Richmond Rent Prices (North Highland)

[Slaiman Atayee]

I'm trying to figure out the monthly rent I can expect from a multi-family unit in a the North Highland Park neighborhood in Richmond VA, but i'm having trouble coming up with accurate figures. I can find information on rent prices in the overarching Richmond market, but nothing specific to that sub-market, which i'm pretty rents lower. There's a very small sample size for comparable apartments on zillow/craigslist/realtor.com and I was wondering if anyone has any strategies they've used to calculate accurate/conservative rent prices for specific neighborhoods?

[Trevor Ewen]

@Slaiman Atayee

Rentometer may be able to provide some decent estimates to get started. If you're working with a manager, I would ask their opinion.

We have a duplex in the 'Southern Tip' of Highland Park. We rent each of the 2 bedroom units for $845.00. At the time we bought it, it was a little high for the area. They are fairly new units with decent amenities. 

I wouldn't be shocked by an upward trend of rents in the area. These are Section 8, so we are locked in, and the rate is fine for us as a tradeoff for tenant stability.