{"id":7416,"date":"2023-11-21T12:14:00","date_gmt":"2023-11-21T12:14:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7416"},"modified":"2024-05-23T12:46:25","modified_gmt":"2024-05-23T12:46:25","slug":"oct-2023-richmond-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/oct-2023-richmond-multifamily-market-report\/","title":{"rendered":"Richmond Multifamily Market Report \u2013 October 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>Fundamentals Subdued, Rent Growth Healthy<\/h2>\n<p>Richmond-Tidewater market fundamentals started to thaw after the first quarter\u2019s slow performance, but metrics were <a href=\"\/blog\/national-multifamily-market-report-october-2023\/\"><strong>still mostly below national and historic averages<\/strong><\/a>. Rates were up 0.4% on a trailing three-month basis through August, 20 basis points higher than the U.S. rate. On a year-over-year basis, rents were up 2.4%, to an average of $1,506.<\/p>\n<p><iframe id=\"datawrapper-chart-8SodV\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Richmond vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/8SodV\/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 labor market remained in line with the nationwide slowdown but was still on relatively good footing. Unemployment improved to 2.8% as of July, according to preliminary data from the Bureau of Labor Statistics, having dropped 60 basis points since January. It was also 70 basis points below the U.S. figure. Over the 12-month period ending in June, Richmond added 35,900 jobs, for a 2.3% expansion. Leisure and hospitality led gains with 14,500 positions added, up 8.9%. Earlier this year, Richmond authorities approved a $2.4 billion development dubbed Diamond District, slated to include a baseball stadium; hospitality, office and retail space; and 1,000 affordable units.<\/p>\n<p><iframe id=\"datawrapper-chart-8wg8E\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Richmond Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/8wg8E\/1\/\" height=\"417\" 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 brought 3,152 units online through the first eight months of the year, down 21.9% year-over-year and representing a 1.3% expansion of stock. Although subdued, construction activity was healthy, with the pipeline totaling 13,326 units underway. At $439 million, investments amounted to less than a fifth of the amount recorded during the same period last year.<\/p>\n<p>Read the full <a href=\"\/publications\/download\/file\/4643-MatrixMultifamilyRichmondReport-October2023\"><strong>Matrix Multifamily Richmond Report-October 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Fundamentals Subdued, Rent Growth Healthy Richmond-Tidewater market fundamentals started to thaw after the first quarter\u2019s slow performance, but metrics were still mostly below national and historic averages. Rates were up 0.4% on a trailing three-month basis through August, 20 basis points higher than the U.S. rate. On a year-over-year basis, rents were up 2.4%, to [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6632,"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-7416","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 October 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Access the up-to-date Richmond multifamily market report by Yardi Matrix to understand market fundamentals and get the latest data.\" \/>\n<meta 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