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Tenant’s Guide to Finding Affordable Rental Homes in Richmond, VA

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Renters these days are on the hunt for affordable rental homes. Unfortunately, with factors like inflation, rising rental rates, and the difficulty of purchasing a home, it can be hard to find affordable housing. That said, there are some great resources and ways to ensure your housing situation meets your needs and budget. Read along as we go over how to find affordable rental homes in Richmond, VA. 

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Current Rates for Affordable Rental Homes in Richmond, VA

The average rental rate in Richmond is $1,393 per month for a one-bedroom rental. That said, rental rates in Richmond vary depending on what neighborhood you choose. As you’d assume, some neighborhoods are more affordable than others. If you’re looking for more affordable areas in Richmond, you may consider these locations

  1. Pleasant View- Average Rental Rate: $1,114
  2. Springdale- Average Rental Rate: $1,114
  3. Church Hill- Average Rental Rate: $1,200
  4. The Fan- Average Rental Rate: $1,273
  5. Old Town Manchester- Average Rental Rate: $1,366

Richmond Rental Trends Over the Past Several Years

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Rental rates have fluctuated over the past several years in nearly every US location. The rates we see this year may not be the same next year. That said, here are some of the average rental rates for a one-bedroom rental in Richmond over the past several years.

  • 2018 Average Rent: $1,053 per month
  • 2019 Average Rent: $1,069 per month
  • 2020 Average Rent: $1,142 per month
  • 2021 Average Rent: $1,146 per month

As you can see, trends suggest that rates have steadily increased over the past several years. The future isn’t certain, but we can assume that rates will continue to increase. That said, if you’re looking to find the most affordable neighborhoods in Richmond, here’s how to start your search.

How to Find Affordable Rental Homes in Richmond, VA

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Finding affordable rental homes in Richmond, VA, doesn’t have to be complicated. With today’s technology and available resources, there are several places to begin your search for housing. If you’re not sure where to start, here’s a guide to help you find your next rental home. 

  1. Start Your Search Early
  2. Choose a Neighborhood
  3. Look Online to Find Rentals
  4. Use More Than One Resource
  5. Tour Each Rental

Start Your Search Early

If you’re looking for a new rental home, don’t wait until the last minute to find one that you like. After all, if you wait too long, you may not find one that you like–and most leases are at least 12 months. Additionally, you’ll have to find housing that works with your budget. 

So, if you know that you’re going to move soon, make sure you start searching for new housing around 90 days before your move-out date. This gives you enough time to find a few possible rental options, so you can weigh the pros and cons. 

Look Online to Find Rentals

The easiest and fastest way to find rental homes in Richmond, VA, is by looking online. Whether you’re searching on your phone, laptop, or PC, several rental apps and websites list properties for rent. 

Check Out the Latest Rental Listings Here!

That said, finding an online apartment or rental listing app is a great place to start. You can easily filter out and focus on what kind of rental you’re looking for when you use online resources. For instance, most sites allow you to use filters to find the rental type, number of bedrooms, and amenities you’re looking for. 

looking-for-rental-housingChoose a Neighborhood

Once you’ve started your search, you’ll likely know what neighborhood you want to live in. In Richmond, there are several neighborhoods to choose from, all having their own unique benefits and qualities. 

If you want to choose a neighborhood based on average rental rates or factors like crime rates, make sure you use those filters in your search. To find affordable neighborhoods or rentals, you’ll want to use keywords like “cheap” or “affordable” during your search. 

Use More Than One Resource

Using just one online resource might not be enough to find the best rental for you. As such, most prospective renters use several different sites or resources while searching for rental homes in Richmond, VA. 

That said, you can look online at various listing sites, you can look for physical ads, or you can talk to other renters to see what they suggest. Additionally, if you’re looking online, look at all the details of each property before scheduling a tour with a property manager in Richmond

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Tour Each Rental

Before making any moves, make sure you tour each rental property that you’re considering. After all, you don’t want to move into a property that doesn’t align with your needs. Additionally, if you’re looking at several different properties, touring them in person can help you make a better decision. 

You could run into some significant issues if you decide not to tour a rental before moving in. So, even if the listing description sounds perfect, make sure you see that it’s suitable before signing a lease. 

Best Sites to Find Houses for Rent

Generally, finding rental homes in Richmond, VA, starts with a simple online search. Luckily, dozens of listing sites offer valuable information about rental homes and neighborhoods. That said, let’s go over some of the best sites to find rental housing

  • Apartments.com- This popular site is great for renters searching for specific amenities and criteria. Apartments.com has every type of property listed, from single-family rentals to apartments and townhomes. 
  • Zillow- One of the top sites for renters and homebuyers is Zillow. They offer a comprehensive way to search for your ideal property. 
  • Trulia- One of the most user-friendly rental apps is Trulia. One of their best features is Trulia Neighborhoods, which tells renters everything they need to know about a specific location.
  • HotPads- If you’re looking for rentals in large cities, HotPads is a great tool to help you search through tons of options. One of their most popular features calculates your commute time to work, school, etc. 
  • Zumper- This comprehensive site helps renters through every step of the process. Once you’ve found the perfect rental, Zumper can help you request a tour, submit an application, and even pay rent through a simple app.

Looking for Rental Homes in Richmond, VA?

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Finding a rental home can be stressful. However, it doesn’t have to be. Luckily, there are several great tools and resources to help tenants find rental homes in Richmond, VA. That said, if you’re having trouble finding rental housing, reach out to Bay Property Management Group. Our dedicated leasing professionals can help you find the best local listings that suit your needs and budget. 

Additionally, if you’re looking to buy investment properties in Northern Virginia, BMG offers comprehensive rental management services. Whether it’s tenant screening, maintenance, rent collection, or eviction services, we offer it all. Contact BMG today if you need services in Baltimore, Philadelphia, Northern Virginia, and Washington, DC.