|Specialty||# of Agencies|
|Single House or Condo||8|
|Home Owners Association||7|
|Total Local Companies||19|
The average rent for a 3 bedroom house in Richmond, VA is $1,294.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Richmond, VA Rental Market OverviewWhile the national vacancy rate stood at around 8.2% at the end of 2013, the United States Census Bureau noted Richmond at 11.6% vacancy rate. This may change as more renting options become available.
Last year Richmond's old First National Bank Building on Main Street was renovated and transformed into 154 apartments. Currently the twelve-story 700 Centre building near the Richmond capitol is being renovated and another 174 apartments will be available before the end of 2014. These projects capitalize on urban core locations and the work-play-live lifestyle trend currently popular with the youngest renter demographic.
Historically Richmond has always been host to law and finance institutions, notably the U.S. Fourth Circuit Court of Appeals and the Federal Reserve Bank of Richmond. The area is the headquarters for Philip Morris, CarMax, CapitalOne and Genworth Financial. While other economies in Virginia are closely tied to the federal government, data from the U.S. Bureau of Economic Analysis indicates that federal contract awards made up only 1.9% of Richmond's gross regional product. The rest of the revenue is derived from the commonwealth and private business enterprises.
That's why a growing number of independent property owners consult with property managers before refining their rental asset portfolios. Richmond property management companies do more than specialize in marketing, accounting and maintenance coordination, they also employ real estate professionals who work directly with owners and renters. They understand the local rental market firsthand.