Richmond Multifamily Market Report – October 2025

Rents Move Forward, Deliveries Soften

Richmond’s multifamily market remained on a relative steady track amid wider economic uncertainty, according to the latest Yardi Matrix Richmond multifamily market report. Average advertised asking rent growth softened to 0.2%, on a trailing three-month basis through August, to an average of $1,592, while the U.S. figure was up 0.1%, to $1,755. Year-over-year, rents in the metro were up 2.2%, placing the metro relatively high nationally, with the U.S. average at 0.7%. Overall occupancy in stabilized assets remained above the national figure, at 95.2% as of July, showing a slight increase despite last year’s strong supply expansion, as noted in the most recent U.S. multifamily market report. 

The employment market softened, with gains at 0.8% as of June. This was on par with the national average. Meanwhile, unemployment clocked in at 3.7% in July, 50 basis points below the U.S. rate, according to data from the Bureau of Labor Statistics. In the 12 months ending in July, the metro added 11,700 net positions, with education and health services leading growth (up 9,800 jobs). Several large projects promise to bring more employment to the area. Among them is The LEGO Group’s $1 billion precision production facility, expected to begin operations in 2027 and add roughly 1,700 jobs over the next decade.

Supply dynamics also cooled off a bit. Still, Richmond developers had 6,627 apartments underway as of August and construction starts picked up steam in 2025, with new developments nearly doubling.

Read the full Yardi Matrix Richmond Multifamily Market Report: October 2025