Hampton Roads Q4 Multifamily Market Report: Low Vacancy, Accelerating Job Gains Likely in 2022
Highlights:
- The Hampton Roads multifamily market posted gains throughout 2021 with consistent rent growth in every quarter. Vacancy levels remained tight in the region as absorption outpaced the deliveries of new units for the year.
- Despite vacancy inching higher during the fourth quarter, the rate has dropped 70 basis points year over year, ending 2021 at just 2.8 percent. The rate has been steadily trending lower over the past four years.
- Asking rents jumped during 2021, though the pace of growth tapered off during the fourth quarter. Asking rents rose more than 13 percent during the past year, ending 2021 at $1,368 per month.
- Investor demand remained elevated in 2021, leading to continued momentum during the second half of 2021. The median sales price reached $136,000 per unit through the end of 2021 while cap rates averaged approximately 4.5 percent.
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