Take a look at some of the ways VAMA worked to empower Virginia's rental housing industry in 2023. We are looking forward to continuing to make a positive impact in 2024 and beyond!

In 2023, the rental market experienced a notable cooldown, marked by a 1.1% year-over-year decline in national median rent. This shift resulted from weakened demand due to higher housing costs and economic concerns, coupled with a historic surge in multifamily construction, increasing supply. Looking ahead this year, the Apartment List Economics Team predicts seven key trends, including a surge in new apartment construction – anticipating one million multifamily units under construction for the first time in history, and low single-digit rent growth due to a modest rebound in demand that may not outstrip the significant new supply. 

Emphasizing the importance of community involvement in the multifamily rental housing industry, Senior VP of HHHunt Apartment Living, Lance Goss, states that the success of apartment communities is often measured by compassionate actions towards residents and the broader community. Strategies for effective community involvement include aligning efforts with resident and team member passions, tying initiatives to significant events or holidays, leveraging partnerships with local organizations, and actively participating at the local level through boards, commissions or committees. 

Recently, Christine Gustafson, VP of Marketing at The Breeden Company and VAMA Board member, was featured on MHN's Top Marketers podcast. Listen to her take on the pivotal role psychology plays in multifamily real estate marketing decisions and the transformative impact of integrating psychological strategies into marketing.

The Hampton City Council approved a zoning and use permit for a new market-rate apartment community at the former Colonial Downs off-track betting facility in the city's Coliseum Central section. The proposal includes 238 studios, 82 one-bedrooms and 62 two-bedrooms, plus a parking garage, pool, dog park, wellness center and more. 

Following the recent completion of the Rise at Regency, Rise II is slated to break ground in mid-2024. The second apartment community in the Regency redevelopment will include 300 units with different finishes and color schemes than its sister property, and will include amenities like a pool, fitness center and more.

 A brand new affordable housing community called Newport Gardens Apartments is in the works on 36th Street in Norfolk. The developer says the target market for the 37 one-bedrooms, 13 two-bedrooms and 8 project-based will be "teachers, police officers and emergency responders," and is expecting to begin taking resident applications later this year. 

Belmont Hills Apartment Homes, a 651-unit community spanning 69 buildings, was sold to Levco Management in December for $102.8 million, and was the only 9-figure apartment sale in the Richmond market last year. The $158,000 per-door apartments are slated to get a renovation by Levco Construction. 

A mixed-use building in the Westhampton Commons area that broke ground in November with expected completion in 2025 will include 53 apartments in its upper levels. The lower levels will house Class A office space, which is already preleased to Bon Secours, an accounting firm, a nonprofit and more. 

Mount Pleasant Villas, a 90-unit community on Rutrough Road, was sold to Sweetbay Capital for $7.25 million in early December. 

Westminster-Canterbury is moving forward with a 22-story tower off Shore Drive in the Chick's Beach area, after getting approval from City Council to move a public beach access point. Despite the usual NIMBYism (Not in My Back Yard) from local residents, the $450 million will bring much-needed additional senior housing to the area.