Page 134 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

02 APARTMENT MARKET OVERVIEW GUARDIAN PLACE

RICHMOND MSA OVERVIEW

RICHMOND MARKET
HISTORIC & PROJECTED VACANCY

The Richmond MSA apartment market performed exceedingly well through 7.0%
6.2%
the Covid-19 Pandemic thanks to limited supply and increasing strength of 6.0% 5.8%
the regional economy. APARTMENT 5.0% 5.0%
MARKET STATISTICS 4.2% 4.0% 3.9%
Effective rents increased 13.1% over the year ending Q4 2021 and is 4.0% 3.4% 3.3% 3.1%
projected to grow 6.1% annually over the next five years. Vacancy has 3.0% 2.4% 3.0%
decreased to 2.4% compared to the five year average of 5.3%. RENTS & RENT GROWTH 2.0%
» 5.1% annual effective rent growth since 2015
The apartment market for the Richmond MSA is currently accelerating in » 13.1% effective rent growth year-over-year in Q4 2021 1.0%
the face of a robust regional economy. Most new supply additions continue » 7.1% projected annual effective rent growth through 2025 0.0%
to be concentrated in the downtown core insulating suburban submarkets 2015 2016 2017 2018 2019 2020 2021 2022 (P) 2023 (P) 2024 (P) 2025 (P)
from negative effects. Long-term economic health is projected for the region VACANCY
with strong growth prospects. This will continue to benefit well located » 4.5% average vacancy since 2015
apartment communities like Guardian Place.
» 2.4% average vacancy in Q4 2021
» 3.0% projected average vacancy through 2025

RICHMOND MARKET
EFFECTIVE RENTS & YOY GROWTH

$1,800 14.0%
$1,600
12.0%
$1,400
10.0%
$1,200
$1,000 8.0%
$800 6.0%
$600
4.0%
$400
» PROJECTED STATS $200 2.0%
$0 0.0%
2015 2016 2017 2018 2019 2020 2021 2022 (P) 2023 (P) 2024 (P) 2025 (P)
2021 2022 2023 2024 2025 AVERAGE
Richmond MSA Eff. Rent Growth YoY
EFFECTIVE RENT GROWTH 13.1% 10.8% 4.6% 3.7% 3.5% 7.1%

VACANCY 2.4% 3.4% 3.3% 3.0% 3.1% 3.0%

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