Richmond Multifamily Market Report – October 2026

Market Outperforms, Job Growth Lags

Despite a slight post-spring slowdown, Richmond–Tidewater fundamentals continued to outpace most U.S. markets, according to the latest Yardi Matrix Richmond multifamily market report. Area asking rents were up 4.0% to $1,670, year-over-year through August, while the national average saw a 0.4% improvement, to $1,773. Meanwhile, occupancy in stabilized Richmond assets clocked in at 94.9%, down 30 basis points but still leading the 94.2% national figure, as noted in the most recent U.S. multifamily market report.

Employment dynamics, however, remained disconnected from the area’s rental performance, a trend visible across the country since hybrid and remote work became widespread. Richmond lost 9,900 net jobs in the 12 months ending in June, with just two of 10 employment sectors in the black: education and health services (+2,900 positions) and leisure and hospitality (+1,000). Still, a handful of massive projects expected to boost the local economy are moving forward, from the largest coastal wind farm in the U.S. and large data center projects from QTS and Google to a $2.4 billion mixed-use district and LEGO’s upcoming 1.7 million square- foot plant.

Development is humming along, with 2,500 apartments delivered year-to-date through August and an additional 9,120 units under construction. Transactions recorded a clear improvement, with investors shelling out $1.1 billion in the area during the first eight months of 2026, at a $167,056 average price per unit.

Read the full Yardi Matrix Richmond Multifamily Market Report: October 2026