According to the Bureau of Labor Statistics, job growth in Virginia Beach-Norfolk-Newport News, VA-NC Metro Area was -0.8% in November 2017, reflecting -6,000 jobs lost during a 12-month period.
Axiometrics forecasts Virginia Beach-Norfolk-Newport News, VA-NC Metro Area’s job growth to be 0.4% in 2018, with 2,813 jobs added. Job growth is expected to average 0.5% from 2019 to 2021, with an average of 3,596 jobs added each year.
On the supply side, permits for 1,608 multifamily units were issued in the 12 months ending in November 2017, down -581 units from the prior year’s sum. In terms of total residential housing, 6,194 units were permitted in the 12 months ending November 2017, a decrease of -181 units from the prior year’s total.
As of January 15, 2018, Axiometrics has identified 1,930 apartment units scheduled for delivery in 2017, which all units have been delivered. As a comparison, there were 2,550 apartment units delivered in 2016. Properties delivered to the market in the last 12 months have achieved an average asking rent of $1,384 per unit, or $1.49 per square foot. Effective rent has averaged $1,311, or $1.41 per square foot, resulting in an average concession value of $-72.88. As a comparison, existing properties in the market had an average asking rent of $1,067 per unit ($1.11 per square foot) and an average effective rent of $1,054 per unit, or $1.10 per square foot, in 4Q17. Concessions for existing properties averaged $-13.09.