Market Snapshot Memphis Q1 2025

Market Overview

Richmond’s multifamily sector remained relatively balanced in Q1 2025. Demand continued to be supported by stable job growth in healthcare, government, and logistics, even as vacancy rates hovered in the mid-6% range. Suburban submarkets, especially Chesterfield and Henrico, showed strong absorption trends, reflecting continued migration patterns favoring garden-style and lower-density developments. Although new starts have slowed, developers are still delivering product cautiously, especially in submarkets with constrained supply. Rent growth remained modest but positive, aided by a resilient employment base and stable in-migration across the Richmond metro.

About MMG

MMG delivers data-first reports tailored to multifamily owners, operators, and capital partners. Their Richmond coverage combines local market performance with macroeconomic context, making it easy for investors to assess risk, opportunity, and submarket trends. With a focus on clarity and relevance, MMG’s reports help decision-makers move fast and act with confidence—especially in evolving Sun Belt and Mid-Atlantic markets.

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