Richmond Multifamily Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, Northmarq, CBRE
Quarterly multifamily market indicators for Richmond, aggregated by CREhunt from Cushman & Wakefield, Northmarq, CBRE. As of Q4 2025, vacancy was 7.2%, per Northmarq.
Projected current multifamily pricing — Richmond
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Richmond multifamily yet, so this applies the typical cap rate across comparable multifamily markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q3 2025 Northmarq asking-rent data (benchmark cap rate 5.1%–6.0%, asking rent held flat). Assumes ~93% occupancy and a 52–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | — | — | -500 SF | — | Cushman & Wakefield |
| Q4 2025 Cushman & Wakefield | — | — | -500 SF | 4K SF | Cushman & Wakefield |
| Q4 2025 Northmarq | — | 7.2% | 3K SF | — | Northmarq |
| Q3 2025 Northmarq | $1,625.00/unit/mo | 7.4% | — | — | Northmarq |
| Q2 2025 Northmarq | — | 7.0% | — | — | Northmarq |
| Q2 2025 CBRE | $1,593.00/unit/mo | — | — | — | CBRE |
| Q4 2023 Cushman & Wakefield | — | 0.5% | 2K SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for multifamily space in Richmond?
- CREhunt aggregates multifamily asking-rent data for Richmond from major brokerage market reports; see the quarterly table for the latest available figures.
- What is the multifamily vacancy rate in Richmond?
- The multifamily vacancy rate in Richmond was 7.2% as of Q4 2025 (Northmarq).
- Where does CREhunt's Richmond market data come from?
- This report aggregates quarterly multifamily market data for Richmond from Cushman & Wakefield, Northmarq, CBRE.