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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.
CHARLOTTE, N.C. — In this world of college football, with the transfer portal and recruiting battles, bad blood is present more than ever before between head coaches.
That’s not the case between the Virginia Tech head coach and Clemson head coach Dabo Swinney, however. In fact, Franklin revealed at ACC Kickoff on Thursday that the two are actually close friends, dating back to their time at the Nike trip that various coaches take over the summer.
“Dabo’s my guy,” Franklin said on Thursday. “We go way back. We’ve been on the Nike trip for a long time. His wife and my wife are friends.”
The long-time Penn State head coach is making the move to the ACC after being fired from the Nittany Lions in October. 12 seasons of being with the program had Franklin hold a 44-21 record against top 10 opponents, an impressive record for a new conference foe of Swinney’s.
But when that trip comes around, there’s a camaraderie between Swinney and Franklin and both of their wives. In fact, the two hang out with each other instead of the other coaches at times. It simply comes to an “edgy” time in college athletics that raises tempers.
“I’m going to be honest, I wouldn’t say we’re necessarily like the type of people that love a lot of other coaches and a lot of other programs,” Franklin said. “It’s hard when you just compete year-round.”
On Swinney’s end, there are a few who could immediately come to mind among Clemson fans. Perhaps the most recent would be Ole Miss coach Pete Golding, who played the most significant role in the tampering of former linebacker Luke Ferrelli.
It’s a select list of coaches who make the good side of the Tigers’ head coach, and Franklin is certainly on that list. On the other hand, Hokies’ head coach has Swinney on his own shortlist.
“Obviously, tremendous respect for what he has built at Clemson and what he’s done at Clemson, and what he’s done for the ACC,” he said.
The two will see that close relationship face off at Memorial Stadium this upcoming season. Clemson will host the Hokies on Oct. 24 in what could be a potential title-eliminator for the ACC Championship.
Of course, the last game that we’ve seen the Tigers play in was against Franklin’s former team in Penn State at the Bad Boy Mowers Pinstripe Bowl. That game ended in a 22-10 contest that saw a foundation of Franklin players end Clemson’s season in disappointment.
Swinney will see many of those players once again in October, including starting quarterback Ethan Grunkemeyer, in that contest. The anticipated Hokie starter recorded 260 yards and two passing touchdowns on the Tigers in the Bronx that day.
Although friends become foes, another ACC coach has given Swinney his flowers for what he’s been able to do for the conference. In the upcoming moments, Franklin will look to prepare his team to prove itself on one of the biggest stages in the ACC, while Swinney looks to put his team back at the top of a conference he’s dominated for over 15 years.
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MARTINSVILLE, Va. (WSET) — Extreme drought conditions in parts of Virginia have prompted an emergency drought warning for a wide swath of the region, including Bedford, Campbell, Charlotte, Franklin, Halifax, Henry, Mecklenburg, Patrick, Pittsylvania and Roanoke counties, along with the cities of Danville, Roanoke, Salem and Martinsville.
The governor has warned that if conditions worsen, she will activate mandatory nonessential water-use restrictions.
In Martinsville, city leaders have issued a voluntary water conservation notice and are urging residents and businesses to cut back where they can. The request comes as local businesses that rely heavily on water say the drought is already affecting day-to-day operations.
SEE ALSO: Botetourt County residents adjust daily routines as voluntary water restriction continues
John Hughes, owner of John’s Car Wash, said the dry conditions have hit his business hard in recent weeks. “For the last 3 weeks, it’s been hitting pretty hard. We done three yesterday and haven’t done anything today with the drought and hot weather. Yeah, I’m really concerned about it,” Hughes said.
Restaurants are also feeling the strain. David Kitzmiller, an owner of Be Wiched, said water is essential for routine tasks such as washing dishes and preparing some menu items.
“We use a lot of water for washing dishes and some of our recipes if they limit us in anyway defiently can’t produce and its a scary aspect,” Kitzmiller said.
Kitzmiller added that cutting back is not always realistic for businesses that must meet sanitation needs. “Not really feasible for a business that depends solely relies on water to wash their dishes, so that can’t definitely be an impact there,” he said.
City leaders emphasized that the conservation request is voluntary for now, but they are encouraging everyone to do their part by taking shorter showers, turning off the faucet when it is not in use, washing only full loads of laundry, and limiting outdoor watering whenever possible.
VIRGINIA BEACH, Va. (WAVY) — Five people were charged after Virginia Beach Police conducted a two-day human trafficking and vice operation on July 3, according to the Virginia Beach Police Department.
The department’s Special Investigations Bureau conducted the operation, which was aimed at identifiying human trafficking victims, reducing the demand for commercial sex and targeting individuals seeking to exploit or recruit children for prostitution.
Detectives used many investigative techniques to proactively identify individuals involved in criminal activity related to prostitution, human trafficking and offenses against children. The operation was conducted in Virginia Beach, involving personnel from all of the bureau’s squads.
As a result of the operation, five people were identified and charged with offenses ranging from solicitation of prostitution to sex trafficking and crimes involving minors. Two vehicles and U.S. currency were seized during the operation. Other people were connected to victim services through Samaritan House.
The operation led to the following people being charged:
- Shane Carter, 28, of Norfolk, was charged with solicitation of prostitution.
- Robert Harris, 64, of Virginia Beach, was charged with solicitation of prostitution and assault and battery.
- Larry Pittman, 53, of Portsmouth, was charged with sex trafficking and use of electronic devices to facilitaate certain offenses involving minors.
- Kenric Frazier, 46, of Portsmouth, was charged with sex trafficking, use of electronic devices to facilitate certain offenses involving minors and solicitation of child pornography.
- Cameron Lewis, 24, of Norfolk, was charged with solicitation of prostitution.
Investigators also developed leads about people who are suspected of trafficking and exploiting others for commercial sex. Those are now active and ongoing investigations. There may be more charges and arrests pending further investigation and consultation with the Virginia Beach Commonwealth’s Attorney’s Office.
If you’re a human trafficking victim or know someone who is, you can report it to the National Human Trafficking Hotline at 1-888-373-7888.
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