Hampton Roads Q2 Multifamily Market Report: Tightening Vacancies Fuel Rent Increases, Price Appreciation
Highlights:
- The Hampton Roads multifamily market posted extremely tight vacancy conditions in the second quarter, signaling the overall health of the market. Rents rose and per-unit sales prices pushed higher.
- Vacancy dipped 40 basis points during the second quarter, with the rate reaching 2.6 percent. Year over year, vacancy has fallen 160 basis points.
- Rent growth surged in the second quarter. Rents are up 10.9 percent year over year. Asking rents reached $1,310 per month at midyear.
- Sales of apartment properties continued at a steady pace in the second quarter. Prices have pushed higher in response to improving operating conditions. The median price reached approximately $112,000 per unit in the first half of this year, while cap rates compressed to 5 percent on average.
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