Richmond Multifamily Report – October 2026
This Mid-Atlantic market is outperforming across most metrics.
Despite a slight post-spring slowdown, Richmond–Tidewater fundamentals continued to outpace most U.S. markets. Area asking rents were up 4.0 percent to $1,670, year-over-year through August, while the national average saw a 0.4 percent improvement, to $1,773. Meanwhile, occupancy in stabilized Richmond assets clocked in at 94.9 percent, down 30 basis points but still leading the 94.2 percent national figure.
Employment dynamics, however, remained disconnected from the area’s rental performance, a trend visible across the country since hybrid and remote work became widespread. Richmond lost 9,900 net jobs in the 12 months ending in June, with just two of 10 employment sectors in the black: education and health services (+2,900 positions) and leisure and hospitality (+1,000). Still, a handful of massive projects expected to boost the local economy are moving forward, from the largest coastal wind farm in the
U.S. and large data center projects from QTS and Google to a $2.4 billion mixed-use district and LEGO’s upcoming 1.7 millionsquare- foot plant.
Development is humming along, with 2,500 apartments delivered year-to-date through August and an additional 9,120 units under construction. Transactions recorded a clear improvement, with investors shelling out $1.1 billion in the area during the first eight months of 2026, at a $167,056 average price per unit.
