{"id":8022,"date":"2024-05-16T07:41:00","date_gmt":"2024-05-16T07:41:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8022"},"modified":"2024-11-08T07:59:56","modified_gmt":"2024-11-08T07:59:56","slug":"richmond-multifamily-market-report-april-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-april-2024\/","title":{"rendered":"Richmond Multifamily Market Report \u2013 April 2024"},"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>Economic Stability Supports Rental Market<\/h2>\n<p>After seven months of either staying flat or declining, national rents rebounded slightly as spring approached, as noted in the most recent <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>US multifamily market report<\/strong><\/a>. In Richmond, rents were up 0.2% on a trailing three-month basis through February, to an average of $1,500, according to the latest Yardi Matrix Richmond multifamily market report. Meanwhile, the U.S. figure remained negative, down 0.1%. Year-over-year, Richmond rates were up 2.5%, well ahead of the 0.6% national figure. Meanwhile, occupancy saw an unusual improvement over the same period, up 10 basis points, to 94.7%, as of February.<\/p>\n<p><iframe id=\"datawrapper-chart-48VMr\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Richmond vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/48VMr\/2\/\" height=\"320\" 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 showed signs of stability, as unemployment was 2.9% in December in both Richmond and Hampton Roads, according to data from the Bureau of Labor Statistics. This was 10 basis points lower than Virginia\u2019s overall rate. The metro\u2019s labor pool expanded by 1.3% in 2023, adding 22,400 jobs. Leisure and hospitality led growth with 8,000 jobs, followed by education and health services (4,800 jobs). In December, a significant milestone was achieved in the development of the upcoming 162-mile passenger route connecting Raleigh, N.C., and Richmond. The U.S. Department of Transportation approved a $1 billion grant for the project.<\/p>\n<p><iframe id=\"datawrapper-chart-fnHcn\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Richmond Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/fnHcn\/1\/\" height=\"423\" 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>Supply showed no sign of dwindling, as Richmond and Hampton Roads had a total 14,146 units under construction as of February.\u00a0 Both completions and construction starts improved year-over-year, as developers brought 5,986 units online in 2023 and started work on 6,593 units across the metro.<\/p>\n<p>Read the full Yardi Matrix Richmond Multifamily Market Report: <a href=\"\/publications\/download\/file\/5494-MatrixMultifamilyRichmondReport-April2024\" rel=\"\"><strong>April 2024<\/strong><\/a><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economic Stability Supports Rental Market After seven months of either staying flat or declining, national rents rebounded slightly as spring approached, as noted in the most recent US multifamily market report. In Richmond, rents were up 0.2% on a trailing three-month basis through February, to an average of $1,500, according to the latest Yardi Matrix [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,67],"class_list":["post-8022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"After several months of slow or negative growth, T3 rents bounced back to 0.2 percent growth as of February, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-april-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Richmond Multifamily Market Report \u2013 April 2024\" \/>\n<meta property=\"og:description\" content=\"After several months of slow or negative growth, T3 rents bounced back to 0.2 percent growth as of February, Yardi Matrix data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-april-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-16T07:41:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-08T07:59:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/Richmond-iStock-2068466773.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tudor Scolca-Seusan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Richmond Multifamily Market Report \u2013 April 2024 - 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