3 Rental Trends in Richmond Investors Need to Know About in 2026

Richmond closed out 2025 with a housing market that defied the typical cooling expected from rising interest rates. Home prices continued to climb, albeit at a slower pace, while properties flew off the market faster than in many comparable metros. There was no hint of a crash, even as the frenzy that marked previous years settled into a steadier rhythm.

Investors stepping into 2026 face a nuanced landscape. Sellers still hold considerable leverage in many neighborhoods, keeping prices firm. Meanwhile, multifamily vacancy rates have inched upward, signaling some easing in rental supply pressures. At the same time, rents continue their upward trajectory, underscoring strong tenant demand. This combination makes 2026 a year for selective but promising investment opportunities.

In this article, we’ll unpack the top three Richmond real estate investing trends shaping the market and how you can use them to develop your 2026 strategy.

Methodology & Sources Used in This Blog

The insights here draw on a range of trusted data sources and forecasts. Norada’s 2025–26 Richmond forecast projects a modest 2.5% price growth, with 1.3% appreciation already recorded over the past year. Homes are moving quickly, with a median of just 13 days to pending and 42.5% of sales going for over the listing price.

Additional data comes from local experts’ year-end 2025 summaries of Richmond and surrounding counties, detailing median prices, months of supply, and closed sales trends.

To round out the picture, platforms like Zillow, Zumper, and Steadily provide up-to-date rent levels, year-over-year changes, and comparisons against national averages, ensuring a comprehensive understanding of Richmond’s dynamic market.

Trend 1 — Competitive but Gradually More Affordable For‑Sale Market

Norada’s metrics reveal an average home value in Richmond of $382,022, up 1.3% year-over-year, with a median sale price slightly higher at $389,667. Homes are selling fast, with a median of 13 days on the market and a sale-to-list ratio holding steady at 1.00. Notably, 42.5% of homes sold above their asking price, underscoring ongoing buyer competition.

A local real estate agent’s 2025 recap tells a similar story: a year-to-date median price of $428,750, a robust 7.5% year-over-year increase, though closed sales dipped slightly by 2.9%. Inventory remains tight at around 1.8 months of supply, reinforcing the idea that demand outpaces availability, even if the volume of transactions is somewhat constrained.

The outlook for 2026 is for steady prices rather than dramatic swings, as affordability improves gradually and buyers adjust to the new normal.

Why 2026 Might Feel More Accessible to Investors

Mortgage rates are slowly drifting downward, and wage growth is helping to ease the monthly payment burden for many buyers. This shift encourages some sellers who held back in 2024 and 2025 to list their homes again, increasing inventory and choice.

Out-of-state buyers remain attracted to Richmond’s relative affordability compared to Washington, D.C., and Northern Virginia. However, the pace of their purchases is more measured, reducing the extreme bidding wars seen in prior years. For investors, this means a better chance to compete without overpaying, making 2026 feel more accessible and less frantic.

Investor Strategies in a Slow‑Growth Seller’s Market

Investors should hone in on updated, turnkey homes in neighborhoods with strong rental demand. The gap between properties ready to rent and those needing significant work widened in 2025 and is expected to persist, making ready-to-go homes particularly valuable.

Submarkets with slightly longer days on market or more balanced list-to-sale ratios offer negotiation opportunities while benefiting from the overall metro stability. When underwriting deals, it’s prudent to assume 2-3% annual price growth and prioritize cash flow and rent-driven returns over speculative appreciation.

Trend 2 — Multifamily: Temporary Supply Overhang, Long‑Term Growth Story

As of November 2025, Richmond’s multifamily sector included 107,687 units across 1,097 properties. The market vacancy rate stood at 9%, slightly above the national average of 8.4%. Despite this, net absorption over the past 12 months totaled 2,958 units — about 18% above the historical average — indicating robust demand.

