Rents are increasing in Richmond, one of a handful of metros where rent is increasing, according to Apartment List's rent report. The median rent for an apartment in metro Richmond was up 1.5% year-over-year, a sharp contrast from the national apartment market which saw a 1.7% decrease. This increase is attributed to a surge in multifamily construction over the past three years, particularly in the South and Mountain West. However, Richmond's apartment vacancy rate is now at 5.2%, down from 8.2% last year. The region continues to attract renters from pricier cities, pushing up rent. If Richmond wants to reduce rent prices, it will need to build more apartments.