{"id":9626,"date":"2025-05-13T08:27:00","date_gmt":"2025-05-13T08:27:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=9626"},"modified":"2025-11-13T09:15:33","modified_gmt":"2025-11-13T09:15:33","slug":"richmond-multifamily-market-report-april-2025","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-april-2025\/","title":{"rendered":"Richmond Multifamily Market Report \u2013 April 2025"},"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>T3 Rents Flat, Other Metrics Improve<\/h2>\n<p>Richmond began the new year with a positive streak, with most multifamily fundamentals on solid footing, according\u00a0to the latest Yardi Matrix Richmond multifamily market report. The only exception was average advertised asking rents, which remained flat on a trailing three-month basis through February, as did the U.S. figure. Year-over-year, however, rents in the metro were up 2.8%, more than double the 1.2% national rate, as noted in the most recent <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>. Considering two years of sizable new supply, Richmond\u2019s average occupancy in stabilized assets continued to perform well, recording a 20-basis-point uptick y ar-over-year through February, to 95.0%.<\/p>\n<p><iframe id=\"datawrapper-chart-MxPbi\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Richmond vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/MxPbi\/1\/\" height=\"329\" 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,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();<br \/>\n<\/script><\/p>\n<p>Local employment growth clocked in at 2.3% through December, far outpacing the 1.3% national figure. In 2024, the metro added 36,400 net jobs. Education and health services accounted for the bulk of these gains, with 12,200 positions. Government (5,800 jobs) and construction (5,700 jobs) also recorded strong performance, with the latter improving 6.7%. Construction accounted for the largest expansion across sectors. Financial activities was the only sector that lost jobs (down 1,400 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-OzkWP\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Richmond Employment Share by Sector \" src=\"https:\/\/datawrapper.dwcdn.net\/OzkWP\/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,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();<br \/>\n<\/script><\/p>\n<p>Last year, developers completed 6,755 units, noticeably more than the previous five-year average, which clocked in at 5,473 apartments. This, combined with the 9,094 units underway as of February, highlights the metro\u2019s healthy supply dynamics, unlike many other Southern markets. Meanwhile, investment saw an uptick, totaling $1.3 billion in 2024, aligning with pre-pandemic performance.<\/p>\n<p>Read the full Yardi Matrix Richmond Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/7101-MatrixMultifamilyRichmondReport-April2025\" rel=\"\"><strong>April 2025<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>T3 Rents Flat, Other Metrics Improve Richmond began the new year with a positive streak, with most multifamily fundamentals on solid footing, according\u00a0to the latest Yardi Matrix Richmond multifamily market report. The only exception was average advertised asking rents, which remained flat on a trailing three-month basis through February, as did the U.S. figure. Year-over-year, [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[513,67],"class_list":["post-9626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2025","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 2025 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Richmond\u2019s advertised asking rents remained flat on a T3 basis through February\u2014on par with the nation, Yardi Matrix reports.\" \/>\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-2025\/\" \/>\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 2025\" \/>\n<meta property=\"og:description\" content=\"Richmond\u2019s advertised asking rents remained flat on a T3 basis through February\u2014on par with the nation, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/richmond-multifamily-market-report-april-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-13T08:27:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-13T09:15:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/11\/Richmond-iStock-1426918390-MHN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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 2025 - 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