Townehouse Village Apartments
114 N 34th St,
Richmond, IN 47374
2-3 Beds | $860 - $1,025
Rental Market Trends in Richmond, IN
What is the average rent in Richmond, IN?
$767/month
Average Rent
706 Sq Ft
Average Apartment Size
+7.3%
Increase in the Last Year
As of May 2025, the average rent in Richmond, IN is $767 per month. This is 53% lower than the national average rent of $1,625/month, making renting in Richmond more affordable than most cities in the US. When you rent an apartment in Richmond, you can expect to pay about $615 per month for a studio, $767 for a one-bedroom apartment, and around $875 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $938 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Richmond, IN?
In the past year, rent has increased by 7.3%, which averages out to $57 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated May 2025
Legend
2024
2025
Rent Ranges in Richmond, IN
Last Updated May 2025
$700 - $1,000
Most rental prices fall within this range
Percentage*
Rent Range
12%
Below $700/month
88%
$700 - $1,000/month
0%
$1,001 - $1,500/month
0%
$1,501 - $2,000/month
0%
Above $2,000/month
What salary do I need to live comfortably in Richmond, IN?
Because the average rent in Richmond is $767, you’ll want to make about $2,556 per month or $30,672 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
Cost of Living
The cost of living in Richmond, IN is 17.1% lower than the national average. Generally, housing in Richmond is 36.8% less expensive than the national average, with rent falling between $615 - $938. You can expect to pay 4.2% less for groceries, 9.4% less for utilities, and 3.3% less for transportation.
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2025.
* Percentages may not total 100 due to rounding.