Richmond and Hampton Roads, VA Multifamily Market Report | Newmark | Q4 2025

Market Overview

Richmond and Hampton Roads closed out 2H25 on notably different trajectories. Richmond ended 2025 with occupancy at 95.2% and effective rents essentially flat, down 0.1% year over year, as deliveries of 3,362 units slightly outpaced absorption of 3,077. Capital markets activity picked up, with sales volume reaching $800 million, up 38.5% year over year, and per-unit pricing climbing to $206,133. Hampton Roads told a different story: occupancy rose to 96.5%, rent growth reached 3.2%, and absorption of 2,144 units outpaced deliveries of 1,118. Sales volume topped $1.1 billion, up 30.7% year over year, with cap rates compressing to 5.4%. Newmark notes Hampton Roads carries the highest occupancy and rent growth of any Mid-Atlantic multifamily market.

About Newmark

Newmark is a full-service commercial real estate advisory and capital markets firm serving investors, owners, and occupiers across major U.S. and global markets. Their Richmond and Hampton Roads 2H25 multifamily report covers occupancy, rent growth, absorption, deliveries, and sales volume across both metros to help investors assess market conditions and refine investment timing. To read the full report, click here.