Despite a recent uptick, apartment-hunters in Tysons are getting better deals than they did a year ago, according to new data.
The median Tysons apartment-rental rates in June stood at $1,998 for one-bedroom units and $2,389 for two-bedroom units, according to figures reported by Apartment List.
That’s a month-over-month bump-up of 1.5 percent, compared to a national rise of just 0.4 percent. Year-over-year, the median rental cost in Tysons was down 1.3 percent.
Tysons’s rental rate compares to a national median in June of $1,175 for one-bedroom units, $1,346 for two bedrooms and $1,369 for all units, according to the data. The highest median rate for the month could be found in Irvine, Calif. ($3,034) and the lowest in Cleveland ($800).
Month-over-month rents increased in June in 73 of the nation’s 100 largest urban areas, but are down year-over-year in 57 of them.
National rent growth in 2023 has come in at a much slower pace than previous years thanks to a combination of sluggish demand and increasing supply.
“The rental market hit a big milestone this month, as national rent growth is finally flat year-over-year after nearly a year of deceleration in the rental market,” Apartment List analysts said. “This marks a major shift from the recent past, when annual rent growth topped out at nearly 18 percent nationally and over 40 percent in a handful of popular cities.”
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For the full national report, see the Website at https://www.apartmentlist.com/research/national-rent-data.
