Virginia
How are Rental Markets Trending Across Virginia? – Virginia REALTORS®
“Uncertain” has become the most common adjective used to describe the U.S. economic outlook and, consequently, consumer confidence levels have dropped. Moreover, housing market sentiment has also suffered, which has led to slower activity levels in the homebuying space in Virginia since the beginning of 2025. Potential homebuyers are hesitant to make a big purchase in light of broader economic fears. Many of them are choosing to continue renting as they wait for more stability and a more positive economic forecast. To understand the rental market landscape, let’s look at the predominant rental trends across the different metro areas in Virginia.
- All nine metro regions in Virginia have seen an increase in rent prices so far in 2025.
Housing costs have continued their upward trajectory. Rental market prices are no different. So far in 2025, according to CoStar, the effective rent per unit in Virginia was $1,820, which is 2.7% higher than the 2024 annual average rent of $1,772. All metro areas in the Commonwealth have seen rents go up. Charlottesville saw the highest percentage increase in rent (+4.7%), followed by Lynchburg (+3.0%) and Northern Virginia (+2.8%). Rental prices saw the smallest percentage increase in Blacksburg (+0.4%). This emphasizes the fact that while more people are choosing to rent and delay homebuying plans, their rental costs are going up.
- Most metro regions have seen a decline in concessions provided to renters.
Landlords tend to offer rent concessions as an incentive to attract or retain tenants. These concessions can be offered in the form of a temporary reduction in rent, and certain fee waivers, among others. Major rental markets in Virginia have seen a decline in effective rent concessions. Five out of the nine metro regions – Northern Virginia, Richmond, Hampton Roads, Lynchburg, and Charlottesville – have seen effective rent concessions go down so far in 2025 compared to last year. Renters aren’t being offered as many incentives to sign or extend their leases given the increased demand for rental units.
- Rental inventory has gone up in most metro areas in Virginia compared to 2024.
There was a significant increase in multifamily construction activity in 2021 and 2022. This has led to increased rental inventory in Virginia’s metro areas. Compared to 2024, seven out of the nine metro areas saw an increase in rental inventory levels, while rental inventory in Charlottesville and Winchester remained unchanged. This trend of rising inventory is expected to flatten out as multifamily construction activity slows down across the state.
For more information on housing, demographic and economic trends in Virginia, be sure to check out Virginia REALTORS® other Economic Insights blogs and our Data page.
Virginia
Virginia governor signs paid leave law, first in the South – WTOP News
Virginia’s governor has signed the state’s Paid Family and Medical Leave Law, making the commonwealth one of more than a dozen states offering similar benefits and the first in the South to do so.
Virginia’s governor signed the state’s Paid Family and Medical Leave Law last month, making the commonwealth one of more than a dozen states offering similar benefits and the first in the South to do so.
Gov. Abigail Spanberger made it official, saying the law is designed to help smaller businesses retain employees who encounter difficult times.
“Whether you punch a timecard, swipe a badge or work primarily for tips, you will be able to take up to 12 weeks of paid leave to address serious health needs for you and your family,” she said.
The program works similarly to unemployment insurance. Employees and employers will pay into it through payroll deductions starting in 2028. If needed, a person can receive up to 80% of their wages for up to 12 weeks. Benefits are expected to become available in December 2028.
The law is expected to apply to most workers across the state, including many who don’t currently have paid leave through their jobs.
“Three million Virginians who previously lacked access to paid family leave will have the ability to care for a loved one, to recover from a serious illness or to welcome a new child without sacrificing their pay or without ending that time with additional credit card debt. Because no one should have to choose between spending time with their newborn and paying their bills,” Spanberger said.
It also covers caring for a sick family member and can help someone dealing with domestic violence, sexual assault or stalking.
Speaking at the signing, Monica Jackson, who owns a childcare center in Springfield, said the program will help small businesses compete and better support working families.
“Enabling programs like mine to remain open, to operate sustainably and to continue serving the families who rely on us for their financial stability,” Jackson said.
State Sen. Jennifer Boysko, the bill’s chief sponsor, said she worked on the policy for eight legislative sessions and is happy to see it officially become law.
“Virginia families are going to have the grace to care for themselves and their loved ones during these most serious events without going bankrupt,” Boysko said.
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Virginia
Virginia Supreme Court voids voter-approved redistricting referendum
On May 8, the Virginia Supreme Court ruled that the General Assembly violated the state constitution when it tried to redraw congressional districts, nullifying the results of the April election in which Virginians narrowly approved redistricting.
Electoral maps are usually redrawn once every 10 years, but multiple states began redrawing them early after President Donald Trump urged Republicans to redraw district lines to ensure more favorable results for the party in the November 2026 elections.
This started a nationwide political battle for control of the U.S. House of Representatives. Texas was the first of several states to redraw districts favoring Republicans, and Virginia Democrats had proposed a constitutional amendment to allow redistricting in order to favor Democrats.
As of May 8, Republicans had initiated redistricting efforts in eight states; Democrats had led redistricting efforts in three states, including Virginia, the Washington Post reported.
In April, Virginia voters supported the redistricting amendment with 51.7% voting for it out of more than 3 million ballots cast. It could have given Democrats up to four extra seats in the U.S. House, according to the Washington Post (subscription required).
But the Virginia Supreme Court, in a 4-3 ruling, found that there were procedural errors in how the Democratic legislature handled the process, nullifying the election results.
The Virginia Constitution says that proposed constitutional amendments must pass in the General Assembly twice before the public can vote on them: once before an election of the House of Delegates, and again after an election. According to the Virginia Supreme Court majority opinion written by Justice D. Arthur Kelsey, early voting for the general election had already been open for six weeks when the General Assembly cast its first vote on the amendment in October 2025, with more than 1.3 million voters having already cast their ballots.
“This violation irreparably undermines the integrity of the resulting referendum vote and renders it null and void,” the court majority opinion stated.
The court’s ruling means the state reverts to the old district maps adopted in 2021. Based on those maps, Virginia voters elected six Democrats and five Republicans to the U.S. House.
Following the court’s ruling, some Virginia Democrats who planned to run for the U.S. House told the New York Times that they have to abandon their campaigns, while others, such as Tom Perriello who is running for the 5th District, face much more difficult campaigns.
Virginia Democrats on Friday asked the court to pause the nullification of the referendum results while they prepare their appeal to the U.S. Supreme Court, according to VPM.
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