Invest In Apartment Buildings In Richmond, CA

Where Richmond's Renter Demand Comes From

Richmond has 18,485 renter households, and renters make up 45.3% of households in a city of 115,505 (U.S. Census ACS 2020–2024). Median gross rent in Richmond, CA is $1,960 a month, a little under the California median of $2,036 and up 29.9% from $1,509 in the 2015–2019 survey. Median household income climbed faster, up 39.3% to $95,391. Even so, 56.1% of renter households spend 30% or more of income on housing, and the Census puts local unemployment at 8.3%, a figure worth watching against the city's job base.

Chevron's refinery is the center of the local economy. The company has run the refinery in Richmond since 1902, and in May 2025 ABC7 reported that it is the city's largest employer and taxpayer, with a Chevron-commissioned Oxford Economics study saying the refinery supports more than 3,800 jobs. The same report noted Chevron had discussed leaving Richmond, though its stated preference was to keep operating there. Health care is the other big anchor, led by Kaiser Permanente's Richmond Medical Center. Transit gives renters a second reason to be here: the Richmond BART station and the Richmond Ferry Terminal at Marina Bay connect the city to jobs in Oakland, Berkeley and San Francisco, so tenants can work elsewhere in the Bay Area and pay less than they would closer in.

For owners, that means a renter base that leans on commuters and on one large industrial employer. Demand has held up, as the 2% vacancy rate shows, but rent growth depends on what tenants earning Bay Area wages can stretch to, and more than half are already cost-burdened.

Supply, Rent Control And The Current Cycle In Richmond

Very little new apartment supply has reached Richmond, and the rules on older buildings matter more than the construction pipeline. The Census counts 8,138 homes in buildings of five or more units, 19.1% of the stock, and that number slipped 2.4% over five years. A decline is unusual for a growing city, and ACS estimates carry a margin of error, so we read it as roughly flat. Either way, the city is not adding large buildings fast. The Census rental vacancy rate is 2%, and the median building dates to 1966.

Richmond has its own rent control. Multi-unit buildings on one parcel built before February 1, 1995 are fully covered, while single-family homes, condos, subsidized units and newer construction are exempt. The Rent Board set the 2026 Annual General Adjustment at 1.5%, for increases taking effect from September 1, 2026, after 1.62% in 2025 and 1.4% in 2024, according to the city. Richmondside reported in late 2024 that about 7,700 of the city's roughly 18,000 rental units were under rent control. That puts a ceiling on rent growth for most of the older apartment stock a buyer would find.

The pipeline is thin. Richmond Confidential reported in March 2025 that Metrowalk II, about 150 units near Richmond BART, still needed nearly $6 million in gap funding and was aiming for move-ins by March 2028. At Marina Bay, a December 2025 proposal for 100 homes on a vacant waterfront parcel went to design review. Point Molate, once planned for large-scale housing, is now headed for park use after the council backed a sale to the East Bay Regional Park District in 2024.

The HUD fair market rent for a two-bedroom in the Oakland-Fremont area is $2,805 for FY2027, well above Richmond's Census median, which tells you how far below metro levels many controlled units sit. Anyone looking at apartment syndications in Richmond should start with a building's construction date, since a 1994 building and a 1996 building fall under different rules, then test whether operating costs can keep up with an increase capped near 1.5%.

Richmond Neighborhoods We Watch

Richmond's rental stock runs from waterfront townhomes to older walk-ups near BART, and rent control status changes with each building's age.

Where Richmond Stands Among Its Peers

Out of 276 California cities in our data, Richmond comes in 167th for median gross rent, 96th for renter share and 183rd for five-year rent growth. Its rents fall in the middle of the pack. Compared with the 2015–2019 survey, Richmond now has about 5,621 more residents, 130 fewer renter households and 200 fewer homes in buildings with 5 or more units. With fewer renter households than before, a building has to win tenants from competitors rather than from new demand.

Richmond Compared With Contra Costa County

Richmond's median gross rent of $1,960 is below the California median of $2,036, and its renter share is 45.3% compared with 44.1% statewide.

Rent Versus Income In Richmond

The median rent in Richmond works out to $23,520 a year, about 24.7% of the median household income of $95,391. Under the common 30% guideline, a household needs about $78,400 a year to cover that rent comfortably. That's close to the California figure of 24.6%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $451 a month ($5,412 a year), while median household income rose $26,912 a year. Income has outpaced rent, which means tenants have a bit more room in their budgets than they did five years ago. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $2,805, is 43.1% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Quick Facts: Richmond Rental Market

Here's the Richmond rental market in short form, with the source on every figure.

• Richmond, CA has 115,505 residents, up 5.1% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Richmond, CA is $95,391, up 39.3% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Richmond, CA is $1,960 a month, up 29.9% over five years (U.S. Census ACS 2020–2024).
• 45.3% of households in Richmond, CA rent, about 18,485 renter households (U.S. Census ACS 2020–2024).
• 19.1% of homes in Richmond, CA are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Richmond, CA is 2%, and 56.1% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Richmond, CA was built in 1966 (U.S. Census ACS 2020–2024).

What We Look For In A Richmond Apartment Building

Skyline buys 5+ unit apartment buildings in Richmond that either run well today or can run better with new management or renovation. We start with rents, occupancy and the condition of the building, and we price on what the property earns now.

Property taxes are a big line item for any California apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. California caps annual rent increases on most apartments older than 15 years under the Tenant Protection Act (AB 1482), and cities such as Los Angeles, San Francisco and Oakland have stricter local rent control. Our rent-control guides explain how these rules work. Insurance quotes in California reflect wildfire risk, so we get a quote before we make an offer.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Due Diligence For Apartment Syndications In Richmond

Before you invest in an apartment syndication in Richmond, with us or anyone else, the local data points to a few questions worth asking.

• What vacancy does the plan assume? Rental vacancy in Richmond is 2%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 29.9% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Richmond was built in 1966, so roofs, plumbing and electrical systems deserve their own line items.
• How will the building hold occupancy? Renter households in Richmond fell 0.7%, so the plan should show how it keeps units full.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Richmond Apartment Syndication Works

In an apartment syndication, Skyline acts as the general partner. We find the Richmond property, negotiate the purchase, arrange the loan and oversee management and any renovation. Limited partners put in capital and own a share of the entity that owns the building. They don't sign on the loan or deal with tenants and repairs.

Expect your money to be tied up for years, with no easy way to sell your share early, and remember that any investment can lose money. Most deals are open only to accredited investors under Rule 506(b) or 506(c). See investing with Skyline Capital for how we work with limited partners.

Getting Started

Start by joining our investor network. Members get market updates and educational content by email. When we have an opportunity in Richmond or another market, we contact eligible members directly. Joining is free and doesn't commit you to anything.