Multifamily Rents Decline in Richmond Amid Stumbling Demand, Rising Vacancy

The trajectory of Richmond, Virginia's multifamily market has shifted tremendously over the past 12 months. At this time last year, vacancies were at all-time lows, demand for apartments was soaring and pricing power remained firmly in the hands of property managers. Now, vacancies have risen in four consecutive quarters, demand was essentially flat in the third quarter and asking rents are declining.