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Studio Apartment for Rent in Richmond, IN

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    Starting at $800 Per Month

    • Studio - 3 Beds

    1817 Chester Blvd, Richmond, IN 47374

    Welcome Home to Chester Heights! We have just finished a recent expansion of our community, adding 72 brand new one and two bedroom apartment homes! Our newly built apartment homes feature all the amenities and style you want in a home. Call today to schedule a tour.

    Chester Heights Apartments

    (765) 542-5398

    1817 Chester Blvd, Richmond, IN 47374

Why Live in Richmond

Richmond, Indiana, located on the eastern edge of Wayne County near the Ohio border, is a city with a population of over 35,000. Known for its historic districts and affordable housing, Richmond features six areas on the National Register of Historic Places, including its Historic Downtown. The city is home to four college campuses, including Earlham College, and offers a range of attractions such as the Wayne County Historical Museum and the Joseph Moore Museum, both showcasing ancient Egyptian mummies. Art enthusiasts can explore works from the Richmond Group at the Richmond Art Museum. Outdoor activities are abundant with the Cardinal Greenway, Indiana’s longest rail trail, and Glen Miller Park, which offers trails, a disc golf course, and the Richmond Rose Garden. Dining options in the Depot District include Cordial Cork and Firehouse BBQ and Blues, while shopping is available in the Downtown district and Richmond Mall. The city hosts several annual events, including the Winter Meltdown Ice Festival and Oktoberfest. Richmond is conveniently situated within an hour's drive of both Indianapolis and Dayton, Ohio, with the James M. Cox Dayton International Airport 42 miles away. The city experiences warm summers and cold winters, with occasional tornadoes. Richmond's housing market is notably affordable, with home styles ranging from modest ranches and bungalows to Italianate and Tudor Revival homes.

Frequently Asked Questions

How much does it cost to rent a home in Richmond, IN?
The median rent for a home in Richmond, IN is $875 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Richmond, IN?
To comfortably afford the median rent in Richmond, IN, a household needs to earn roughly $35,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $875 per month in Richmond, IN, renters typically need to show $2,625 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Richmond, IN?
In Richmond, IN, the price-to-rent ratio is 14.0, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.

Rental Home Trends in Richmond, IN

Rental Home Trends

Number of Homes for Rent
1
Median Rent
$875
Median Single Family Home Rent
$895
Median Condo Rent
$738
How to Rent a Home