Richmond & Hampton Roads Multifamily Market Report 2H25

Richmond's multifamily market softened in 2025 with occupancy declining 10 basis points year-over-year to 95.2%, effective rents declining 0.1%, and sales volume reaching $800 million. Hampton Roads exhibited stronger fundamentals with occupancy increasing 70 basis points to 96.5%, effective rent growth of 3.2% year-over-year, and multifamily sales of approximately $1.1 billion, representing a 30.7% increase from 2024.