Hampton Roads 4Q23 Multifamily Market Insights Report: Rents maintain a steady upward trajectory to close 2023

Highlights: 

• The Hampton Roads multifamily market ended 2023 in a slightly stronger position than it began the year. Vacancies were largely flat, and rents posted a steady advance. Fewer properties sold during the year, but there was an increase in transactions in the fourth quarter.
• Coming off of two consecutive quarters where local vacancy tightened, the rate rose 40 basis points during the fourth quarter to 5.7%. Current vacancy levels are identical to the figure from one year earlier.
• Rent gains were steady in 2023, building on increases from prior years. Average asking rents advanced 4.1% for the full year, ending the fourth quarter at $1,510 per month.
• While transaction activity bounced off earlier lows late in the year, total sales velocity was down about 40% from 2022 to 2023. The median price ended the year at $142,900 per unit, while cap rates ranged between 5.75% and 6.25%.

Read the report, or learn more by engaging with our office in Richmond, Va.