Fairfax County’s unemployment rate saw little movement in year-over-year in new data, while those seeking to rent apartments across the county are likely to be paying more than they would have a year before.
The new figures represent employment conditions recorded in September and housing costs in October.
County jobless rate largely unchanged
With 635,746 people employed in the civilian workforce and 17,839 looking for jobs, Fairfax County’s unemployment rate was 2.7% in September, according to figures reported last Wednesday (Oct. 30) by the Virginia Employment Commission.
A year before, Fairfax’s jobless rate stood at 2.6%.
The relatively small year-over-year movement was reported in neighboring communities as well. Across Northern Virginia for the month, the unemployment rate of 2.8% in September 2024 was up a tick from 2.7% a year before.
Statewide, year-over-year unemployment rates rose in 67 counties and cities, declined in 36 and were unchanged in 30. The lowest jobless rate was recorded in Highland County at 2.3%, with the highest in Petersburg at 5.9%
Among Virginia’s metro areas, Winchester and Charlottesville had the lowest unemployment rates at 2.7%, while Lynchburg had the highest at 3.6%. The non-seasonally-adjusted statewide rate was 3.1%, up from 3% in September 2023.
For the Washington metropolitan area in September, the jobless rate of 3.1% was up from 2.7% a year before, according to the Bureau of Labor Statistics. Just over 3.5 million were employed in the civilian workforce, with about 109,000 looking for jobs.
The national, non-seasonally-adjusted unemployment rate of 3.9% in September was up from 3.6%. Year-over-year unemployment rates were up in 260 metro areas, down in 101 and unchanged in 28.
Year-over-year apartment rental costs higher
Apartment rental rates across Fairfax County have bucked a national trend and reported across-the-board year-over-year gains.
Tysons recorded the highest rental rates countywide and across the Washington region for October, according to new data from Apartment List. Median rental prices were $2,401 for one-bedroom units, $2,879.
Rental rates in Tysons are up 2.4% year-over-year based on the new data, reported Oct. 31.
Increases also were reported in other Fairfax County areas tracked by Apartment List:
- Annandale: Median rental rates were $1,827 for one-bedroom units, $2,084 for two bedrooms, a jump of 3.8%.
- Centreville: Rates were $2,079/$2,416, up 11.6%.
- Fair Oaks: Rates were $2,201/$2,461, up 6.1%.
- Herndon: Rates were $1,783/$2,140, up 4.5%.
- Merrifield: Rates were $2,203/$2,830, up 3.7%.
- Reston: Rates were $2,173/$2,300, up 7.1%.
The median overall rental rate of $2,183 for the D.C. region as a whole in October was up 3.3%, compared to a national decline of 0.7%. The median national rental rate, including unit sizes, was $1,394 in the Apartment List data.
While still about $200 per month higher than pre-pandemic times, national year-over-year median rents have now been in negative territory for almost 18 months, Apartment List analysts said.
“As an influx of new supply has collided with softer demand over the past two years, rents have increased only modestly during the peak moving season, and have seen more pronounced dips during the off-season,” the analysts said of national trends.
“We are likely to see continued price dips to close out the year, as property owners offer modest discounts to fill vacancies during a time of year when fewer renters are looking to move,” they said.
Photo via Annie Spratt on Unsplash
