As of the third quarter of 2023, rent growth has been robust across the Mid-Atlantic region with all markets achieving year-over-year (YOY) rent growth above 2.0%. Hampton Roads and Richmond have seen the strongest five-year average rent growth, both at 5.9%. Washington and Baltimore have also averaged strong growth over the past five years at 2.9% and 4.3%, respectively. Within the D.C. metro, the District of Columbia submarket has the highest YOY rental rate growth of 3.9%, while Northern Virginia has the highest occupancy of 95.7%. After record-breaking sales volume across the Mid-Atlantic markets in 2021 and 2022, the current high interest rate environment has caused a slowdown in the volume of multifamily sales transactions across the markets. While construction loan costs are increasing, most projects are on pause unless the developer has already broken ground.Download Mid-Atlantic Multifamily Market Report 3Q23
Mid-Atlantic Multifamily Real Estate Market Reports
Quarterly, Newmark curates the Mid-Atlantic Multifamily Real Estate Market Report to support well-informed business decisions for commercial real estate owners, investors and occupiers. The report publishes the latest data and trends for multifamily real estate for Washington D.C., Baltimore, Philadelphia, Richmond and Norfolk.