{"id":8833,"date":"2024-11-05T10:46:00","date_gmt":"2024-11-05T10:46:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8833"},"modified":"2025-05-22T10:53:16","modified_gmt":"2025-05-22T10:53:16","slug":"richmond-multifamily-market-report-october-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-october-2024\/","title":{"rendered":"Richmond Multifamily Market Report \u2013 October 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>Rent Growth Recovers, Supply Steady<\/h2>\n<p>Richmond\u2019s multifamily market regained momentum as it entered the second half of the year, with continued economic growth and more consistent gains, according to the latest Yardi Matrix Richmond multifamily market report. Advertised asking rents in the metro were up 2.8% year-over-year, to $1,542, as of August, significantly above the 0.8% national rate. Demand held strong, with overall occupancy up 30 basis points year-over-year, to 95.0%, as of July. Meanwhile, the national rate dropped 30 basis points, to 94.7%, as noted in the most recent <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>US multifamily market report<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-p7A61\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Richmond - Tidewater vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/p7A61\/1\/\" height=\"328\" 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>Employment growth stayed at 1.8% year-over-year in June, for the fifth consecutive month, 50 basis points ahead of the U.S. figure. This was despite unemployment climbing to 3.4% in July, ac\u0002cording to preliminary data from the Bureau of Labor Statistics. Over the 12-month period ending in June, Richmond added 32,500 jobs, with education and health services comprising the bulk of that (10,900 jobs). Major projects underway, such as the $2.4 billion Diamond District redevelopment, are expected to boost economic growth at a steady pace through the remainder of the year.<\/p>\n<p><iframe id=\"datawrapper-chart-Whzr1\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Richmond - Tidewater Employment Share by Sector \" src=\"https:\/\/datawrapper.dwcdn.net\/Whzr1\/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>Richmond\u2019s development pipeline included 11,365 units under construction, along with an additional 45,000 units in the planning and permitting stages as of August. Activity was strong in the metro, with completions at 3,934 units through August, up 500 units since last year, compared to most major metros. Meanwhile, investors traded only $272 million in the first eight months of the year, as they wait for more favorable conditions.<\/p>\n<p>Read the full Yardi Matrix Richmond Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6364-MatrixMultifamilyRichmondReport-October2024\" rel=\"\"><strong>October 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Recovers, Supply Steady Richmond\u2019s multifamily market regained momentum as it entered the second half of the year, with continued economic growth and more consistent gains, according to the latest Yardi Matrix Richmond multifamily market report. Advertised asking rents in the metro were up 2.8% year-over-year, to $1,542, as of August, significantly above the [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8024,"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-8833","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 October 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Richmond\u2019s advertised asking rents rose 0.3 percent on a T3 basis through August, to $1,542, 20 bps ahead of the U.S. average.\" \/>\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-october-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 October 2024\" \/>\n<meta property=\"og:description\" content=\"Richmond\u2019s advertised asking rents rose 0.3 percent on a T3 basis through August, to $1,542, 20 bps ahead of the U.S. average.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-october-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-05T10:46:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-22T10:53:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/Matrix-Multifamily-Metro-October-2024-Richmond.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 October 2024 - 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