Richmond Multifamily Report – October 2025
This market continues to show healthy, steady growth.
Richmond’s multifamily market remained on a relative steady track amid wider economic uncertainty. Average advertised asking rent growth softened to 0.2 percent on a trailing three-month basis through August, to an average of $1,592, while the U.S. figure was up 0.1 percent, to $1,755. Year-over-year, rents were up 2.2 percent, placing the metro relatively high nationally, with the U.S. average at 0.7 percent. Overall occupancy in stabilized assets remained above the national figure, at 95.2 percent as of July, showing a slight increase despite last year’s strong supply expansion.
The employment market softened, with gains at 0.8 percent as of June. This was on par with the national average. Meanwhile, unemployment clocked in at 3.7 percent in July, 50 basis points below the U.S. rate, according to data from the Bureau of Labor Statistics. In the 12 months ending in July, the metro added 11,700 net positions, with education and health services leading growth (up 9,800 jobs). Several large projects promise to bring more employment to the area. Among them is The LEGO Group’s $1 billion precision production facility, expected to begin operations in 2027 and add roughly 1,700 jobs over the next decade.
Supply dynamics also cooled off a bit. Still, Richmond developers had 6,627 apartments underway as of August and construction starts picked up steam in 2025, with new developments nearly doubling.
