The purpose of the 2020 Housing Market Study and Needs Analysis for the City of Martinsville and Henry County, Virginia, is that it will be utilized as part of a strategy to
to determine the extent of housing needs with a focus on rental housing.
Area stakeholders indicate that more rental housing is needed in the market.
Approximately 32.2 percent of total households in the City of Martinsville and Henry County are renter occupied as of 2019. The number and percentage of renter households in the City of Martinsville and Henry County are projected to slightly decrease through 2024.
City of Martinsville / Henry County Renter-occupied Households
Housing Construction History
Good quality housing will drive industries to the area.
The majority of housing units in the City of Martinsville and Henry County are single-family detached. There are also a significant number of mobile homes. Approximately 65.7 percent of the housing stock in the City of Martinsville and Henry County was constructed prior to 1980 and 47.0 percent was constructed prior to 1970. There has been limited new development after 2010.
There are 10,784 individuals employed in, but living outside the Martinsville and Henry County area.
11.8 percent of workers travel 25 to 50 miles to work in the City of Martinsville and Henry County while 15.6 percent of workers travel greater than 50 miles to work. This illustrates demand for additional housing in the City of Martinsville and Henry County if those workers are willing to reside in the area.
Overall Multifamily Property Vacancy
The majority of affordable properties maintain lengthy waiting lists.
Vacancy in the market appears to be low at 1.3 percent, with noted waiting lists, which indicates demand for additional rental units in the City of Martinsville and Henry County. It is believed the unit types in strongest demand are one and two-bedroom units with some demand for three-bedroom units as well.
Market-rate rents can be obtained with newly-constructed units with modern and upgraded amenities.
Demand for new construction for multifamily properties in the City of Martinsville and Henry County does exist and that with modern and upgraded amenities, inflow workers might be willing to relocate to the City of Martinsville and Henry County area which will put the community in the position to make market-rate rents achievable.
Modern and Upgraded Amenities Might Achieve Market-rate Rents