Richmond, VA

  • Overview
  • Performance
  • Listings
  • Buy Box

Key Performance Metrics

Market snapshot

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

Listings

1223 / 2931

Reliable / Active

Cap Rate

10%

Middle-Earners Gross Yield

Revenue

$34,324

Middle-Earners Revenue

Occupancy

72%

Middle-Earners Occupancy

Home Value

$361,133

Median Home Sale Price

Top Earners

$63,729

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

Richmond allows STRs but with moderate barriers including $300/year fees, extensive documentation, building inspections, and a strict one-STR-per-lot limit in residential areas. The primary residency requirement significantly restricts investment opportunities, while strict enforcement penalties (up to $2,500 fines and potential jail time) create high compliance risk.

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About Richmond

Richmond, Virginia, the capital city of the Commonwealth of Virginia, boasts a rich historical heritage and a vibrant urban environment. As of the latest estimates, the city has a population of approximately 226,000 people. It is located about 100 miles south of Washington, D.C., making it an accessible location for both residents and visitors looking to explore the broader region.

Richmond is renowned for its historical landmarks, such as the Virginia State Capitol, designed by Thomas Jefferson (https://www.virginiacapitol.gov/),,) and the American Civil War Museum (https://acwm.org/),,) which offers deep insights into the city’s role in American history. Additionally, the city is home to the famous Hollywood Cemetery (https://www.hollywoodcemetery.org/),,) where numerous notable figures, including Presidents James Monroe and John Tyler, are buried.

For those inclined towards arts and culture, the Virginia Museum of Fine Arts (https://www.vmfa.museum/)) stands out with its extensive collection of art spanning various periods and genres. Outdoor enthusiasts can enjoy the scenic beauty of the James River Park System (https://jamesriverpark.org/),,) which offers a variety of recreational activities such as hiking, biking, and kayaking.

Richmond’s eclectic neighborhoods, including Shockoe Bottom, Carytown, and the Fan District, offer diverse dining, shopping, and entertainment options that cater to a range of tastes. These areas are particularly favorable for short-term rentals as they provide visitors with a holistic living experience, combining convenience, culture, and community.

Considering its historical significance, diverse attractions, and proximity to major cities, Richmond, VA, presents a compelling appeal for those considering short-term rentals, whether for leisure or work-related travel.

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