In a battle between apartment owners and hotel owners over thousands of temporary Petersburg tenants based at Fort Lee, one side is calling in the heavy artillery.
A business blockade
Patrick McCloud
A renter’s market?
The vacancy rate for apartment units in Metro Richmond in the first quarter of 2010 was the highest it has been in five years, reports the real estate research firm Reis Inc.
Area apartment vacancy rising
Real estate researcher Reis Inc. reported last week that the national apartment vacancy rate reached 7.5 percent in the second quarter; the rate for Richmond was higher at 8.1 percent. But Patrick McCloud, president of the Central Virginia Apartment Association, said despite the record high vacancy levels Richmond is holding up well and that the rental market is showing signs of improvement.
Is Richmond the worst residential rental market in the country?
The U.S. Census Bureau says the Richmond metro area has the highest residential rental vacancy in the country, but local rental agents aren’t buying it.