Apartment rents in Tysons are the highest in the Washington area, according to new data from Apartment List.
With a median rental price of $2,495 for the preceding month – $2,269 for one-bedroom units and $2,720 for two bedrooms – Tysons edged out Arlington for top spot among dozens of Washington-area communities part of the survey.
The latest figures were released Feb. 29.
For the Washington regional as a whole, the median rent was $2,095 for the month. The national median was $1,377 ($1,210 for one-bedroom units, $1,363 for two bedrooms).
“Rent growth follows a seasonal pattern – rent increases generally take place during the spring and summer, whereas the fall and winter usually see a modest price dip,” Apartment List analysts wrote. “We are currently transitioning between slow and busy seasons, as rents fell [nationally] for six consecutive months from August 2023 to January 2024, but ticked up 0.2 percent in February.”
After prices skyrocketed in 2021 and 2022, the pendulum has been swinging back a bit over the past year as price growth has been kept in check by sluggish demand colliding with a robust supply of new inventory hitting the market.
“That said, the recent dip does not equate to a reversal of the earlier price hikes – the national median rent is still 20 percent higher than it was three years ago,” Apartment List analysts wrote.
For the full national report, see the Website at https://www.apartmentlist.com/research/national-rent-data.
