{"id":1004149537,"date":"2016-08-09T00:28:13","date_gmt":"2016-08-09T08:28:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004149537"},"modified":"2025-02-26T23:38:59","modified_gmt":"2025-02-27T07:38:59","slug":"yardi-matrix-richmonds-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-richmonds-rise\/","title":{"rendered":"Yardi Matrix: Richmond\u2019s Rise"},"content":{"rendered":"<div id=\"attachment_1004149480\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Richmond_0816_Rent.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004149480\" data-attachment-id=\"1004149480\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-richmonds-rise\/metro_richmond_0816_rent\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Richmond_0816_Rent.jpg\" data-orig-size=\"800,400\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Richmond rent evolution, click to enlarge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Richmond rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Richmond_0816_Rent.jpg?w=800\" class=\"size-medium wp-image-1004149480\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Richmond_0816_Rent.jpg\" alt=\"Richmond rent evolution, click to enlarge\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Richmond_0816_Rent.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Richmond_0816_Rent.jpg?resize=300,150 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Richmond_0816_Rent.jpg?resize=768,384 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004149480\" class=\"wp-caption-text\">Richmond rent evolution, click to enlarge<\/p><\/div>\n<p>With solid job gains in most employment sectors and an above-average population rise, Richmond\u2019s multifamily market is in a healthy state. Rents rose 3.7 percent during the last 12 months, well over the previous 1.4 percent but still trailing the national average by 190 basis points.<\/p>\n<p>As the metro\u2019s economy is slowly but surely diversifying, the area continues to rely on some of its major employers, including nine military bases and several large health care providers. Huntington Ingalls, one of the largest industrial employers on the East Coast, is anchoring the otherwise shrinking manufacturing sector. The Port of Virginia and Richmond Marine Terminal are both planning expansions, hoping to take advantage of the widening of the Panama Canal.<\/p>\n<p>Although trailing national trends, Richmond is still a steady market, having hit cycle-wide records this year for delivered units, rent growth, transaction volume, home prices and job gains. Multifamily demand is relatively high and developers are rising to the challenge: Last year\u2019s percentage of new stock was almost on par with the national average, as roughly 4,400 units, most of them high end, came online in 2015. However, the pipeline is accelerating even further. Richmond has 17,147 units in various stages of development\u2014almost 60 percent more than at the same time last year. That is expected to moderate rent growth for at least the remainder of 2016.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/104-Richmond-Summer2016Outlook?signup=false\" rel=\"nofollow noopener\" target=\"_blank\">Read the full Yardi Matrix Report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Summer Report 2016: With solid job gains and an above-average population rise, the area\u2019s multifamily market is in a healthy state.<\/p>\n","protected":false},"author":1269,"featured_media":1004149464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,21782,21808,11,21742,37795,36153],"tags":[],"class_list":["post-1004149537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-development","category-featured","category-midatlantic","category-latest","category-rc-occupancy","category-richmond-hampton-roads"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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