{"id":5976,"date":"2023-05-24T05:37:21","date_gmt":"2023-05-24T05:37:21","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5976"},"modified":"2024-05-23T14:02:20","modified_gmt":"2024-05-23T14:02:20","slug":"richmond-multifamily-market-report-april-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-april-2023\/","title":{"rendered":"Richmond Multifamily Market Report \u2013 April 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/richmond-multifamily-market-report\/\">Richmond Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Rent Growth Stalls, Development Endures<\/h2>\n<p>In line with the national cooldown and on the tail end of seasonal sluggishness, Richmond\u2019s multifamily market is now <a href=\"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-october-2022\/\"><strong>rebounding closer to historic figures<\/strong><\/a>. The average rent was down 30 basis points on a trailing three-month basis as of February, bringing year-over-year growth to 5.3%, still above the 4.8% U.S. figure. Meanwhile, occupancy took a hit, down 190 basis points in the 12 months ending in January, to a still relatively healthy 94.9%.<\/p>\n<p><iframe id=\"datawrapper-chart-oKU2s\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Richmond vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/oKU2s\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The area\u2019s economy is a mixed bag, with several sectors recording contractions, including professional and business services (-1,500 jobs) and financial activities (-1,300). However, other sectors, led by education and health services (11,300) and leisure and hospitality (10,900) more than made up for the loss. What\u2019s more, employment remained tight, at 3.4% in the Richmond MSA and 3.5% in the Hampton Roads area. While the metro\u2019s job growth has trailed the nation for the better part of the past 10 years, the area continues to add multibillion-dollar projects that are drawing capital and boosting employment. The list includes large developments from Lego and Meta, in addition to the $2.3 billion mixed-use GreenCity.<\/p>\n<p><iframe id=\"datawrapper-chart-Dl0mM\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Richmond Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Dl0mM\/1\/\" height=\"583\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers are doubling down in Richmond, having started work on 7,081 apartments last year, following the 4,931 units recorded in 2021. Yardi Matrix expects 4,433 units to come online this year, on par with the metro\u2019s five-year average. Meanwhile, transaction activity slowed down at the start of 2023, after two record years.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3784-MatrixMultifamilyRichmondReport-April2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Richmond Report-April 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Stalls, Development Endures In line with the national cooldown and on the tail end of seasonal sluggishness, Richmond\u2019s multifamily market is now rebounding closer to historic figures. The average rent was down 30 basis points on a trailing three-month basis as of February, bringing year-over-year growth to 5.3%, still above the 4.8% U.S. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,67],"class_list":["post-5976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","tag-richmond"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Richmond Multifamily Market Report \u2013 April 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"While rents were down 0.3% on a T3 basis 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