Even as economic turmoil is looming, apartment rents in Northern Virginia continue to rise year-over-year.
This growth is also despite the fact that median apartment rents in Canada have declined by 3% over the past year.
According to new data published by Apartment List, rents in Tysons topped eight sub-sectors in Fairfax County during March.
Fairfax County apartment rental rates by area
- Annandale, Virginia: The median rental cost in March was $1,945 per one-bedroom apartment, and $2,220 per two-bedroom apartment, an increase of 9.7% over the previous year.
- Centreville : Median cost was $2,064/$2,397 up 2.7%
- Fair Oaks, Median cost was $2,235/$2,499 up 3%
- Fairfax : Median cost was $1,944/$2,225 up 4.4%
- Herndon : Median cost was $1,842/$2,210 up 5.1%
- Merrifield, Median cost was $2,329/$2,863, an increase of 5.5%
- Reston, Median cost was $2,157/$2,284, an increase of 2.2%
- Tysons: Median cost was $2,410/$2,890 up 4.2%
The median rent for apartments in March was $1384 – $1216 for units with one bedroom and $1370 for those with two bedrooms. The national rate is down 0.4% since March 2024.
In certain markets, the increase in supply has contributed to the downward trend in national median rental prices. This factor has also pushed up vacancy rates and increased the time it takes for landlords fill vacant units.
Apartment List analysts stated in a March 27th national update that the downward trend is about to change. The results year-over-year are “slowly reversing back into positive territory.”
Rent growth has now been positive in a majority (59 out of 100) of large cities. Our national index is still negative, primarily due to the steeper declines experienced by a small group of Sun Belt metros which are rapidly increasing their multifamily stock. These include Austin (-6.3% over the past year), Denver (-5%) & Raleigh (-2.9 %).”
According to the report, despite the cooling down of the economy in the country since the end of 2022, rent prices are still 20% higher than they were in January 2021.
