Hampton Roads 3Q23 Multifamily Market Insights Report: Rents on pace for healthy close to 2023

Highlights:

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• The Hampton Roads multifamily market posted a mixed performance during the third quarter, as the vacancy rate continued to improve while the rapid rise in rents paused. Projects totaling roughly 1,100 units have come online to this point in the year.
• Area vacancy trended lower in recent months, as the rate dipped 10 basis points to 5.3% during the third quarter. Year over year, the vacancy rate rose by 70 basis points.
• After increasing by more than $50 per month during the first half, apartment operators gave back a small portion of recent rent gains. Asking rents dipped by 0.1% during the third quarter to $1,505 per month. In the past year, area rents have still posted a 3.4% gain.
• Sales velocity continued to slow in recent months as transaction volume decreased by 33% from the second quarter to the third quarter. The median sales price to this point in the year is $139,500 per unit.

Read the report, or learn more by engaging with our office in Richmond, Va.