Q1 2026 Virginia Multifamily Market Report

Virginia’s multifamily inventory grew in the first quarter of 2026. The market saw positive absorption but the pace slowed down for the fifth consecutive quarter compared to the prior year. At the same time, the vacancy rate increased. Deliveries of newly completed units slowed significantly, while construction activity declined slightly as well. Northern Virginia and Winchester were the only two metro areas across the Commonwealth that saw a decline in effective rent.

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