Richmond Rent Prices — Updated for May 2026
Report for May 2026 · Updated monthly by Door Insight
The median rent for a two-bedroom unit in Richmond is $2,650 per month as of May 2026. One-bedroom units are asking $2,100, two-bedrooms $2,650, and three-bedrooms $3,500. Asking rents have declined 10.8% compared to the same period last year.
Richmond Rent Trends — Historical Chart
Richmond Rental Market Summary — May 2026
The median asking rent for a two-bedroom unit in Richmond is $2,650 per month as of May 2026. Month-over-month, two-bedroom rents declined 1.9%. One-bedroom units are listing at a median of $2,100, while three-bedroom units sit at $3,500. The two-bedroom segment is moving fastest year-over-year at -10.8%.
Year-over-year, Richmond's two-bedroom median asking rent has decreased 10.8%. One-bedroom rents moved -10.3% over the same period. Three-bedroom rents shifted -10.3% year-over-year. These figures reflect asking rents from active listings analysed by Door Insight.
By Property Type
Condo two-bedroom units in Richmond have a median asking rent of $2,700 (-9.7% YoY). House two-bedroom units in Richmond have a median asking rent of $2,600 (+6.1% YoY).
Property managers in Richmond should consider current market trajectory when setting rental rates. The data on this page provides a baseline for pricing decisions across Richmond's rental market. For property-specific estimates, Door Insight's Rent Estimator provides address-level analysis.
Average Rent in Richmond by Bedroom Count
The table below shows median and average asking rents in Richmond, British Columbia as of May 2026.
| Bedrooms | Median Rent | Average Rent | Month-over-Month | Year-over-Year |
|---|---|---|---|---|
| 1 Bedroom | $2,100 | $2,180 | ↑ 0.7% | ↓ 10.3% |
| 2 Bedroom | $2,650 | $2,676 | ↓ 1.9% | ↓ 10.8% |
| 3 Bedroom | $3,500 | $3,285 | ↓ 7.9% | ↓ 10.3% |
Among the bedroom types tracked in Richmond, 1 Bedroom units are showing the strongest year-over-year movement. Property managers pricing 1 bedroom units may have additional room to adjust asking rents, while slower-moving segments may warrant more competitive positioning to minimise vacancy.
Richmond Rent by Property Type
Rental rates in Richmond differ by property type. The table below breaks down median two-bedroom rents as of May 2026.
| Property Type | Median Rent (2BR) | Month-over-Month | Year-over-Year |
|---|---|---|---|
| All Types | $2,650 | ↓ 1.9% | ↓ 10.8% |
| Condo | $2,700 | ↓ 1.8% | ↓ 9.7% |
| House | $2,600 | ↑ 8.4% | ↑ 6.1% |
Among property types, House rents are growing the fastest year-over-year, while Condo rents are growing the slowest.
Condo Rent in Richmond
| Bedrooms | Median Rent | Average Rent | YoY Change | MoM Change |
|---|---|---|---|---|
| 1 Bedroom | $2,100 | $2,264 | ↓ 12.5% | ↑ 0% |
| 2 Bedroom | $2,700 | $2,746 | ↓ 9.7% | ↓ 1.8% |
| 3 Bedroom | $2,800 | $3,011 | ↓ 28.2% | ↓ 15.2% |
House Rent in Richmond
| Bedrooms | Median Rent | Average Rent | YoY Change | MoM Change |
|---|---|---|---|---|
| 1 Bedroom | $1,500 | $1,589 | ↓ 17.8% | ↓ 11.8% |
| 2 Bedroom | $2,600 | $2,536 | ↑ 6.1% | ↑ 8.4% |
| 3 Bedroom | $3,500 | $3,600 | ↑ 5.3% | ↓ 12.5% |
Is Richmond Rent Going Up or Down?
Richmond rents are falling. The current median two-bedroom asking rent is $2,650 per month. Year-over-year, two-bedroom rents have decreased 10.8%. Month-over-month, the change is -1.9%.
The softening trend in Richmond indicates increased competition among landlords. Property managers should price competitively and consider the value of minimising vacancy over maximising per-unit rent.
How Does Richmond Rent Compare?
