market, vacancy rates rose. CoStar says they're now generally beginning to fall as that supply gets absorbed.
Yes, but: More vacancies haven't meant cheaper — or more accessible — apartments in Richmond.
- The average Richmond apartment rents for about $1,439 a month, up 1.1% from a year ago, per Apartments.com.
- And rents in those high-vacancy neighborhoods — like Scott's and the Museum District — remain well above the city's average, both over $1,900 a month.
- Annika Schunn of HOME of Virginia says the disconnect underscores that "it's not just how much we're building, but it's what we're building."
- She also notes that strict tenant-screening — like high credit scores or income standards — can narrow the pool further, shutting out renters who could otherwise afford the rent.
But, but, but: Some complexes in those neighborhoods are now offering move-in specials, like a month or two of free rent, so there's at least a short-term silver lining for local renters.
The bottom line: Richmond has apartments available, but that doesn't mean it has enough apartments Richmonders can afford.