How many renters live in Richmond County, Virginia?
The County of Richmond County has 8,968 people living in 2,834 households.
There are 2,203 renters living in 890 renter households in this County. Renters make up 24.57 percent of the population living in Richmond County.
What is the rental market like in Richmond County, Virginia?
There are an estimated 3,944 housing units in the Richmond County area. Of these, 978 units are rental homes, making up 25 percent of the housing market. For every renter household in Richmond County, Virginia, there are 1 rental units.
What is the vacancy rate for rentals in Richmond County?
The rental vacancy rate in Richmond County is 9 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Richmond County for each bedroom size?
Occupied Rental Units by Size in Richmond County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 20 | 106 | 491 | 176 | 87 |
Occupied Rental Units by Size in Richmond County
A large number of apartments in Richmond County have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Richmond County are overburdened by housing costs?
Among renter households in this market, 25 percent have housing cost burden. Further, 8 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Richmond County
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $889 to $1,884. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $889 |
| One BR | $895 |
| Two BR | $1,110 |
| Three BR | $1,342 |
| Four BR | $1,884 |
2024 Fair Market Rents in Richmond County, Virginia
How many units are rented at Fair Market Rent (FMR) in Richmond County?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 20 | 100 percent |
| One BR | 89 | 84 percent |
| Two BR | 314 | 64 percent |
Rental Units Below FMR in Richmond County, Virginia
How many affordable rental units are in Richmond County?
There are a variety of federal affordable housing programs serving households in Richmond County, Virginia including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 104 |
| USDA Section 515 Rural Rental Housing | 116 |
Tracked Units by Federal Program in Richmond County, Virginia
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Richmond County, Virginia
Richmond County features 346 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Richmond County, Virginia
There are 213 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Richmond County.
Housing Choice Vouchers in Richmond County, Virginia
On average, Section 8 Housing Choice vouchers pay Richmond County landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Richmond County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Richmond County, Virginia for a two-bedroom apartment is between $999 and $1,221.
Sourced from federal housing data and AffordableHousingOnline.com research.
