Selling a Richmond Rental with Tenants in Place: the 14-Day Notice, the 2027 Rules, and the Richmond Area's Eviction Rate

Selling a rental property with tenants in Richmond, VA is legal, common, and mostly a math problem. The leases generally stay in place and the buyer becomes the landlord. What decides your move is the numbers: what the house costs to hold, what one bad tenant costs, and what Virginia's 2026 and 2027 rule changes add.

This guide covers the independent City of Richmond, with a short note for "Richmond" addresses in Henrico or Chesterfield County. If you already know the answer, see Richmond cash offer options and skip ahead.

Can you sell a rental property with tenants in Richmond, VA?

You can sell a rental property with tenants in Richmond, VA, because Virginia leases and security deposits pass to the buyer at closing. The Virginia Residential Landlord and Tenant Act (VRLTA), Va. Code § 55.1-1200 et seq., covers "all single-family and multifamily dwelling units" in the state (Va. Code § 55.1-1201(B)). A sale generally leaves each lease in place and changes who collects the rent.

The act puts three duties on a sale:

• Tell the tenants. After a sale, the landlord must notify each tenant and give the buyer's name, address, and a telephone number (Va. Code § 55.1-1216(B)). Those duties "extend to and are enforceable against any successor landlord or owner" (§ 55.1-1216(D)).
• Deposits follow the owner. Whoever holds the landlord's interest when a tenancy ends must return any deposit "duly owed to the tenant, whether or not such security deposit is transferred with the landlord's interest" (Va. Code § 55.1-1226(E)).
• Deposits are capped. No landlord may hold more than two months' rent as a security deposit (§ 55.1-1226(A)).

The deposit rule shapes every closing. Because the buyer will owe those deposits later, buyers typically expect them credited at closing.

Problem tenants come with the house

A buyer who takes the house with leases running takes the tenants as they are, late payers included. You do not have to finish an eviction first. A cash buyer may price a nonpaying tenant into the offer instead.

Month-to-month tenants

Either side may end a month-to-month tenancy with written notice at least 30 days before the next rent due date, unless the lease sets a different period (Va. Code § 55.1-1253(A)). A fixed-term lease generally runs to its end date unless you and the tenant agree in writing to end it early.

What is the eviction filing rate in the Richmond area?

The Richmond area's eviction filing rate was 24% in 2025, with 21,031 eviction cases filed against 87,921 renter households (Eviction Lab, "Preliminary Analysis: Eviction Filing Patterns in 2025," April 2026). Across every site Eviction Lab tracks, the average filing rate was 8.0%, or about one case for every 13 renter households. On Eviction Lab's own figures, the Richmond area ran about three times that average.

Read the number carefully. Eviction Lab's Richmond site covers 36 ZIP codes, so it describes a Richmond area, not the city limits alone (Eviction Lab, Richmond tracking page). A filing is a court case, not a completed eviction.

Demand is not the problem

Most occupied housing in Richmond is rented, not owned. The owner-occupied housing rate is 43.5%, and the median gross rent is $1,372 (U.S. Census Bureau QuickFacts, 2020-2024). Virginia Commonwealth University reports 29,288 students enrolled and a residence hall capacity of 5,962 (VCU Facts and Rankings, October 2026). On those figures, campus halls hold about one VCU student in five.

Filling a Richmond rental is rarely the hard part. Keeping the rent flowing is.

The Virginia 14-day notice in 2026, and what else changed

Since July 1, 2026, a Virginia tenant who is behind on rent has 14 days after written notice to pay, up from five days (Va. Code § 55.1-1245(F)). Only then may the landlord terminate the lease. The change came from HB 15 and SB 48, 2026 Acts chapters 353 and 354. The chapter text strikes "five" and inserts "14," with no delayed effective date.

In dollars, the rule adds nine days before you can terminate and file. On an illustrative $1,600 monthly rent, nine days is about $470 of rent. That cost lands on every landlord.

Central air is now an essential service

Since July 1, 2026, central air conditioning also counts as an "essential service." That applies when the landlord supplies it and it was "operating or represented as operating" when the lease took effect (Va. Code § 55.1-1200; HB 519, chapter 624). It joins heat, running water, hot water, electricity, and gas. A court can order a landlord who willfully interrupts an essential service to restore it (Va. Code § 55.1-1243.1).

Landlords already had to keep supplied air conditioning in good working order (Va. Code § 55.1-1220(A)(4)). An aging condenser is now a repair to price before you list, not after.

What changes on July 1, 2027 for owners of more than four units?

