Page 135 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

02 APARTMENT MARKET OVERVIEW TUCKAHOE / WESTHAMPTON SUBMARKET GUARDIAN PLACE

TUCKAHOE / WESTHAMPTON OVERVIEW
HISTORIC & PROJECTED VACANCY

4.5% 4.3% 4.1% 4.2%
4.0% 3.6% 3.8%
3.5% 3.5% 3.4%
3.1% 3.1% 3.2%
The Tuckahoe / Westhampton submarket has seen substainal effective 3.0% 2.4%
rent growth coming out of the Covid-19 Pandemic with strong projections 2.5%
throughout 2025. APARTMENT 2.0%
MARKET STATISTICS 1.5%
Thanks to an affluent population and high percentage of regional major 1.0%
employers the submarket is considered one of the strongest and most 0.5%
desirable of Richmond. The submarket’s inherent strengths including RENTS & RENT GROWTH 0.0%
convenient location relative to retail, employment and major roadways has » 5.2% annual effective rent growth since 2015 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
facilitated strong apartment market fundamentals for continued growth » 14.9% effective rent growth year-over-year in Q4 2021 (P) (P) (P) (P)
over the past two years. » 8.0% projected annual effective rent growth through 2025

Effective Rents: The submarket continues to perform with effective rent
growth at 14.9% year ending Q4 2021. VACANCY

Vacancy: Stabilized vacancy in Eastern Henrico County currently averages » 3.5% average vacancy since 2015
2.4% year-over-year Q4 2021. Vacancy for all investment grade apartments » 2.4% average vacancy in Q4 2021
is expected to average 3.3% annually from 2021 through 2025. » 3.3% projected average vacancy through 2025

TUCKAHOE / WESTHAMPTON SUBMARKET
EFFECTIVE RENTS & YOY GROWTH
$2,500 16.0%
14.0%
$2,000
12.0%
$1,500 10.0%
8.0%
» PROJECTED STATS $1,000 6.0%
4.0%
$500
2021 2022 2023 2024 2025 AVERAGE 2.0%
$0 0.0%
EFFECTIVE RENT GROWTH 14.9% 10.3% 5.7% 4.8% 4.4% 8.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
(P) (P) (P) (P)
VACANCY 2.4% 4.2% 3.4% 3.1% 3.2% 3.3% East Richmond Eff. Rent Growth YoY

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