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Mid-Atlantic Real Estate Investment Market Report: August 2020

Single-family homes in high demand due to COVID-19. Following the Great Recession, the single-family rental (SFR) market experienced solid growth. In fact, the SFR market expanded by more than 3.8 million households between 2006 and 2016. Now, with COVID-19 a part of everyday life, this trend has continued as Americans rethink the kinds of lifestyles they want. With social distancing and stay at home orders in place, densely populated areas are losing their appeal to many, creating an uptick in interest for single-family homes.

Why renters prefer single-family homes

Market Activity

Richmond, VA
Market Overview

Rent growth for Richmond managed to outperform the U.S. average this spring. The average rent rose 0.1 percent on a trailing three-month basis through May. During the same period, the national average slid 0.2 percent. Richmond is relativity well-prepared to weather COVID-19’s impact, since its largest employment sectors are government and professional and business services, according to Multi-Housing News.

756
Homes Sold
$265,000
Avg. Home Price
$1,290
Median Rent
U.S Census Bureau: second quarter 2020
4.4%
Rental Vacancy Rate
0.4%
Homeowner Vacancy Rate
8.0%
State Unemployment Rate
Metro Area Unemployment
Blacksburg-Radford, VA
7.6%
Charlottesville, VA
8.1%
Harrisonburg, VA
7.8%
Kingsport-Bristol-Bristol, TN-VA
9.2%
Lynchburg, VA
7.9%
Richmond, VA
9.2%
Roanoke, VA
8.2%
Staunton-Waynesboro, VA
7.0%
Virginia Beach-Norfolk, VA-NC
9.6%
Washington-Alexandria, DC-VA
8.4%
Winchester, VA-WV
7.0%

Market Activity

Philadelphia, PA
Market Overview

According to the Bureau of Labor Statistics, as of early June, Pennsylvania unemployment claims reached 2.5 million. The state allocated $150 million to rental assistance programs, while Philadelphia tapped $10 million in federal relief funds. Since July 10th, landlords have been able to file evictions, so the city is working on an Emergency Housing Protection Act package aimed at rental relief and tenant assistance.

1,683
Homes Sold
$248,000
Avg. Home Price
$1,943
Median Rent
U.S Census Bureau: second quarter 2020
7.1%
Rental Vacancy Rate
0.6%
Homeowner Vacancy Rate
13.7%
State Unemployment Rate
Metro Area Unemployment
Allentown-Easton, PA-NJ
13.9%
Altoona, PA
11.8%
Bloomsburg-Berwick, PA
10.1%
Chambersburg-Waynesboro, PA
11.3%
East Stroudsburg, PA
17.9%
Erie, PA
14.4%
Gettysburg, PA
10.3%
Harrisburg-Carlisle, PA
11.5%
Johnstown, PA
12.9%
Lancaster, PA
11.2%
Lebanon, PA
11.8%
New York-Jersey City, NY-NJ
17.0%
Philadelphia-Wilmington, PA-MD
14.0%
Pittsburgh, PA
12.6%
Reading, PA
13.1%
Scranton-Hazleton, PA
15.3%
State College, PA
8.4%
Williamsport, PA
12.2%
York-Hanover, PA
11.5%
Youngstown-Boardman, OH-PA
13.3%

Market Activity

Washington D.C.
Market Overview

Demand for industrial space in the D.C. metro increased in the second quarter of 2020, with 1.5 million square feet of positive absorption. Due to Amazon moving into 1.2 million square feet, Washington County, Maryland accounted for majority of the absorption. With that, new data shows that the Washington D.C. region continues to slowly recover as it reopens.

984
Homes Sold
$640,000
Avg. Home Price
$2,298
Median Rent
U.S Census Bureau: second quarter 2020
6.8%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
Copyright © 2020 Broadmark Realty Capital, Inc., All rights reserved. All loans are made through BRMK Lending, LLC (NMLS #1919876) and BRMK Management, Corp. (NMLS #1919862). Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. Data shown in this email is an average over the last month unless otherwise marked

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