Mid-Atlantic Multifamily Real Estate Market Reports

Market Overview

The Virginia Beach–Norfolk–Chesapeake metro, commonly known as Hampton Roads, had an estimated population of over 1.8 million in 2024. The local economy is deeply rooted in military spending—home to Naval Station Norfolk, the largest naval base in the world—as well as shipbuilding, healthcare, and tourism. Q1 2025 saw strong multifamily fundamentals, with occupancy at 96% and rent growth at 2.7% YoY. Development remains limited, which is helping to support landlord pricing power across urban and suburban submarkets alike.

About Newmark Group Inc.

Newmark Group Inc. is a global commercial real estate advisory firm with offices in more than 100 cities worldwide. Headquartered in New York, Newmark provides capital markets, leasing, valuation, and property management services to institutional and private clients. Their regional multifamily reports, including those for the Mid-Atlantic, are known for strategic-level analysis, investment-grade data, and insights tailored for owners of large portfolios. Their Hampton Roads coverage draws from a strong brokerage and research presence in the Southeast.