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Market Report

Norfolk-Virginia Beach Multifamily Market Report

3Q 2023

Vacancy Remains in Line with Historical Norms,
Amid the Recent Stretch of Negative Absorption

Demand slips as renter protections subside. The expiration of the state-wide eviction moratorium and federal rent relief in mid-2022 have had a significant impact on local rental occupancy. Since August 2022, there has been nearly 50,000 eviction filings metrowide. These actions coincided with five consecutive quarters of negative net absorption through March of this year, marking the longest stretch of negative demand in more than two decades. Fortunately, renter demand returned to positive territory in the second quarter, which may indicate that some of these headwinds are beginning to abate. Vacancy also remains in line with pre-pandemic norms, despite these recent challenges. Registering at 4.7 percent in June, the rate was 20 basis points below the historical mean prior to 2020, suggesting the market still remains in fundamentally healthy shape.

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