Arlington posted the fifth costliest median apartment-rental rate among the nation’s 100 largest urban areas in June, as rates at the local level continued to move higher.
The county’s median rental rate for June of $2,586 was up 1.5 percent month-over-month and up 4.2 percent year-over-year. That’s according to Apartment List, which tracks rental costs in the largest urban areas and reported data June 27.
Across the Washington metro area, the median rent of $2,179 in June was up 3.5 percent year-over-year. Nationally, the median rate of $1,411 was down 0.7 percent year-over-year, albeit up 0.4 percent month-over-month.
“The national median rent has now increased for the fifth straight month; however, the pace of that positive rent growth slowed slightly this month,” Apartment List analysts said.
“Eighty of the nation’s 100 largest cities saw rents go up in May, but on a year-over-year basis, rent growth is positive for only 46 of these cities,” they said.
Many of the steepest year-over-year declines remain concentrated in Sun Belt cities that are rapidly expanding their multi-family inventory, such as Austin (-7.4% year-over-year), Raleigh (-5.2%) and Jacksonville (-4.1%).
Nationally, the highest median apartment-rental rate for June was found in Irvine, Calif., at $2,969. The lowest could be found in Fort Wayne, Ind., at $968.
“After prices skyrocketed in 2021 and 2022, the pendulum has since swung back a bit as price growth has been kept in check by sluggish demand colliding with a robust supply of new inventory hitting the market,” analysts said.
But the recent dip does not equate to a reversal of previous price hikes. “Although the national median rent is now 2.1 percent below its August 2022 peak, it is still 23 percent higher than it was at the start of 2021,” Apartment List analysts said.
For the full national report, see the Website at https://www.apartmentlist.com/research/national-rent-data. For the Arlington report, see the Website at https://www.apartmentlist.com/rent-report/va/arlington.
Apartment Rates in Tysons Second Priciest in Region: Tysons leads the pack in median apartment-rental prices in new data, with the cost to renters rising nearly 5 percent year-over-year.
With a median monthly cost of $2,396 for one-bedroom units and $2,872 for two bedrooms, Tysons had the highest median rate of the 34 communities within the Washington metropolitan region tracked by Apartment List.
Rates in Tysons were up 1.1 percent month-over-month and 4.9 percent year-over-year.
Regionwide, the median apartment-rental rate for June clocked in at $2,179, up 3.5 percent year-over-year. While Tysons was most expensive, the lowest median rate across the region could be found at Mount Rainier, Md., at $1,519.
Among the 34 localities, Leesburg (+8.8%) had the highest year-over-year growth rate, while Frederick, Md. (-1.5%) had the biggest drop-off.
Nationally, the median apartment-rental rate per Apartment List for June was $1,239 for one-bedroom units, $1,396 for two bedrooms and $1,411 for the market overall.
For the full national report, see the Website at https://www.apartmentlist.com/research/national-rent-data.
