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Richmond | 21Q2 Multifamily Report

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“The Richmond multifamily market in 2Q21 continued to demonstrate strength in fundamentals with rent growth at historically high levels, as well as robust absorption of newly constructed properties. These fundamentals contributed to a significant uptick in transaction volume, which we assume will continue throughout the remainder of the year.”
Garrison Gore | Associate

Key Takeaways:

  • 7,942 units are under construction or 8.1% of total inventory.
  • Lingerfelt Development is looking to start a series of infill projects in the coming years that will add nearly 1,400 apartments along with structured parking to the Western Henrico submarket. 
  • Occupancy rates jumped 100 basis points (bps) quarter-over-quarter closing at 95.1%, the highest recorded rate since 2002.
  • Eastern Henrico County and Prince George County are the most supply constrained at 99% and 98.9% occupancy rate, respectively. 
  • Richmond’s effective rental rate experienced a 9.3% increase year-over-year closing the quarter at $1,220 per unit. Goochland is leading effective rent growth closing Q2 with an average effective rent of $1,852 per unit, a 17% increase year-over-year.
  • Every submarket experienced positive annual rent growth with six experiencing double-digit rent growth year-over-year. All but four submarkets experienced annual growth over 5%. 


Richmond | 21Q2 Multifamily 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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