Each quarter, through its Multifamily Market report, the research team at Virginia REALTORS® analyzes the trends and changes in the multifamily market. Here, we share the key insights from the most recent report for the second quarter of 2026.

Delivery of new multifamily units rose in the second quarter of 2026 while the construction pipeline declined.

Deliveries of completed multifamily units increased, with 3,084 multifamily units delivered in Q2 2026, which was 37% more units delivered compared to the same time last year. There were 23,853 multifamily units under construction in Q2 2026, 3% lower compared to the same time last year. Among the metro areas, Northern Virginia and Richmond had the largest share of new multifamily construction in the Commonwealth.

After five consecutive quarters of decline, net absorption increased in Q2 2026.

Net absorption – difference between number of units leased and number of units vacated – was positive in Q2 2026 (3,568 units), indicating healthy demand in the rental market. Both Mid/High rise apartments and Garden style/low rise saw positive net absorption, with more units being vacated than leased out in the spring months. Northern Virginia (1,149 units) led the list of Virginia metro areas for the highest number of leased spaces this quarter, while the Blacksburg multifamily market experienced negative absorption in the second quarter of 2026.

Rental prices continued to go up in most local markets.

The average effective rent per unit in Virginia was $1,805 in Q2 2026, increasing 0.2% from the same time last year, indicating that rental prices continue to climb. Rental prices went up in five of the nine metro areas of the Commonwealth. Hampton Roads topped this list by experiencing a 5.1% increase in rent while Charlottesville saw the highest rent decline (-2.3%).

For more information on housing, demographic and economic trends in Virginia, be sure to check out Virginia REALTORS® other Economic Insights blogs and our Data page.