Virginia’s Multifamily Rental Market Has Fared Relatively Well Amid Pandemic
April 15, 2021
Poised for Strong Growth in 2021
In Virginia REALTORS®’ first quarterly report on the multifamily rental market, we find that large multifamily rental buildings (50+ units) in most markets in the state have generally had stable vacancy rates and rents throughout the pandemic. While there has been some weakening in high-cost urban markets, conditions are good for a strong rebound in the rental market in 2021.
Key highlights from the report:
- Despite widespread concerns about rent challenges and vacancy rates in the multifamily rental market, conditions have been fairly resilient in most markets across Virginia. Some property managers and landlords have had to make concessions or work out payment plans with tenants. However, overall rents have been stable or have risen in Q1 2021.
- The state’s highest-cost urban markets have experienced the most stress during the pandemic. There were some modest declines in rents and increases in vacancy rates through Q1 2021, particularly in Northern Virginia.
- Demand for rental housing in suburban locations has been strong during the pandemic, as more people have been working from home and desire more space. In Q1 2021, rent growth was relatively strong in suburban markets across the state.
- The multifamily rental market in Virginia should be strong in 2021. An opening up of the economy and an incredibly tight for-sale market will fuel rental demand and promote strong renter demand.
To read the full report, visit Virginia REALTORS® website. For more information about this report, please contact Virginia REALTORS® Chief Economist Lisa Sturtevant.
*Information as of 04/15/2021
You might also like…
Climbing Prices and Mortgage Rates Dampen Virginia’s Spring Housing Market
By Robin Spensieri - April 25, 2024
According to the March 2024 Virginia Home Sales Report released by Virginia REALTORS®, sales activity in Virginia’s housing market slowed down last month. Statewide, there were 8,075 homes sold… Read More
5 Key Takeaways from the NAHREP 2023 State of Hispanic Homeownership Report
By Sejal Naik - April 17, 2024
In March 2024, the National Association of Hispanic Real Estate Professionals (NAHREP) released its 2023 State of Hispanic Homeownership Report. Using data from surveys conducted by various public… Read More
3 Multifamily Market Trends from the First Quarter
By Dominique Fair - April 16, 2024
For the last three years, the multifamily market has seen high demand, double digit rent growth, and increased construction to meet demand. These trends are expected to shift… Read More