Virginia Multifamily Deliveries Jump 37% to 3,084 Units as Q2 Absorption Turns Positive
Updated
Updated · Virginia Realtors · Jul 15
Virginia Multifamily Deliveries Jump 37% to 3,084 Units as Q2 Absorption Turns Positive
3 articles · Updated · Virginia Realtors · Jul 15
Summary
3,084 multifamily units were delivered in Virginia in Q2 2026, up 37% from a year earlier, while net absorption rebounded to a positive 3,568 units after five straight quarterly declines.
23,853 units remained under construction, down 3% year over year, signaling a thinner pipeline even as completed projects accelerated. Northern Virginia and Richmond held the largest shares of new construction.
Northern Virginia led leasing with 1,149 absorbed units, while Blacksburg posted negative absorption, showing demand was uneven across metro areas.
$1,805 was the statewide average effective rent, up 0.2% from a year earlier; rents rose in five of nine metros, led by Hampton Roads at 5.1%, while Charlottesville fell 2.3%.