Q1 2023 Virginia Multifamily Market Report

Virginia’s rental market continues to experience strong demand, though the intensity has eased. Rent growth has slowed for all property types, and rental vacancy rates have inched up. There continues to be a large pipeline of new construction but there are fewer deliveries than last year. Most MSA markets around the state had a higher rental vacancy rate in Q1-2023 compared to last year, however, Virginia’s college town markets had a notable decrease in rental vacancy.