{"id":832,"date":"2021-04-29T08:02:14","date_gmt":"2021-04-29T08:02:14","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=832"},"modified":"2023-09-12T15:00:13","modified_gmt":"2023-09-12T15:00:13","slug":"richmond-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-spring-2021\/","title":{"rendered":"Richmond Multifamily Market Report \u2013 Spring 2021"},"content":{"rendered":"\n<p><h2>Strong Demand Outpaces Robust Supply<\/h2><\/p>\n\n\n\n<p>Richmond\u2019s economic anchors, diverse economy and relatively affordable cost of living compared to other East Coast markets has helped it withstand the pandemic\u2019s blows. The <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/tag\/richmond-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">metro displayed healthy fundamentals<\/a><\/strong>, with strong demand boosting rent expansion despite robust supply. Rents rose 0.3% on a trailing three-month basis through February, outperforming the U.S. rate by 20 basis points. The occupancy rate in stabilized properties increased by 100 basis points in the 12 months ending in January, to 96.3%.<\/p>\n\n\n\n<p>The unemployment rate displayed a steady recovery path, dropping to 4.9% as of November in Richmond and to 5.1% in the Hampton Roads area. Job gains marked the third consecutive month of recovery, clocking in at -4.6% for the 12 months ending in December, outperforming the -6.8% national figure. Trade, transportation and utilities and financial activities gained 1,900 jobs combined. Professional and business services\u2014Richmond\u2019s third-largest sector\u2014shrunk by 4.9%, but company expansions and relocations have been announced in the metro.<\/p>\n\n\n\n<p>Developers brought online 1,426 units in 2021 through February, following a bountiful 2020 when 4,610 units were delivered, marking the best year of the decade. Meanwhile, transaction activity resumed in the third quarter\u2014a trend that continued in 2021 with $252 million in multifamily assets trading through February.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1245-MatrixMultifamilyRichmondReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\" target=\"_blank\" rel=\"noreferrer noopener\">Matrix Multifamily Richmond Report-Spring 2021<\/a><\/strong><\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 45px;\" aria-hidden=\"true\">\u00a0<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Strong Demand Outpaces Robust Supply Richmond\u2019s economic anchors, diverse economy and relatively affordable cost of living compared to other East Coast markets has helped it withstand the pandemic\u2019s blows. The metro displayed healthy fundamentals, with strong demand boosting rent expansion despite robust supply. Rents rose 0.3% on a trailing three-month basis through February, outperforming the [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,67],"class_list":["post-832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","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 Spring 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Richmond\u2019s economic anchors, diverse economy and relatively affordable cost of living compared to other East Coast markets has helped it withstand the pandemic\u2019s blows.\" \/>\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-spring-2021\/\" \/>\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 Spring 2021\" \/>\n<meta property=\"og:description\" content=\"Richmond\u2019s economic anchors, diverse economy and relatively affordable cost of living compared to other East Coast markets has helped it withstand the pandemic\u2019s blows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-29T08:02:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T15:00:13+00:00\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/Richmond-Matrix-Report-iStock-1222480263.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Richmond Multifamily Market Report \u2013 Spring 2021 - Yardi Matrix Blog","description":"Richmond\u2019s economic anchors, diverse economy and relatively affordable cost of living compared to other East Coast markets has helped it withstand the pandemic\u2019s 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