The Virginia General Assembly adjourned on February 22, wrapping up a successful 2025 Session for VAMA. Our advocacy team was highly engaged, helping to pass key legislation on fee disclosure, rental office licensing, and eviction prevention funding. We also defeated harmful proposals such as rent control and limits on lease pricing tools, and secured important amendments to protect property owner rights. 

Do you have a great idea, presentation, or speaker recommendation for VAMACON 2026? We’re now accepting session proposals for next year’s conference, happening April 22–24 at Hilton Norfolk The Main. Whether you’ve seen an inspiring speaker at Apartmentalize or have a topic that would bring value to multifamily professionals across Virginia, we want to hear from you! Proposals are due by July 24, 2025.

President Trump’s 2025 budget proposal would slash federal rental assistance by 40%, ending programs like Section 8 and shifting control to states through block grants. The plan caps aid for able-bodied adults at two years and reduces homelessness funding by 12%, worrying advocates who warn of a surge in homelessness and strain on local resources. Although Congress is unlikely to adopt the full proposal, the sweeping cuts would come at a time when nearly half of renters are cost-burdened and emergency voucher funds are running out. Critics say the plan could destabilize communities, especially with states lacking infrastructure to manage homelessness and housing aid effectively.

Despite slower growth, rent prices remain elevated in 2025 due to inflation, low housing inventory, and lingering barriers to homeownership. The typical asking rent reached $2,024 in April, up 3.4% year-over-year, and still 35.4% higher than before the pandemic, according to Zillow. Demand remains strong as more people seek to live alone, and mortgage rates keep many would-be buyers in the rental market. Meanwhile, rents continue to outpace wage growth, rising 1.5 times faster than incomes since 2019. New apartment construction and an uptick in rent concessions may ease pressure in the coming years, but for now, affordability remains a major concern for millions of renters.

Maintenance teams are critical to multifamily operations, but many still work with outdated tools and limited oversight. Data visualization tools like interactive maps and dashboards are changing that by providing real-time insights into technician performance, work order patterns, and workflow inefficiencies. These tools help operators make informed decisions, boost productivity, and improve resident satisfaction. As adoption grows, visualization is shifting maintenance from reactive fixes to proactive, strategic planning.

SupportWorks Housing has begun demolition to make way for Vista29, an 80-unit apartment complex that will primarily serve formerly unhoused individuals. Of the apartments, 62 will be reserved for people experiencing homelessness, and the remaining units will be income-restricted for those earning below 60% of the area median income. Backed by local and federal funding, the project represents a major step in expanding permanent supportive housing in the region.

Henrico County has approved plans for a major mixed-use project at Innsbrook’s northern end, which includes up to 600 apartments and 100 condos. Developed by Northland, the 22-acre site will also feature a retail village, interior roads, and courtyard amenities. This project, part of a broader 34-acre redevelopment, will significantly expand housing options and community infrastructure in the area.

The Fort Magruder Hotel in Williamsburg will be redeveloped into 126 apartments, with 40% designated as affordable housing, following a unanimous rezoning approval. The project, led by Conserve Holdings, also includes converting the former conference center into 32,000 square feet of commercial space. Located adjacent to Grand Village at Williamsburg, the development will repurpose existing structures without new greenfield construction.

Virginia Housing has awarded over $16.9 million in funding to support the development of 740 workforce housing units across 10 communities through its new Workforce Housing Investment Program. The projects, located near growing businesses, will provide housing for residents earning 80–120% of the area median income and are expected to leverage more than $254 million in private investment. Funded projects include adaptive reuse, like the Flats at West Market in Harrisonburg, which will convert an office building into 81 apartments. The program, which runs through 2029, aims to support Virginia’s middle-income workers and align housing growth with job creation.

A new four-story apartment building with 31 units is planned for 3925 Cutshaw Avenue in the Sauer’s Gardens area. The development, led by local investors Joseph Lawson and Cabell Childress, will offer mostly one-bedroom units and sit adjacent to an existing 20-unit apartment building they purchased in 2023. This marks one of the duo’s first ground-up residential projects in Richmond.

A historic three-story building at 2033 W. Broad St. is being redeveloped into nine apartments with ground-floor retail space. Led by local developer Birck Turnbull, the project will breathe new life into the former Fieldens nightclub site, which played a significant role in Richmond’s LGBTQ community for decades. Construction is underway, with completion expected by year’s end.
Source: Richmond BizSense