House Renters Choose Richmond as Best Metro in the US

Richmond, VA, ranks #1 out of 75 US metros for single-family renters, earning high marks for job growth, affordability, and quality of life.
The average Richmond rental home offers 3.9 bedrooms and space for 2.6 vehicles, giving renters more room compared to other metros.
Single-family renting has surged nationwide, growing 31% in the past two decades, fueled by affordability challenges and the rise of build-to-rent housing.
Virginia places two metros in the top 10, with Virginia Beach-Chesapeake-Norfolk coming in at No. 8.

Key Takeaways

Renting on the Rise

Point2Homes reports that renting single-family homes is no longer just a stopgap before homeownership — it’s becoming a long-term lifestyle choice. Census data shows single-family rental households grew 31% over the last 20 years, outpacing owner-occupied homes. Rising mortgage rates and hefty down payments have pushed many people toward becoming house renters, while new build-to-rent developments continue to expand supply.

Against this backdrop, Richmond stands out as the nation’s top market for house renters.

Map of best US metros for single-family home renters, with Richmond VA ranked number one.

A Thriving Economy

Richmond earned its top spot largely on economic strength. The metro posted a 3.4% year-over-year job growth rate, second only to Boise, ID, and maintains an unemployment rate of just 3%. With eight Fortune 500 headquarters and a growing tech sector, renters benefit from both stability and opportunity.

The average single-family renter household earns $82,860 annually — close to the national average but paired with a lower cost of living, giving Richmond renters more breathing room.

Table of best metros for house renters in Economy and Housing, showing Richmond ranked 4th.

Spacious, Affordable Homes

Richmond rentals average 3.9 bedrooms, offering ample space for families or roommates. Parking is also plentiful, with 2.6 vehicles per household on average. Affordability remains a strength — about 53% of households can comfortably cover housing costs, a rare balance in today’s rental market.

Quality of Life Advantages

With nearly 70% of days boasting good air quality, Richmond outperforms most large metros. Commutes average 24 minutes, supported by walkable neighborhoods and public transit options that reduce car dependency.

Plenty to See and Do

Richmond renters enjoy a vibrant arts scene, numerous galleries, golf courses, and amusement parks. While the metro scores lower on restaurants and bars per capita, its mix of cultural and recreational amenities still offers renters a rich lifestyle.

East Coast Dominance

Richmond isn’t Virginia’s only strong performer. The Virginia Beach-Chesapeake-Norfolk metro ranked 8th overall, helping the East Coast claim five of the top 10 metros for house renters.

Why It Matters

Developers, investors, and renters are paying close attention to single-family rental markets. Branded as a flexible alternative to ownership, this segment is booming as households seek affordability and lifestyle balance. Richmond’s ranking reinforces its reputation as one of the most renter-friendly metros in the country.

Methodology

Point2Homes analyzed 75 of the largest US metros, scoring them on 25 weighted metrics across two categories: Economy & Housing and Community & Quality of Life. Data sources included the US Census Bureau, Bureau of Labor Statistics, EPA, and other public records. Metrics covered cost of living, job growth, commute times, air quality, and local amenities. Richmond earned a total score of 63.41/100, the highest nationwide.