- The Richmond-Hampton Roads, Virginia, market continues to record robust renter demand for apartments. Despite some economic volatility during the second quarter, current vacancies and rents are within recent ranges. Rent collections to this point have been consistent, closely tracking levels from one year ago.
- During the third quarter, the local vacancy rate rose 10 basis points, reaching 4.6 percent.
- Year over year, asking rents are up 3.5 percent, ending the third quarter at $1,141 per month.
- The investment market accelerated in the third quarter. The median price in properties sold thus far in 2020 is $108,400 per unit, but in larger property sales, the median price is $116,000 per unit. Cap rates have averaged in the low- to mid-5-percent range in 2020.