Richmond, MN

  • Overview
  • Performance
  • Listings
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Key Performance Metrics

Market snapshot

Performance indicators for the Richmond short-term rental market based on reliable data.

Listings

26 / 80

Reliable / Active

Cap Rate

8%

Middle-Earners Gross Yield

Revenue

$27,516

Middle-Earners Revenue

Occupancy

38%

Middle-Earners Occupancy

Home Value

$366,325

Median Home Sale Price

Top Earners

$47,768

Top-Earners Revenue

Richmond

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Richmond.

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C

Challenging to Investors

Richmond Regulations

City only allows STRs that qualify as a Bed & Breakfast—owner‑occupied, max 7 nights in 30 days, and often requiring a CUP and fire inspection—while typical non‑owner‑occupied STRs are prohibited in residential zones. Investors must also obtain a county permit, carry $500k liability insurance, and satisfy inspections and taxes, making compliance costly and complex. Enforcement uncertainty between city and county and the restrictive stay/occupancy rules limit viable models and deter most investors.

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About Richmond

Richmond is a small city in Stearns County, in the heart of central Minnesota, with a population of roughly 1,400 residents. The community has the feel of a quiet rural Minnesota town, surrounded by farmland, hardwood forests, and a network of small lakes and rivers typical of the state's central lake country. It is best known as a gateway to outdoor recreation along the Sauk River corridor and as a peaceful small-town base for visitors exploring the broader St. Cloud region. Richmond sits about 25 miles west of St. Cloud and roughly 90 miles northwest of the Minneapolis–Saint Paul metro area, putting it within easy reach of the Twin Cities while still feeling a long way from urban traffic.

One of the most popular natural attractions in the immediate area is the Sauk River, which winds through the region and offers fishing, canoeing, and kayaking. The river and its associated wildlife management areas attract birdwatchers and paddlers looking for a quieter alternative to the busier lakes elsewhere in Minnesota. The Sauk River's gentle flow through the farmlands and woodlands west of St. Cloud makes it especially appealing for families and casual outdoor enthusiasts.

Just a short drive east of Richmond, near Cold Spring and Waite Park, lies Quarry Park and Nature Preserve, a Stearns County park built on the site of former granite quarries. The park features clear, deep swimming holes carved from old quarry pits, several miles of hiking trails through woods and rock outcrops, and a popular cliff-jumping area that draws visitors from across central Minnesota. It is a roughly 20-to-30-minute drive from Richmond and is a marquee day-trip destination for guests staying in the area.

A bit farther afield, the town of Sauk Centre — about 20 miles northwest of Richmond — is the boyhood home of Nobel Prize-winning author Sinclair Lewis and home to the Sinclair Lewis Boyhood Home, a small museum operated as a historic site. The drive to Sauk Centre passes through rolling farmland and offers a glimpse of classic central Minnesota prairie scenery. To the south, the city of Cold Spring provides small-town amenities, while the broader Sauk Lake and Horseshoe Lake chain — popular for walleye fishing and water recreation — lies within a short drive.

Richmond makes a compelling base for a short-term rental because it offers a genuinely quiet, small-town Minnesota experience without isolating visitors from a wide range of regional attractions. Guests can spend mornings paddling the Sauk River or swimming at the local lake, afternoons hiking at Quarry Park, and evenings enjoying the slower pace of a rural community. Its central location, proximity to St. Cloud, and access to both natural and cultural destinations in central Minnesota make it well suited to travelers seeking outdoor adventure, a family-friendly retreat, or a peaceful rural escape within reach of the Twin Cities.

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