Jun
12
Overbuilding in Richmond?
ByWith almost 20,000 units in the pipeline—more than a third of which are under construction—the metro is at risk of overbuilding. As new stock is putting a damper on growth, Yardi Matrix expects rents to rise by 3.5 percent in 2017.
Following several years of strong supply, Richmond’s multifamily market is shifting down a gear. Rents rose 1.6 percent year-over-year through April, continuing to trail the national average. With almost 20,000 units in the pipeline—more than a third of which are under construction—the metro is at risk of overbuilding…
