Rehab developers launch multifamily housing in Hampton Roads

Nationwide, housing supply shortages are now complicated by depressed demand, according to a study by Harvard University's Joint Center for Housing Studies. The market has not rebounded from 2023's 30-year low, and the study found rental retention rates increased and new occupancies declined.

At lower income scales, the scarcity intensifies, with potential implications for the area's economy, according to Francis Yalda, a developer at Fairstead, a New York-based real estate company that invested $34.8 million to acquire and renovate a 120-unit housing complex in Chesapeake. The revamped property will provide units affordable for people making 60% or less of the area median income, roughly $63,900 for a household of four. Fairstead has also purchased two other Chesapeake housing complexes, part of its 1,300 residences across Virginia.

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