Richmond, VA · Q3 2026
Richmond multifamily market
8.4% vacancy across 97,331 units; effective rent $1,565 per unit.
- Vacancy
- 8.4%
- Effective rent
- $1,565
- per unit / month · $1.76/SF
- Rent growth
- +0.6%
- year over year
- Under construction
- 5,941 units
What moved this quarter
- Vacancy is 8.4%, down 50 bps year over year and flat from Q2, as absorption keeps pace with deliveries (1,779 units absorbed year to date).
- Average effective rent is $1,565 per unit, up 0.6% year over year — growth continues to moderate.
- 5,941 units are in development, including seven projects that broke ground in Q3, mostly in Chesterfield: Vida on the Lake (258 units) and Attain at Swift Creek (344 units).
- Sales topped $504.5 million year to date but slowed sharply in Q3. The two largest trades, 2000 West Creek ($115 million, 373 units) and Colony at Centerpointe ($74.6 million, 255 units), closed late in Q2.
Source: Cushman & Wakefield | Thalhimer, Richmond Multifamily MarketBeat Q3 2026
Other firms’ read
Firms track different inventories, so metro figures differ. Compare direction, not decimals.
| Firm | Vacancy | Rent |
|---|---|---|
| Cushman & Wakefield | ThalhimerQ3 2026 | 8.4% | $1,565 avg effective |
| NorthmarqQ1 2026 | 7.2% | — |
| Yardi MatrixApr 2026 | 5.2%from 94.8% occupancy | $1,619 avg asking |
Vacancy by submarket
Hover or tap a bar for size and location
Metro 8.4%
Near West End
11.3%
South Richmond
10.5%
Tri-Cities
9.4%
Central
9.2%
North Richmond
9.1%
Western Henrico
8.3%
Chesterfield
6.6%
Midlothian
6.5%
East Richmond/Henrico
6.3%
Hanover
5.1%
Average effective rent by submarket
Per unit per month
Metro $1,565
Near West End
$1,847
Midlothian
$1,795
Hanover
$1,745
Central
$1,633
Chesterfield
$1,629
Western Henrico
$1,598
East Richmond/Henrico
$1,390
South Richmond
$1,385
North Richmond
$1,333
Tri-Cities
$1,213
All submarkets
| Submarket | Inventory (units) | Vacancy | Under constr. (units) | Rent / unit | Rent / SF | Rent growth YoY |
|---|---|---|---|---|---|---|
| CentralDowntown, Scott's Addition, Manchester, the Diamond | 15,272 | 9.2% | 2,084 | $1,633 | $2.10 | −1.9% |
| ChesterfieldChesterfield outside Midlothian: Chester, Hull St west, Route 10 | 13,954 | 6.6% | 1,252 | $1,629 | $1.65 | +0.9% |
| East Richmond/HenricoEastern Henrico, Varina, Church Hill | 4,490 | 6.3% | — | $1,390 | $1.55 | +4.9% |
| HanoverHanover County | 2,090 | 5.1% | 232 | $1,745 | $1.84 | +2.5% |
| MidlothianMidlothian Tpk corridor, Route 288, Brandermill | 8,085 | 6.5% | 591 | $1,795 | $1.80 | +2.1% |
| Near West EndNear West End, Libbie/Grove, University of Richmond area | 1,554 | 11.3% | — | $1,847 | $2.15 | −0.7% |
| North RichmondNorthside Richmond and northern Henrico | 2,543 | 9.1% | — | $1,333 | $1.68 | +4.9% |
| South RichmondSouth Richmond and inner Chesterfield | 15,514 | 10.5% | 573 | $1,385 | $1.64 | +0.8% |
| Tri-CitiesPetersburg, Colonial Heights, Hopewell | 5,634 | 9.4% | — | $1,213 | $1.37 | +3.7% |
| Western HenricoShort Pump, Innsbrook, Glen Allen, West End | 28,195 | 8.3% | 1,209 | $1,598 | $1.75 | +0.3% |
| Richmond total | 97,331 | 8.4% | 5,941 | $1,565 | $1.76 | +0.6% |
Effective rents are net of concessions. Source: Cushman & Wakefield | Thalhimer, Richmond Multifamily MarketBeat Q3 2026. Submarket boundaries are the research firm’s.