On July 1, 2027, two new rules start for larger landlords. They cover anyone who owns more than four rental units in Virginia, or more than a 10 percent interest in more than four, alone or through a business entity. Both chapters say they "shall become effective on July 1, 2027."

• 90-day notice of a rent increase. The landlord must give written notice of a rent increase at least 90 days before the lease term ends, up from 60 days today (Va. Code § 55.1-1204(K); HB 678, chapter 1066). The tenant's renewal deadline must fall at least 30 days after delivery.
• A payment plan before eviction. If a tenant owes one month's rent or less, plus late charges, the landlord must state the exact amount and offer a payment plan (§ 55.1-1245(G); HB 95, chapter 1105). The plan runs in equal monthly installments over six months or the time left on the lease, whichever is less. The tenant gets 14 days to pay or sign on.

If you own one to four rentals, neither 2027 rule reaches you. For larger owners, rent decisions move about three months ahead of each lease end, and a tenant one month behind can repay over as long as six months.

Richmond's eviction diversion program and code enforcement

Richmond's Eviction Diversion Program is run by Southside Community Development & Housing Corp. It helps bring a tenant's past-due rent "to a zero balance within three months or less" (City of Richmond, Eviction Prevention, October 2026). It is open only to tenants who rent in the City of Richmond and landlords who own rentals there. The city adds that the program "requires the landlord's participation."

A separate state program runs through the courts, and any general district court may now use it (Va. Code § 55.1-1260). A tenant who appears at the first docket call, pays at least 10 percent of the amount due, and meets the other tests can enter a court-ordered plan (Va. Code § 55.1-1262). The rest comes in three payments of 30 percent over three months. For a seller, that is a case on the docket a buyer will want to know about.

No rental inspection program, but code enforcement still reaches rentals

A search of the Richmond City Code turned up no rental inspection or registration program for long-term rentals (Municode, October 2026). The city's code enforcement page says that on a rental, "the tenant may also receive a notice and be held responsible for the corrective actions" (City of Richmond, Property Maintenance and Code Enforcement). Any open notice belongs in the file you hand a buyer.

What a tired landlord in Richmond carries: an illustrative year

On the illustrative Richmond rental below, the house nets about $7,400 a year before any mortgage, and one bad year can erase two. Every dollar figure is an assumption for illustration except the tax rate. Richmond taxes real estate at $1.20 per $100 of assessed value (City of Richmond Department of Finance, October 2026). Bills are due in halves on January 14 and June 14, with a 10 percent penalty when late.

One nonpayment case plus the roof costs $15,200, about two years of net income on this example. Old houses are common here. In Richmond, 28.4% of housing units were built in 1939 or earlier (U.S. Census Bureau, American Community Survey 2020-2024, table B25034).

The tax line has its own clock. The city announced a one-year pause after the September 2025 notices, and news reports put the next change in values in 2027 (The Richmonder, May 2025). The Assessor's Forms page, read in October 2026, already lists appeals for a 2027 assessment (City of Richmond Assessor, October 2026). Check your latest notice before you run the numbers. If you are behind, see Richmond delinquent real estate taxes.

County note: a "Richmond" address in Henrico or Chesterfield

Richmond is an independent city, not part of Henrico or Chesterfield County. Many "Richmond" mailing addresses sit in those counties, where the tax rate and diversion options differ. State landlord-tenant law applies everywhere (§ 55.1-1201(A)).

What does a buyer need from a Richmond landlord?

A buyer of a tenant-occupied Richmond house needs proof that the rents, leases, and deposits are what you say they are. Pull this file before you ask anyone for an offer:

• Leases. Every signed lease and amendment, plus the signed form acknowledging the tenant rights statement, if you have it (§ 55.1-1204(B)).
• Rent roll. Tenant, rent, due date, lease end date, and any balance owed.
• Deposit ledger. The amount held for each tenant. Landlords must keep records of deposit deductions for the preceding two years (§ 55.1-1226(F)).
• Notices. Any 14-day notice, termination notice, code enforcement notice, or open court case.
• Who supplies what. Central air, utilities, and appliances.

What a financed buyer's lender expects

A buyer who plans to live in the house usually needs it empty. The standard Fannie Mae and Freddie Mac Virginia deed of trust spells this out (Virginia Deed of Trust, Form 3047, 07/2021). The borrower must occupy the house as a principal residence within 60 days and stay at least one year, unless the lender agrees otherwise. A tenant with eight months left on a lease makes that promise hard to keep.

A buyer financing a rental to keep it rented typically brings a lender that asks for the leases, rent roll, and deposit ledger. Each document adds days.

Keep, list, or sell with leases running: your options in order

A tired Richmond landlord has three realistic options, in this order: keep and manage the house, list it with an agent, or request a cash offer with tenants in place.

