Apartment-rental costs in Tysons at the end of September were roughly on par with a month and a year before, according to new data.
The median one-bedroom rent was $2,051 monthly with the median two-bedroom rent standing at $2,452, according to figures reported Sept. 28 by Apartment List.
In each case, that represents an increase of 0.9 percent from a month and year before.
How are renters faring in competing areas across Northern Virginia? The breakdown:
• In Reston, the median rent for a one-bedroom unit was $1,843 and the median for two bedrooms was $1,999.
• In Dulles Town Center, median rents were $1,990 and $2,202.
• In Fair Oaks, the median rents were $2,025 and $2,474.
• In Arlington, median rents were $2,173 and $2,600.
• In Alexandria, median rents were $1,841 and $2,204.
In the Washington region as a whole, the median rent for September was an even $2,000. Nationally, the median rent for September (for all types of units) was $1,364, down slightly from a month before.
“Rent growth follows a seasonal pattern – prices generally go up during the spring and summer and go down during the fall and winter – and typically, September is the first month of rent declines,” Apartment List analysts said. “But this year, the slow season started a month early, and a 0.1-percent decline in rents in August was followed up by a 0.5-percent decline in September.”
Apartment List each month compares data from 100 large urban areas, including both the Washington region as a whole and, as a stand-alone, Arlington. For September, rents fell in 85 of those 100 month-over-month, with Madison, Wisc., having the largest increase (+1.2%) and Corpus Christi, Texas, having the biggest drop (-2.2%).
Year-over-year, 71 of those 100 areas saw price declines.
Among those 100, the highest median rent for September was found in Irvine, Calif. ($3,140) with the lowest in Cleveland ($759).
“Rent swings are largely driven by the balance between the number of vacant apartments available and the number of renters looking to move into them,” Apartment List analysts said. “A massive shortage of vacant units helped drive tremendous rent growth in 2021 and 2022, and today the opposite is true. Our vacancy index has increased for 23 consecutive months and, while these monthly increases have plateaued a bit, the rate sits just above the pre-pandemic average, at 6.4 percent.”
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For the full national report, see the Website at https://www.apartmentlist.com/research/national-rent-data. For information on areas across Northern Virginia, see the Website at https://www.apartmentlist.com/rent-report/va/arlington.
