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VAMA News
Setting Up a Sustainable Policy Future Post-COVID
On July 1, housing providers will return to normal operating procedures that largely resemble business from pre-COVID times. As the industry makes this transition together and joins the bulk of the retail and business community in looking to the future, we want to make sure that we are doing things right, and with an eye toward a sustainable future.
  
VAMA Honors Pat Shumaker with Gloria D Jacobs Member of the Year Award
Pat Shumaker, VAMA Immediate Past-President and Executive Vice President for Artcraft Management, was awarded the Gloria D Jacobs Member of the Year award on April 29 at the 2022 VAMA Conference. When Pat took office as President in January 2020, she had no idea that VAMA, and the entire world, would face one of its most challenging years to date.  Because of her extraordinary leadership, we remained a strong and unified VAMA. She supported VAMA staff with all of the crazy programming changes, and she was at the helm of important financial decisions that helped VAMA remain a healthy organization through these tumultuous times.
Three Virginia Cities Make List of Top Cities for Apartment Space Per Renter
Three of Virginia's own cities came in on the list of the top 50 U.S. cities with the most apartment space per person. Hampton came in at #15 with 675 sq. ft. per person, Richmond was #20 with 664 sq. ft. per person and Virginia Beach was #28 with 644 sq. ft. per person. Overall, the report found that the average space per apartment renter has decreased by 25 sq. ft. per person in the last 10 years. 
VAMA in the News: How Will End of Rent Relief Impact Eviction Protections?
VAMA's CEO, Patrick McCloud, explains what the end of Virginia's rent relief program means, how the latest applications will be prioritized, and encourages renters to discuss concerns about being able to pay their rent with their landlord sooner than later. 
Spring 2022 Market Pulse Predicts Rents Will Continue to Rise
According to RealPage data, the average first quarter effective rent in the U.S. was $1,671, a year-over-year gain of 17.3%. With leasing traffic also trending higher than past years, experts predict that rents will continue to rise through the summer before a potential slowdown in the fall. National occupancy rates also reached a high of 97.6%.
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Build Your Skills
  
Don't miss VRLTA Webinar Series with Grimes Creasy
Join VAMA as we offer this two-part series covering everything you want to know about the Virginia Residential Landlord Tenant Act (VRLTA).  Recent VRLTA changes that took place within the last 12 months will be discussed in both sessions. 
 
Part one will focus on general overview and part two will go into more operational detail.
Choose one session or both depending on how much new information or refresh you would like!
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Development News
Fredericksburg: New Community Going Up at Spotsylvania Towne Centre
Bonaventure has broken ground on Attain at Spotsylvania Towne Centre, a 271-unit luxury community at the site of the former Sears store. The community is expected to be completed in two years.
Norfolk: National Multifamily Developer Breaks Ground on Luxury Apartments
The Breeden Company announced groundbreaking on Lake Taylor Pointe, a $43 million multifamily project in Norfolk, Va. The project is located off Kempsville Road and will consist of 198 one-, two- and three-bedroom apartments with home sizes ranging from 784 sq. ft. – 1566 sq. ft.
Richmond: Apartments Coming Soon Atop Shockoe's Buffalo Wild Wings
A two-story addition atop the Canal Crossing complex has gotten underway. The project will add 44 studio apartments with enclosed courtyard and glass atrium. 
Richmond: Mixed-Use Project Coming to Manchester
The unnamed five-story building on Hull Street will neighbor 102-unit community PortRVA. Plans include 65 apartments and 3,000 square feet of commercial space. Developers hope to break ground this summer. 
Virginia Beach: Former Elementary School Eyed for Apartments
The Franklin Johnston Group plans to buy the Laskin Road Annex building, former site of Linkhorn Park Elementary, and build apartments, retail and office space, and a restaurant in its place. 
Williamsburg: Sterling Manor Sold for $70 Million
Capital Square acquired 207-unit luxury Williamsburg community Sterling Manor last month. The company plans to renovate 70 remaining un-renovated units.