The peak delivery year was 2023, with 5,479 new units added — nearly double the historical average. While deliveries remained elevated in 2024 and 2025, the pace is moderating, signaling a market in transition rather than one overwhelmed by supply.

Pipeline, Rents, and Pricing Signals

Currently, 5,202 multifamily units are under construction, suggesting continued supply pressure in the near term. Vacancy rates are expected to peak around 9.4-9.5% by early 2027 before gradually declining.

Rent growth is modest at about 0.6% annually, below the long-term average of 3.8%. However, CBRE’s Q2 2025 data shows average rents inching up to $1,593, a 1.7% increase from the previous quarter, indicating steady upward momentum despite elevated vacancies.

Sales activity through November 2025 included 28 transactions totaling $485 million. The average price per unit jumped 30% year-over-year, from $159,437 in 2024 to $207,546 in 2025, reflecting renewed confidence in higher-quality assets.

Investment Implications Through 2026

Richmond’s multifamily market is at a pivotal point. The current elevated vacancy is largely a temporary supply overhang, not a sign of weakening demand. This creates opportunities to acquire properties below replacement cost.

Investors focusing on 2026 acquisitions should target well-located, institutionally sized assets with 50 or more units. Managing lease-up risk is key, so properties with demonstrated absorption rates are preferable. Conservative underwriting should assume modest rent growth and slightly rising vacancy through 2026, followed by accelerating rent growth and cap-rate compression starting in late 2026 or 2027 as the supply pipeline is absorbed.

Trend 3 — Rents Rising with Strong Demand, Especially in Single‑Family and Suburban Rentals

Home values in Richmond are steadily increasing, and many homes sell for above their asking price, which helps explain why many households continue renting instead of buying.

In January 2026, Zillow reported an average rent of $1,599 across property types in Richmond, with 885 rentals available. This represented a $49 year-over-year increase, signaling steady demand.

Zumper’s January 2026 data showed a median rent of $1,565, $335 below the national median. This positions Richmond as both a growth and value market for landlords. Steadily’s figures show that average apartment rents sit at $1,402 — about 14% below the national average — while median house rents reach $1,595, indicating single-family rentals command a premium but remain affordable compared to ownership costs.

Demand Drivers and Suburban/Peripheral Growth

Richmond continues to attract young professionals, students, and families drawn by affordability relative to D.C. and Northern Virginia, alongside strong employment in healthcare, finance, and tech sectors.

Despite new apartment complexes, there’s a shortage of rental units, particularly for single-family rentals favored by families and professionals. Suburban counties like Chesterfield, Henrico, and Hanover are seeing robust household formation, with local outlooks predicting steady rent growth and tight single-family rental inventories into 2026.

How Investors Can Capture Rent Growth in 2026

Investors should focus on single-family and small multifamily rentals in family-oriented neighborhoods and suburbs where demand outpaces supply and rent growth has been strongest. Upgrading existing rentals with modern finishes, energy-efficient features, and pet-friendly policies can help properties stand out and command above-average rents.

Professional property management is crucial to optimize lease renewals, reduce turnover, and time new listings for peak leasing seasons in spring and summer, capturing the highest rent premiums possible.

Why Partnering with Evernest Matters in Richmond

Richmond’s 2026 real estate scene is a complex blend of tight for-sale inventory, a multifamily market navigating a temporary supply bulge, and a rental sector where demand outpaces supply — especially for well-located single-family and small multifamily homes.

Successfully navigating these overlapping rental trends in Richmond requires more than gut instinct. It demands hyper-local data, proactive leasing strategies, and disciplined asset management. Evernest’s Richmond property management team brings on-the-ground experience combined with real-time insights into rent levels, absorption rates, and tenant preferences.

Whether you own one rental home or a growing portfolio of multifamily assets, partnering with Evernest will help you buy wisely, price strategically, and retain quality residents longer. This approach ensures you stay ahead of Richmond real estate investing trends in 2026 and beyond, maximizing returns in a shifting market.