Rents Are Rising Across The Commonwealth

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Red arrow going up from left to right in increments over bold block letters reading RENT

Housing is costlier for many Virginians as rents continue to rise at the fastest pace in decades.

Richmond-based CoStar Group, which provides information, analytics, and marketing services to the multifamily and commercial real estate industry, reports that nationally, rents increased 11.3% last year, and this fast pace of growth has only increased in 2022. In fact, CoStar is forecasting another 6 percent rise in U.S. rents this year, about double pre-pandemic norms.