“The Richmond multifamily market continues to perform at historic levels with impressive annual rent growth, high occupancy, and strong absorption. It is likely that sales volume in Q4 will be robust with sales figures for the year end meeting or exceeding 2020 figures.”
Charles Wentworth | Executive Vice President
- 6,125 units, or 6.2% of total inventory, are under construction.
- Silver Hills Development has proposed a 114,000 square foot project that will add 234 units, 5,600 square feet of retail space, and 5,000 square feet of office space to the Western Henrico submarket.
- Occupancy rates remained at record highs, closing the quarter at 95%.
- Hanover County and Prince George County are the most supply-constricted with both submarkets holding occupancy rates at 99%.
- Richmond’s effective rental rate continued to increase and experienced a 7.39% increase year-over-year closing the quarter at $1,220 per unit. Goochland County, containing two Class A complexes, topped the market with the highest rent per unit, ending the quarter with $1,841. Midlothian experienced the highest rent growth when compared to Q2 with an increase of 4.1%