The median rental cost for apartments in Tysons was down year-over-year last month but in most other areas of Fairfax County, it continued to rise, according to new data.
Tysons still maintained its ranking in September as the county’s most expensive corridor tracked by Apartment List, with a median rent of $2,389 for a one-bedroom unit and $2,865 for two bedrooms. But rental rates declined 0.7% year-over-year.
Monthly figures reported Tuesday (Sept. 30) showed that five of the seven tracked communities in the county posted year-over-year increases:
- Annandale: median rental rates of $1,984 for one-bedroom units and $2,264 for two bedrooms, an increase of 7.5% from September 2024
- Fair Oaks: $2,245/$2,508 showed an increase of 0.8%
- Fairfax: $1,950/$2,232 represented an increase of 0.3%
- Herndon: $1,830/$2,196, a 1.5% increase
- Reston: $2,232/$2,363, an increase of 2.9%
Centreville, which posted median rates of $2,069 for a one-bedroom and $2,403 for two, saw a decline of 0.6%.
The generally upward trend across Fairfax County is at odds with a national year-over-year decline of 0.8%, with the overall median rent standing at $1,394 in September, according to Apartment List.
“Earlier this year, it appeared that year-over-year growth was on track to flip positive for the first time since mid-2023. However, that rebound stalled out and reversed course over the summer as year-over-year growth dipped for five consecutive months,” Apartment List analysts said.
Nationally, the four highest median rental rates among the 100 large urban areas tracked by Apartment List were recorded in California communities: Irvine at $3,097, San Francisco at $3,072, San Jose at $2,935 and Fremont at $2,977.
Arlington had the highest median rental outside of California among the 100, coming in fifth at $2,602. Arlington and D.C. are the only local jurisdictions ranked as part of the top 100.
At the other end of the spectrum was Toledo, Ohio, which had the most affordable median rent — $877 — among the 100 urban areas.
Across the Washington metro area, the median rental rate for September was $2,185.
Nationally, the rental market is beginning to move into a slower period of the year.
“It’s likely that rent prices nationally will continue to decline through the remainder of the year, with fewer renters looking to move as temperatures turn cooler and the holiday season approaches,” Apartment List analysts reported.
The Austin metropolitan area in Texas currently has the softest conditions among the nation’s large rental markets, with the median rent dipping by 6.5% over the past year. At the other end of the spectrum, the San Francisco area has seen the fastest year-over-year rent growth (+4.9%).
Nationally, the vacancy rate in September was 7.1%, and units are taking an average of 31 days to get leased up after being listed, an increase from 30 days a year before.
“We’re past the peak of a multifamily construction surge, but a healthy supply of new units are still hitting the market, and vacancies are still trending up,” Apartment List said.
