Richmond Multifamily Report – April 2023

The Richmond multifamily market is rebounding closer to historic figures, with average rent down 30 basis points on a trailing three-month basis and year-over-year growth at 5.3%. Despite job losses in some sectors, the area has seen growth in others and employment remains tight. Developers have started work on 7,081 apartments last year, and 4,433 units are expected to come online in 2023. Transaction activity slowed down at the start of 2023, after two record years.

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