Mid-Atlantic Multifamily Market Reports

In the first quarter, all four Mid-Atlantic metro markets surveyed by Newmark experienced relatively modest demand and therefore minimal change to occupancy. Mid-sized metro markets and suburbs have experienced the greatest activity since the onset of the pandemic. Effective rental rates have increased in all Mid-Atlantic markets, although the rate of growth has slowed in some areas. Recent effective rent growth declines represent more of a flattening than a true contraction, following a year of particularly strong rent increases. The Washington Metro recorded annual effective rent growth of 10.6%, while the District of Columbia measured 8.3%. Mid-Atlantic investment activity stagnated in the first quarter. The mid-sized metros of Hampton Roads and Richmond have captured a relatively large share of investment volume over the last year, which is consistent with the national trend of increased institutional investment in emerging markets, particularly in the Sun Belt.

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