Richmond Q1 Multifamily Market Insights: The pace of rent growth accelerates to start 2022
Highlights:
- The Richmond multifamily market recorded rapid rent growth in the first quarter, even as the vacancy rate inched higher. Current conditions are considerably stronger than one year ago.
- During the first quarter, the local vacancy rate rose 20 basis points to 3.8 percent. Despite the recent uptick, the rate has dropped 80 basis points year over year.
- Asking rents continued to climb at the start of 2022. Average rents in Richmond rose 4.3 percent in the first quarter to $1,437 per month. Rents are up 14.1 percent in the past 12 months.
- Transaction volume ticked lower, although activity levels to start 2022 are ahead of the pace recorded in recent years. The median sales price in the first few months of 2022 reached $116,400 per unit, as the bulk of the sales activity consisted of older, Class C properties.
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