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“Over the past quarter, the Richmond multifamily market has fundamentally proved resilient with occupancy levels remaining high and rents continuing to rise. Supply is at historically high levels in all submarkets of the greater Richmond market but pent-up demand should result in strong absorption levels. General uncertainty surrounding interest rates, capital gains taxes, and 1031 exchanges have adversely affected sales volume in 2021, which is significantly off figures in the prior two years.” Charles Wentworth, Executive Vice President
Richmond’s multifamily market led the nation in rent growth through the beginning of the pandemic (March ‘20 - August ‘20), and has continued to prove resilient despite major macro-economic headwinds. With a healthy incoming pipeline of supply, stabilizing unemployment rate, and strong population growth, the Richmond multifamily market is positioned to perform well in 2021. (SOURCE: CoStar)
- 5,665 units under construction or 5.77% of current inventory
- Occupancy rate has remained stable at 93.8% in Q1 2021 despite economic shift due to the pandemic
- Vacancy rate for the quarter reached 6.2% and is the lowest it’s been since 3Q18 at 6.1%
- Richmond’s effective rent rate in 1Q21 averaged $1,160, a 6.1%increase from 1Q20
