Setting rent is one of the biggest calls a landlord makes. Set it too high and the unit sits empty while the mortgage, taxes, and utilities keep coming due. Set it too low and you leave money on the table every month, which is hard to fix once a lease is signed. Here’s a practical way to land on the right number for a rental in Richmond, Chesterfield, or Henrico, along with the Virginia rules that shape how and when you can change it.
I’m Joe, owner of We Buy Homes In Richmond. We’re a family-owned company, and I’ve worked in Richmond-area real estate since 2010. Plenty of the owners I talk with are landlords, so these are the questions that come up over and over.
Step 1: Find real comparables
Your best guide is what similar homes nearby are renting for right now. Look for:
- The same type of property: a single-family house, a duplex unit, a townhouse, or an apartment
- The same number of bedrooms and bathrooms, and about the same square footage
- The same area. Rents in the Fan, Church Hill, Southside, Midlothian, and western Henrico can be very different from each other, so stay as close as you can.
- Current listings, plus listings that rented recently, if you can find them
Pull five or more comparables from the major rental sites and local property managers’ listings. Pay attention to how long each one has been listed. A unit that has sat for two months is telling you its price is too high.
Step 2: Adjust for your property
No two rentals are the same. Adjust up or down for things renters care about:
- Condition and updates. Newer kitchens and baths, flooring, and HVAC.
- Washer and dryer. In the unit, hookups only, or none.
- Parking and yard. Off-street parking matters a lot in parts of the city.
- Utilities. Whether water, sewer, or trash are included.
- Pet policy. Allowing pets widens your pool of applicants.
- Location details. Distance to VCU, the hospitals, major employers, bus lines, and I-95, I-64, and I-195.
Step 3: Check your own costs
The market sets the rent, but you still need to know your break-even. Add up your monthly mortgage, real estate tax, insurance, any utilities you pay, HOA dues, and a realistic amount set aside for repairs and vacancy. If market rent doesn’t cover that, raising the price won’t fix it. It usually just means more empty months.
Step 4: Price for a quick lease-up
An empty month can wipe out the gain from a small increase. If you’re stuck between two numbers, going a little lower to sign a strong tenant sooner is often the better deal over the year.
Virginia rules that affect your rent
Virginia gives landlords a lot of freedom on price, but there are rules about timing, fees, and fairness.
No rent control
Virginia doesn’t have rent control, and localities like Richmond, Chesterfield, and Henrico can’t set their own caps. The market sets the price.
Raising rent during a lease
A fixed-term lease locks in the rent for its term. Under § 55.1-1204, a change to the lease terms isn’t valid unless proper notice is given and both you and the tenant agree to it in writing. Most increases happen at renewal.
Notice before a renewal increase
Under Va. Code § 55.1-1204, a landlord who owns more than four rental units, or more than a 10% interest in more than four, must give written notice of a rent increase at least 60 days before the lease ends. This applies when the lease renews or automatically renews, and the same 60 days applies to a notice of nonrenewal. The General Assembly has already approved a change that makes the rent-increase notice 90 days starting July 1, 2027. Plan your renewal letters around that date.
Month-to-month tenants
For a month-to-month tenancy, a new rent takes effect on the next rent due date that’s at least 30 days after you give written notice, under Va. Code § 55.1-1253.
Late fees and deposits
- Late fees have to be written into the lease, and they’re capped. Under § 55.1-1204, a late fee can’t be more than 10% of the periodic rent or 10% of the unpaid balance, whichever is less.
- Security deposits can’t be more than two months’ rent, under § 55.1-1226.
Fair housing
Set one price and one set of standards for everyone. Virginia’s Fair Housing Law protects against discrimination based on race, color, religion, national origin, sex, elderliness, familial status, source of funds, sexual orientation, gender identity, military status, and disability. “Source of funds” includes housing vouchers. Virginia allows a narrow exemption for very small landlords. Our tenant screening guide explains how it works.
Keeping good tenants is part of the math
A fair rent paired with quick repairs and clear communication keeps good tenants longer. That’s often worth more than squeezing out the top number each year. We put together a few ideas in things a Richmond landlord can do to keep tenants happy.
When the rent won’t cover the house
Sometimes you run the numbers and the rental just doesn’t work. Maybe the market rent is below your costs, or the property needs big repairs before anyone will rent it. Some owners also find they’re done being landlords.
If that’s where you are, selling may be the cleaner path. We buy rental houses and multifamily properties as-is, in any condition. There are no commissions or fees, and we pay the closing costs. We can close in about 7 days or on your timeline. We buy across Richmond, Chesterfield, Henrico, Chester, Midlothian, and nearby. You can read about how our process works, then request a no-obligation cash offer or call (804) 293-0208. I reply within 3 hours.
This article is general information, not legal advice. It summarizes Va. Code §§ 55.1-1204, 55.1-1226, 55.1-1253, 36-96.2, and 36-96.3 as of October 2026. Landlord-tenant law changes often, so check the current Code of Virginia and talk with a Virginia attorney about your lease.