Apartment-seekers in Tysons had to pay slightly more, in October, than was the case a year before, according to new data.
The median rent of $1,839 for a one-bedroom unit and $1,817 for two bedrooms in Tysons in October was effectively unchanged from a month before but was up 1.1 percent from a year ago, according to new data reported Oct. 31 by Apartment List.
No change from September to October shows the relative strength of the community’s rental market, as median rents typically tend to decline toward the final months of the year.
Nationally, a majority of urban areas saw a month-over-month decline. “This is the second steepest October rent decline that we’ve seen in the history of our index, going back to 2017,” Apartment List analysts said.
(Despite the cooldown of the past year, the national median rent is still nearly $250 per month more expensive than it was just three years ago.)
On the supply side of the market, Apartment List’s vacancy index currently stands at 6.4 percent, slightly higher than the pre-pandemic average.
“This represents the culmination of vacancies gradually easing for two full years after a historic tightening in 2021,” analysts said. “And with the construction pipeline of new apartments still near record levels, we expect that there will continue to be an abundance of vacant units on the market in the year ahead.”
The fastest rent growth of late has been occurring in metros across the Midwest and the Northeast. Most of the metros ranking high for rent growth over the past year are located there, including the Providence, Grand Rapids, New York City, Milwaukee, Kansas City and Hartford metros. But even these have seen cooling in more recent months.
Across the D.C. region as a whole, the median rent for October – counting all sizes of units – was $1,990. Among the 100 urban areas tracked, the highest median rent for the month was found in Irvine, Calif. ($3,149), with the lowest in Cleveland ($769). The national median rent was $1,354.
For the full national report, see the Website at https://www.apartmentlist.com/research/national-rent-data.