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H1 2022 Hampton Roads Multifamily Research Report

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Rents Continue to Climb as Demand Persists

Hampton Roads’ market occupancy ended H1 2022 at an impressive 95.9% occupancy rate. Occupancy has been accelerating in recent years, as it has increased 390 basis points (bps) since it ended 2016 at 92.0%. To further highlight the market’s performance, the Norfolk market is faring better than the national average occupancy rate of 95.0%. With demand at an all-time high, rent growth has followed suit. Since 2011 the Hampton Roads market has seen positive rent growth every year, even during the initial effects of the pandemic, highlighting the resilience of the market. The market’s rent growth has continued to accelerate further in recent quarters, evidenced by the market experiencing 8.1% rent growth during H1 2022. This rent growth is much higher than the decade average of 3.8%, highlighting the current demand in the region.

Key Takeaways

  • Hampton Roads continues to see rapid rent growth, having experienced 8.1% rent growth over the past 12 months. This is over four times higher than historical rent growth within the market, as the market saw effective rent growth of 1.7% per year during the decade prior to the pandemic.
  • Overall market rents ended H1 2022 at $1,326 per unit. Rents have increased $247, or 22.9%, since the initial eff ects of the pandemic were felt in March of 2020.
  • Hampton Roads’ occupancy remained high to end H1 2022, ending the period at 95.9% occupancy. Although the occupancy rate declined slightly during the period, it remains higher than the decade average of 93.8%.

MidYear Multifamily Hampton Roads

H1 2022 Hampton Roads Multifamily Research Report

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Related Experts

George Hankins

Executive Vice President

Norfolk - Main

George Hankins (Hank) is a Senior Vice President of Investment Properties, specializing in the execution of multifamily property sales throughout the Hampton Roads metropolitan area. Hank is an integral part of the underwriting, marketing and sales process for multifamily properties and promotes Colliers' platform in the Southeastern region of Virginia. 

During his career, Hankins has been involved in more than $1 billion in multifamily sales throughout the Hampton Roads and Richmond markets. In addition to dispositions, Hankins has also held the role as principal partner for Croatan Investments, leading their acquisitions team as it closed $125 million in multifamily property transactions in Virginia and North Carolina in a two-year period.

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Persifor Frazer

Executive Vice President

Norfolk - Main

Executive Vice President and Principal, Perry Frazer has over 22 years of commercial real estate experience. Perry was named the Managing Director of the Hampton Roads office in 2014. As Managing Director, Perry manages all aspects of local business to generate and maintain maximum profitability. The emphasis is on integration of a variety of service lines for new business development and growing market share. Perry guides real estate managers, sales professionals, and the office manager in client relations, service orientation and consulting role as well as the effective and efficient operation of its office and accounts.

He has been a top ten regional producer every year since 2002 and over the past 15 years Perry has leased approximately 20 million square feet in the Hampton Roads market. Perry represents institutional Landlords in the Hampton Roads markets and has established himself as one of the leading office and flex brokers in the region. He has completed numerous large tenant representation assignments over the past five years.
 
Perry has earned the distinction as one of the leading brokers in Hampton Roads and one of the leading brokers in the entire Hampton Roads organization.

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Chad Braden

Research Analyst

Norfolk - Main

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Komail Khaja

Director - Research

Richmond - North

Komail is the Director of Research for Central, Western, and Southeastern Virginia.  As of February 2022, Komail also oversees research operations in Raleigh, NC.  He joined Colliers | Virginia in January of 2019.

Komail oversees research operations throughout the region, manages the Research Analysts in the company, and supports all the company’s brokers primarily in the Richmond and Norfolk offices.  He began his real estate career in 2014 as a Real Estate Services Manager for the Fairfax County Economic Development Authority and then moved to CBRE as a Business Research/Data Intelligence Analyst.  He provides valuable customized research data which includes market trends, lease and sale comparables, GIS mapping, economic information and more.  In addition, he is also responsible for quarterly market reports, maintenance of the company research database, and tracking notable news/patterns pertaining to the local real estate market.

His foundations are in Geographic Information Systems (GIS), data visualization, urban planning, demographics, and business development. 

Komail understands the needs of clients and works to deliver top-notch market research and analysis to help our sales professionals deliver the best service to their clients so they can make the most informed decisions on their real estate needs.

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