Richmond Q4 Market Insights: Sales activity concentrated in older assets


  • The Richmond multifamily market slowed during the fourth quarter as vacancy and rent growth returned closer to historic norms. Projects totaling approximately 6,000 units are currently under construction in the region.
  • Average rents were up 6.2 percent in 2022 to $1,463 per month.
  • While transaction velocity slowed during the fourth quarter, per-unit prices advanced during the year. In 2022, the median price reached approximately $194,800 per unit.
  • Vacancy continued to rise during the fourth quarter, increasing 20 basis points to 5.8 percent.

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