Q1 2024 Virginia Multifamily Market Report

The multifamily rental market in Virginia was relatively stable to start 2024, with upward pressure on rents and only a small uptick in vacancy. The large influx of new units that became available last year are getting leased, there was net positive absorption statewide, which was the strongest in Northern Virginia and the Richmond region, two of the markets with most of the new multifamily inventory. The pipeline of new construction continues to be much slower than last year. Read the full report.