Rents increase by 25 percent in Richmond area in 6 years

RICHMOND, Va. (AP) — A real estate research company says rents have increased by about 25 percent in the Richmond metro area since 2012.

The Richmond-Times Dispatch reports that CoStar Realty Information says average monthly rents for a one-bedroom apartment in the metro area have gone from about $800 in 2012 to just under $1,000 at the end of this year, according to CoStar. In some neighborhoods, the increase has been even steeper.

The trend shows no sign of abating as the region’s population continues to grow. The combined population of the city of Richmond, along with Chesterfield, Hanover and Henrico counties topped an estimated one million people for the first time this year. That’s added another 70,000 people to the metro-area’s core since 2012 and created an unprecedented demand for apartments.


Information from: Richmond Times-Dispatch, http://www.richmond.com

Copyright © 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.