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Consistently Low Vacancy and New Construction
- The Hampton Roads market continues slow and steady growth with a limited development pipeline leading to great absorption trends which allows old product to stay relevant longer.
- The market ended 2019 with an occupancy rate of 96.3%. This occupancy rate is higher than the national average of 95.6%, showing a healthy market that has recovered since it reached a low of 93.1% occupancy in January of 2012 due to the recession. (Source: Axiometrics)
- The overall occupancy rate has remained above 94% since March of 2017 and has elevated above a historically healthy 95% since May of 2018, continuing to tighten even as a steady pipeline of new product has been delivered to the market every year. The market has historically shown annual product deliveries amounting to 1.5% of total stock. (Source: Axiometrics)
- Effective rent ended 2019 at $1,097.00 per unit, increasing $37.00 year-over-year, or 3.49%. (Source: Axiometrics)
- The market saw ten projects totaling 1,544 units delivered throughout 2019. The market has seen a consistent stream of new supply, having 1,860 unit-deliveries per year since 2010, approximately 1.5% of total stock. (Source: Colliers Research)
- There are 25 projects totaling 4,808 units currently under construction throughout the market. Eighteen of these projects totaling 3,591 units are market product, while the remaining seven projects totaling 1,217 units are affordable product. (Source: Colliers Research)
