Richmond, Pittsburgh Become Less Affordable as Renters Flock to Cheaper Cities

Influx of out-of-town renters drives up prices in once budget-friendly markets

Published on Feb. 24, 2026

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As renters move from pricier cities to more affordable markets like Richmond, Virginia and Pittsburgh, Pennsylvania, they are inadvertently driving up prices and making those budget-friendly areas less affordable for everyone else. Rental vacancy rates have dropped in these cities, signaling a shift from renter-friendly to more balanced markets, with median rents rising as a result.

Why it matters

The migration of renters from expensive metros to more affordable cities is a nationwide trend, but it's having unintended consequences in places like Richmond and Pittsburgh. As these once budget-friendly markets become more desirable, long-time residents are facing higher housing costs, raising concerns about affordability and displacement.

The details

In Richmond, the rental vacancy rate plunged from 8.2% in 2024 to 5.2% in 2025, while the median asking rent jumped 1.9% to $1,509. Pittsburgh saw a similar shift, with its vacancy rate dropping from 8.7% to 6.9% and rents rising 0.9% to $1,427. Analysts say these markets have become magnets for college graduates, young professionals, and others seeking more affordable living and job opportunities, but the influx of new residents is straining the housing supply.

  • In 2024, Richmond's rental vacancy rate was 8.2%.
  • By 2025, Richmond's rental vacancy rate had dropped to 5.2%.
  • In January 2026, the median asking rent in Richmond was $1,509, up 1.9% year-over-year.
  • In 2024, Pittsburgh's rental vacancy rate was 8.7%.
  • By 2025, Pittsburgh's rental vacancy rate had fallen to 6.9%.
  • In January 2026, the median asking rent in Pittsburgh was $1,427, up 0.9% year-over-year.

The players

Jiayi Xu

Realtor.com economist.

Tania Jhayem

A real estate agent at Keller Williams The Marketplace's luxury division in Las Vegas.

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What they’re saying

“The consistency of new multifamily supply is the primary factor in determining whether markets like Pittsburgh and Richmond can meet long-term demand.”

— Jiayi Xu, Realtor.com economist (nypost.com)

“Units are being absorbed and vacancy is tightening, which tells us demand is present. At the same time, landlords are still pricing strategically and in some cases, they are offering concessions to keep properties leased.”

— Tania Jhayem, Real estate agent (nypost.com)

“A large portion of these households are choosing to rent first before deciding whether to purchase. That rent-before-buying pattern has been consistent and is helping absorb available units, especially in newer apartment communities and well-located suburban product.”

— Tania Jhayem, Real estate agent (nypost.com)

The takeaway

The migration of renters from expensive metros to more affordable cities is a nationwide trend, but it's having unintended consequences in places like Richmond and Pittsburgh. As these once budget-friendly markets become more desirable, long-time residents are facing higher housing costs, raising concerns about affordability and displacement.