1. Keep and manage

Keeping the house makes sense if it still nets money after a table like the one above and the roof is sound. With VCU enrollment and a 43.5% owner-occupied rate, a well-run house can stay full.

2. List with tenants, or after they leave

Richmond moves fast for houses that show well. Redfin reports a median sale price of $425,718, down 1.0% year over year, and a 14-day median on market (Redfin, three months ending August 2026). Separately, Zillow puts the city's typical value at $364,726, up 2.6% (Zillow ZHVI, August 2026). Neither figure prices a house with a tenant in it. The Richmond housing market 2026 guide breaks those numbers down.

Showings need the tenant's cooperation. A tenant may not unreasonably withhold consent to show the unit to prospective purchasers, and the landlord must give notice and enter only at reasonable times (Va. Code § 55.1-1229(A)). Add the 60-day move-in covenant, and many listed rentals wait for the lease to end.

If a cash sale isn't your best move, we'll tell you and point you to a local agent who fits. We may receive compensation from agents we refer.

3. Request a cash offer with tenants in place

A cash buyer may take the house with leases running, so nobody has to move out, show the house, or repair it first. There is no lender occupancy covenant and no appraisal. The tradeoff is price: a cash offer may come in below a vacant, repaired retail sale.

How to sell a rental house with tenants in place in Richmond

Selling a rental house with tenants in place in Richmond works like any cash sale, plus a lease file and a deposit credit:

1. Pull the file. Leases, rent roll, deposit ledger, and any open notices or court cases.
2. Request a written cash offer. Propcash is a direct cash homebuyer that makes offers as a principal. You get one transparent, data-backed number with the reasoning shown.
3. Pick the closing date. A cash offer can close in as few as 7 days when title is clear, or on a later date you choose.
4. Credit the deposits. Deposits are typically credited to the buyer at closing, since the buyer will owe them later (§ 55.1-1226(E)).
5. Notify the tenants. Give each tenant the buyer's name, address, and a telephone number (§ 55.1-1216(B)).

Propcash charges no fees or commissions, and you sell as-is. The offer stands while you think it over, with no aggressive follow-up. When you are ready, you can request a written cash offer online. Own rentals elsewhere in the state? See cash offer options across Virginia.

Frequently Asked Questions

Can I sell my Richmond rental house while the tenants still live there?

A Richmond rental house can be sold while tenants still live there, and the leases generally continue with the buyer as the new landlord. After the sale, you must tell each tenant the buyer's name, address, and a telephone number (Va. Code § 55.1-1216(B)). You can request a cash offer with tenants in place, and a buyer may take the house with leases running.

What happens to the security deposits when a Virginia rental house is sold?

The owner who holds the landlord's interest when a tenancy ends must return any deposit owed, whether or not the deposit moved at the sale (Va. Code § 55.1-1226(E)). That is why buyers typically expect the deposits to be credited to them at closing. Virginia caps a deposit at two months' rent, so bring a ledger for every tenant.

How long does a Virginia tenant have to pay late rent in 2026?

Since July 1, 2026, a Virginia tenant has 14 days after written notice of nonpayment to pay, up from five days. Only after that may the landlord terminate the lease (Va. Code § 55.1-1245(F), as amended by HB 15 and SB 48). The rule applies to every landlord, whatever the number of units.

Do the July 1, 2027 Virginia landlord rules apply if I own one or two rental houses?

The July 1, 2027 Virginia rules do not apply to an owner of one or two rental houses. The 90-day rent increase notice (HB 678) and the payment plan rule (HB 95) cover only larger landlords. That means owners of more than four rental units in Virginia, or more than a 10 percent interest in more than four. Owners of one to four units still follow the 14-day nonpayment notice and the rest of the Virginia Residential Landlord and Tenant Act.

Is the 24% eviction filing rate a City of Richmond figure?

The 24% eviction filing rate is not a City of Richmond figure, because Eviction Lab's 2025 rate covers a Richmond area of 36 ZIP codes (Eviction Lab, April 2026). It counts 21,031 filings against 87,921 renter households. The average across every site Eviction Lab tracks was 8.0%.

How fast can a cash sale of a tenant-occupied Richmond rental close?

A cash sale can close in as few as 7 days when title is clear and the lease file is ready, because there is no lender or appraisal. With Propcash, you pick the closing date, and no fees or commissions are charged to you.

Data Sources: Eviction Lab, the Code of Virginia, 2026 Acts of Assembly, City of Richmond, U.S. Census Bureau, VCU, Redfin, Zillow, and FHFA. This is general information from a direct cash homebuyer, not legal advice.