PETERSBURG — A national apartment search engine ranked Petersburg the third most affordable place to live in Virginia for 2021. That low-cost living could be a thing of the past after a year of inflation that’s hit nearly every sector of the economy, especially rent prices. Petersburg’s rental rates soared faster than most localities around the state.

According to Rent.com’s July 2022 report, the average price for a one-bedroom apartment in the city is now $1,394, a rise of 57% since 2021. Two-bedroom costs in the city also rose 30% to an average cost of $1,650. That makes Petersburg the most expensive place to rent in the Tri-Cities. Similar units in Hopewell average $865 (one-bed), and $990 (two-bed). Units in Colonial Heights average $749 (one-bed) and $859 (two-bed), according to the report.

Petersburg’s one-bedroom growth rate was the highest in the region. One-bed rents in Richmond neighborhoods like Carytown and Scotts Addition grew slightly slower at 53% each. The city’s two-bedroom growth rate was third in the region behind North Chesterfield (36%) and Carytown (78%).

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