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Real Estate Investment Market Report for Pennsylvania, Virginia, and Washington D.C.: April 2021

multifamily investment financing

Investing in multifamily properties is a great option for those looking to get into real estate investing and feel comfortable with the responsibility and time commitment. Done right, they can be a great source of passive income. However, it’s important to have an in-depth understanding of how to find properties that will provide worthwhile returns on your investment, and subsequently acquire them. Crunching the numbers instead of being influenced by extraneous factors will quickly give you a comprehensive insight into an overall project.

Learn about the benefits and the challenges

Market Activity

Richmond, VA
Market Overview

After increasing to 5.8 percent in the fourth quarter of 2020, Richmond’s unemployment rate is back below the national average. For Richmond, the pandemic resulted in an influx of new residents, as it became one of the nation’s top destinations for relocation. The area’s proximity to other major metro areas, strong employment base, and high quality of life led to the region having the third-highest gain in net arrivals, according to an analysis by LinkedIn’s Economic Graph.

672
Homes Sold
$275,000
Avg. Home Price
$1,320
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
5.4%
Rental Vacancy Rate
0.7%
Homeowner Vacancy Rate
5.1%
State Unemployment Rate
Metro Area Unemployment
Blacksburg-Radford, VA
4.4%
Charlottesville, VA
4.5%
Harrisonburg, VA
4.4%
Kingsport-Bristol-Bristol, TN-VA
5.3%
Lynchburg, VA
5.4%
Richmond, VA
5.5%
Roanoke, VA
4.9%
Staunton-Waynesboro, VA
4.5%
Virginia Beach-Norfolk, VA-NC
5.8%
Washington-Arlington, DC-VA-MD
5.6%
Winchester, VA-WV
4.0%

Market Activity

Philadelphia, PA
Market Overview

Philadelphia has lost 52,800 jobs since the beginning of the pandemic. Of those, 58.3 percent were in the leisure and hospitality sector. However, since April 2020, the city has added 38,600 jobs to the economy. In the first quarter of 2021, office leasing activity in Philadelphia’s Central Business District totaled more than 142,000 square feet. Additionally, due to tenants not wanting to make long-term real estate commitments, leasing activity was down 87.3 percent compared to the previous three-year quarterly average.

1,770
Homes Sold
$260,000
Avg. Home Price
$1,725
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
6.7%
Rental Vacancy Rate
1.3%
Homeowner Vacancy Rate
7.3%
State Unemployment Rate
Metro Area Unemployment
Allentown-Bethlehem-Easton, PA-NJ
7.3%
Altoona, PA
6.7%
Bloomsburg-Berwick, PA
6.2%
Chambersburg-Waynesboro, PA
5.9%
East Stroudsburg, PA
8.7%
Erie, PA
9.1%
Gettysburg, PA
4.9%
Harrisburg-Carlisle, PA
6.1%
Johnstown, PA
8.1%
Lancaster, PA
5.6%
Lebanon, PA
6.3%
New York-Newark NY-NJ-PA
8.8%
Philadelphia-Camden, PA-NJ-DE
7.3%
Pittsburgh, PA
7.5%
Reading, PA
7.6%
Scranton-Wilkes-Barre-Hazleton, PA
9.0%
State College, PA
4.9%
Williamsport, PA
7.8%
York-Hanover, PA
6.0%
Youngstown-Warren, OH-PA
6.9%

Market Activity

Washington D.C.
Market Overview

Washington D.C tenants – especially those with large footprints – are still cautious of signing long-term real estate leases. In 2019 and 2020, D.C. averaged roughly 2.2 and 1.5 million square feet, respectively, in total gross leasing of 10,000-plus square foot leases. Historically, new leasing and renewals have been about 50-50, yet the first quarter of 2021, was the fifth consecutive quarter for new leasing to account for 35 percent or lower of total gross leasing.

1,007
Homes Sold
$635,000
Avg. Home Price
$2,927
Median Rent
Vacancy Rates Graph
Source: U.S Census Bureau
9.9%
Rental Vacancy Rate
1.8%
Homeowner Vacancy Rate
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. 

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