Skip to main content Skip to footer

Richmond 22 Q3 Multifamily Report

Download Report
Richmond skyline at night

Key Takeaways

  • Fundamentals began to steady after a year of record growth. Effective rents remained constant from the previous quarter, but ended with a 6.9% year-over-year increase. Submarkets with constrained supply experienced the greatest rent growth, with Hanover, Dinwiddie, and the West End posting 17.7%, 13.8%, and 12.4% respective year-over-year effective rent increases.
  • Units under construction ended the third quarter at 6,893 units, another development record. Development has been concentrated in urban areas, with Downtown and South Richmond claiming 2,557 units under construction.
  • Element at Stonebridge ($95.2 million), Tapestry West ($91.7 million), and Stratford Hills ($76.5 million) were the largest sales of the quarter.

Richmond skyline at night

Richmond 22 Q3 Multifamily Report

Download Report