We’d like to extend a warm welcome to the following individuals who generously volunteered and were chosen to contribute to the VAMA Board or Committees for 2024. Our Board and Committees play a pivotal role in propelling our organization forward, and the success of our mission depends on the commitment of these devoted individuals. We thank them for their valuable time and service.

According to recent data from Zillow, rent concessions are currently at their highest level in over two years, despite high demand for rentals. Approximately 30% of Zillow's rental listings featured concessions in October of this year, marking a significant increase from the 19.4% of July 2022. This contrasts with the peak in February 2021, when 36.7% of rentals offered concessions. The current surge is attributed to a rising supply of rental housing, prompting property managers to enhance incentives and differentiate themselves in the competitive market, especially in metros with construction booms like Washington, D.C., Austin, and Dallas.

In a recent episode of the Richmond Fed's podcast, host Tim Sablik and his guests discussed insights from research on housing supply, demand and affordability gaps, particularly in small-town communities. The conversation highlighted challenges such as limited buildable land, infrastructure costs, and the impact of housing issues on talent retention.

If you have unutilized funds in your staff education budget as we near the end of the year, leverage those dollars by signing up now for one of VAMA's 2024 events! From online learning to maintenance certifications and our highly-anticipated annual conference, our event lineup has something for everyone. 

Saying "no" can be a challenge for many of us, but clear communication with residents is so important to the job of property manager. Use strategies like providing reasons for refusals, employing a "No, but..." approach to offer alternatives, maintaining polite yet firm communication, ensuring consistency in decision-making, and relying on lease agreements to reinforce decisions to help yourself navigate difficult conversations while upholding professionalism.

The city's Planning Commission greenlit a proposed student housing community for 2117 Ivy Road, right outside of the UVA campus. If approved by City Council, the building would be able to house hundreds of students, freeing up other non-student units in the city. 

Better Housing Coalition's new three-story apartment building has broken ground off Genito Road near the intersection with Hull Street. The land was donated by the Horner family, who had ties to the city's Community Services Board. As such, eight of the 49 income-based units will be set aside for the CSB's clients, who typically seek help for developmental disabilities, mental health challenges ,and substance abuse.

The 121-unit luxury apartment building will be renamed Attain Downtown East, becoming a sister property to Attain Downtown. The one-, two- and three-bedroom units sit atop 33,000 square feet of retail space. 

The proposed project, for the site of the Commonwealth Building, would include 155 apartments, eight live-work units, and a coworking space for the building's residents. These live-work units would allow "entrepreneurs and small business owners to pay a single rent for their home and their storefront."

The Bowers Building, constructed in 1880 and redeveloped in the 1970s, plus an attached building at 1206 Shockoe Lane, were sold to Thalhimer for $6.2 million. The mixed-use development includes 30 apartments and 12,000 square feet of commercial space. The company plans to upgrade each unit as they turn over.