Richmond vs. Nearby Cities
| City | Median Rent (2BR) | vs. Richmond |
|---|---|---|
| Vancouver | $3,300/mo | +24.5% |
| Victoria | $2,600/mo | -1.9% |
| Surrey | $2,100/mo | -20.8% |
Among nearby markets, Surrey offers the lowest two-bedroom median at $2,100/mo, while Vancouver is the most expensive at $3,300/mo. These differences can influence tenant migration patterns and pricing strategies for property managers operating across the British Columbia market.
What This Means for Property Managers in Richmond
Pricing Guidance
Based on current data, the median two-bedroom asking rent in Richmond is $2,650 per month. One-bedroom units are asking $2,100, and three-bedroom units list at $3,500. With two-bedroom rents down 10.8% year-over-year, the data suggests a more cautious approach to pricing increases. When pricing by property type: condo units have a median two-bedroom rent of $2,700; house units have a median two-bedroom rent of $2,600; Property managers should benchmark their asking rents against these figures and adjust based on unit condition, location, and amenities.
Lease Renewal Strategy
In a softening market with rents down 10.8% year-over-year, Richmond property managers may want to prioritise retention over rent increases. Holding steady on renewals can minimise vacancy and turnover costs.
Market Outlook
Based on current trends, Richmond's rental market is experiencing a cooling period. The most recent month-over-month movement of -1.9% provides a near-term signal for pricing direction. This is data-informed analysis based on listing trends and should not be treated as a guarantee of future market conditions. Property managers may want to monitor Door Insight's monthly updates for the latest figures.
About This Report
Data Sources
This Richmond rental market report is based on active and recently listed rental units analysed across major Canadian listing platforms during May 2026. Data is aggregated from listings across Canada and refreshed monthly.
Methodology
Both median and average rents are provided for each bedroom count. The median is used as the primary measure because it is less affected by extreme values at either end of the price range. All figures reflect asking rents (listed prices), which may differ from final lease prices negotiated between landlord and tenant.
Data Confidence
Neighbourhoods and property types with smaller sample sizes may be less representative of actual market conditions. Where sample sizes are shown, they can be used to gauge the reliability of that data point.
Update Schedule
This report is updated monthly. The next update is expected in July 2026.
Frequently Asked Questions About Renting in Richmond
- What is the average rent in Richmond?
- The median rent for a two-bedroom unit in Richmond is $2,650 per month. The average rent for a two-bedroom is $2,676 per month. One-bedroom units have a median asking rent of $2,100. Three-bedroom units have a median asking rent of $3,500. These figures are based on current listing data analysed by Door Insight.
- How much should I charge for a 2-bedroom rental in Richmond?
- The median two-bedroom rental rate in Richmond is $2,650 per month across all property types. By type: Condo at $2,700, House at $2,600. For a property-specific estimate based on exact address, unit size, and features, use Door Insight's Rent Estimator tool.
- Is rent going up or down in Richmond?
- Richmond rents are falling. The median two-bedroom asking rent has changed 10.8% year-over-year. Month-over-month, two-bedroom rents moved 1.9%. This data reflects current listing prices analysed by Door Insight.
- What is the vacancy rate in Richmond?
- Vacancy rate data for Richmond is updated periodically on Door Insight. Check back for the latest figures on rental vacancy in the Richmond market.
- Which Richmond neighbourhood has the highest rent?
- Neighbourhood-level rent data for Richmond is available through Door Insight's Market Rent Pro platform. Premium neighbourhoods typically command the highest asking rents in the city.
- Which Richmond neighbourhood has the lowest rent?
- For a detailed neighbourhood breakdown of Richmond rental rates, including the most affordable areas, explore Door Insight's neighbourhood data tools.
- How do Richmond rents compare to other British Columbia cities?
- Richmond two-bedroom median rents have decreased 10.8% year-over-year. For direct comparisons to other British Columbia cities, see the city comparison section on this page or explore individual city reports on Door Insight.
Get a Rent Estimate for Your Property
The city-level data on this page provides a market overview for Richmond. For a property-specific estimate based on exact address, unit size, and features, try Door Insight's Rent Estimator.
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