Richmond, VA Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

Richmond posted year-over-year rent growth of 3.6% through February 2026, ranking among the highest in the country and well ahead of the national average, which ticked down 0.1% over the same period. Average asking rents rose 0.4% on a trailing three-month basis to $1,619. Occupancy in stabilized assets slipped 30 basis points over 12 months to 94.8%, reflecting two years of strong supply growth, with 6,089 units delivered in 2025 and 8,844 more under construction as of February. Unemployment closed 2025 at 3.3%, 110 basis points below the national figure. Investment volume reached $1.6 billion in 2025, and major projects including the $2.4 billion Diamond District redevelopment and Google's planned 307-acre data center campus signal continued long-term capital commitment to the market.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their Richmond April 2026 multifamily market report covers asking rents, occupancy, construction pipeline activity, and investment volume to help owners and investors assess market conditions. To read the full report, click here.