Richmond is a hot city for renters looking to relocate

Richmond is one of the most desirable cities in the nation for renters, according to a new study from RentCafe.

Why it matters: Much of the interest in Richmond continues to come from folks looking to relocate from bigger cities, like D.C. and New York, Joanna Truscan with RentCafe tells Axios.

The big picture: Overall search traffic, saved listings and a dwindling number of available apartments landed Richmond the No. 10 spot on RentCafe's top renting destinations in the U.S. list.

• Searches for Richmond apartments were up 19% for the first half of 2024 compared to the same period in 2023, while the number of available listings dropped 14%.

Plus, the stats show apartment hunters are "favoriting" a significant number of listings and saving ongoing searches for available rentals in RVA, Truscan says.

• All of that suggests increased interest in living in Richmond with fewer apartments available to go around, she adds.

What they're saying: "Richmond has become a prime location for remote workers who can now reside there while being employed by companies in larger cities," Truscan tells Axios.

What renters find in RVA: The metro area's median rent is $1,514 and the region boasts newer apartments with newer amenities, per RentCafe.

• 41% of apartments have been built since 2000.
• 83% are "low-rise, garden-style communities, offering an urban-suburban vibe."
• 49% of apartments are two bedrooms.
• 37% are one bedrooms.
• 4% are studios.

What we're watching: Median rent by the end of the year if interest in relocating to Richmond remains strong.