Three Multifamily Market Trends from the Third Quarter of 2026
October 22, 2026

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 third quarter of 2026.
Delivery of new multifamily units declined while construction activity gained momentum.
Deliveries of completed multifamily units declined, with 1,284 multifamily units delivered in Q3 2026, which was 64% fewer units delivered compared to the same time last year. There were 28,711 multifamily units under construction in Q3 2026, 22% higher than the same time last year. Among the metro areas, Northern Virginia and Richmond had the largest share of new multifamily construction activity in the Commonwealth.

Net absorption increased for the second consecutive quarter in Q3 2026.
Net absorption – the difference between number of units leased and number of units vacated – was positive in Q3 2026 (2,485 units), indicating healthy demand in the rental market. Both Mid/High rise apartments and Garden style/low rise apartments saw positive net absorption, with more units being leased out than vacated. All Virginia metros experienced positive net absorption, with Hampton Roads (932 units) seeing the highest number of leased spaces this quarter.

Rental prices continued to rise in most local markets.
The average effective rent per unit in Virginia was $1,799 in Q3 2026, increasing 1.1% from the same time last year, indicating that rental prices continue to climb. Six out of the nine metro areas of the Commonwealth saw rents going up. Hampton Roads topped this list with a 5.7% increase in rent while Charlottesville saw rents going down the most (-3.7%).

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.
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