Research 9/ 13/ 2021

Hampton Roads Q2 Multifamily Market Report: Tightening Vacancies Fuel Rent Increases, Price Appreciation

Highlights:

Hampton Roads, VA multifamily market report snapshot for Q1 2021
  • The Hampton Roads multifamily market posted extremely tight vacancy conditions in the second quarter, signaling the overall health of the market. Rents rose and per-unit sales prices pushed higher.
  • Vacancy dipped 40 basis points during the second quarter, with the rate reaching 2.6 percent. Year over year, vacancy has fallen 160 basis points.
  • Rent growth surged in the second quarter. Rents are up 10.9 percent year over year. Asking rents reached $1,310 per month at midyear.
  • Sales of apartment properties continued at a steady pace in the second quarter. Prices have pushed higher in response to improving operating conditions. The median price reached approximately $112,000 per unit in the first half of this year, while cap rates compressed to 5 percent on average.

Read the report