Richmond Multi-Family Market Report 2024: Trends and Insights
Richmond’s multi-family market remains dynamic, with an 8.4% vacancy rate—one of the highest in Virginia—driven by steady new construction. While rent growth has slowed to 2.8% annually, the region's affordability and strong demand in workforce housing keep its fundamentals solid. With 4,700 units under construction and strong population growth nearly double the national average, Richmond offers opportunities and challenges for real estate stakeholders in 2024