- Vacancy in the Hampton Roads multifamily market rose during the first quarter, after several years of the rate trending lower as new construction lagged demand levels. Supply and demand are expected to be more closely aligned in 2022.
- Vacancy rose 60 basis points during the first quarter, finishing the period at 3.4 percent. The rate started trending higher in the final months of 2021 but should level off by year end. The current rate is up only 40 basis points from one year ago.
- Asking rents rose 2.4 percent in the first quarter, reaching $1,396 per month. Year over year, average rents have advanced 11.4 percent, supporting new development.
- Multifamily investment activity cooled during the first quarter but is showing signs of gaining momentum. The median sales price to this point in 2022 is approximately $144,800 per unit, up 6 percent from the median price in 2021. Cap rates in the first quarter averaged 4.5 percent.