Richmond, VA Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Richmond closed 2025 with fundamentals largely intact. Absorption has totaled 6,280 units since the start of 2024, nearly matching the 6,205 units delivered over the same period, keeping vacancy at 9.0%, up just 20 basis points year-over-year. Effective rent grew 1.2% annually to $1,573 per unit, a steady if modest gain that reflects stabilizing conditions rather than pressure. The construction pipeline remains active at over 4,400 units, up 14.1% year-over-year and in line with historic averages, with Western Henrico accounting for more than 43% of units currently underway. Investment activity strengthened considerably: year-end sales volume topped $544 million, with over $246 million closing in Q4 alone, led by two acquisitions by Seminole Trail Management totaling nearly $185 million. Richmond's GDP grew 37% between 2019 and 2024, providing the economic foundation keeping renter demand consistent.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Richmond Q4 2025 multifamily MarketBeat covers vacancy, effective rents, net absorption, and sales activity to help owners and investors assess conditions across the metro's submarkets. To read the full report, click here.