Article Text

Apartment rents fell year over year across seven of eight Fairfax County areas tracked in April, with Lorton standing alone as the only market reporting an increase.

The declines came as the national rental market entered its busiest season. Apartment List placed the nationwide median rent at $1,370 in April, down 1.7% from a year earlier despite three consecutive months of increases following six months of declines.

Analysts said rents typically rise through the summer as more people move, then soften during the quieter fall and winter months.

Tysons rents fall 2.8%

Tysons recorded median rents of $2,350 for a one-bedroom apartment and $2,817 for a two-bedroom. The median across all units was $2,584, down 2.8% year over year.

April’s median rents in the other Fairfax County areas were:

  • Annandale: $1,857 for one bedroom, $2,118 for two bedrooms and $2,141 across all units, down 5.2%.
  • Centreville: $2,096, $2,434 and $2,479, respectively, down 0.8%.
  • Fair Oaks: $2,240, $2,504 and $2,456, down 2.1%.
  • Fairfax: $1,911, $2,186 and $2,275, down 2.9%.
  • Herndon: $1,820, $2,184 and $2,211, down 2.2%.
  • Reston: $2,171, $2,299 and $2,342, down 1.5%.

Lorton bucked the trend with a 1.2% annual increase. Its median rents reached $2,204 for a one-bedroom, $2,672 for a two-bedroom and $2,721 across all units.

Neighboring Alexandria posted medians of $2,040 for one bedroom, $2,506 for two bedrooms and $2,224 for all units, a 3% annual decline. Arlington’s corresponding figures were $2,455, $2,966 and $2,607, down 1.4%.

Even after that decline, Arlington had the fifth-highest rent among 100 urban areas tracked by Apartment List. Only San Francisco, at $3,324; Irvine, at $3,057; San Jose, at $2,964; and Fremont, at $2,847, were more expensive.

At the opposite end were Toledo at $881, Wichita at $1,027, Tucson at $1,029, Cleveland at $1,034 and Detroit at $1,036. Virginia Beach led the tracked markets in annual rent growth at 5.2%, while Austin ranked last with a 5.7% decline.

Vacancies remain elevated nationwide

Apartment List said post-pandemic seasonal patterns have featured steeper winter declines and weaker summer gains amid a wave of new multifamily construction. March, rather than May, has become the strongest month for rent growth during the past three years, and monthly growth stalled again in April.

National rents peaked in mid-2022 after roughly 18 months of rapid growth. The national median has since fallen 5%, or $72 per month, but remains 20% above its level at the beginning of 2021.

Vacant apartments now take an average of 35 days to lease, five days longer than a year ago and nearly twice the turnaround time recorded during the market’s mid-2021 peak.

The national vacancy index eased from a recent high of 7.3% to 7.2% in April. Apartment List cautioned that vacancies remain above their long-term average and could stay elevated if labor-market uncertainty and renewed inflation concerns weaken demand during the peak moving season.

Another survey sees rents nearing record levels

Zumper’s April figures placed the national median at $1,508 for a one-bedroom and $1,895 for a two-bedroom.

Manhattan led its ranking with a median one-bedroom rent of $4,540, followed by San Francisco at $3,850. Boston and Jersey City were tied at $3,000. Arlington ranked seventh and Washington, D.C., eighth.

Zumper analyst Crystal Chen said annual declines had continued for 10 straight months but had narrowed to 0.6% for one-bedroom units and 0.3% for two-bedrooms. One-bedroom rents were 2% below their December 2024 peak of $1,538, while two-bedroom rents were approaching their August 2024 high of $1,915.

The recovery remains uneven. Zumper CEO Shawn Mullahy said constrained supply is pushing rents higher in expensive coastal cities, while the Sun Belt and Mountain States continue to absorb excess inventory that could take another year or two to clear.

Chicago returned to the 10 most expensive markets for the first time in nearly two years. Its median one-bedroom rent rose 8.3% annually to $2,220, the nation’s third-highest growth rate.

Los Angeles, meanwhile, dropped out of Zumper’s top 10 for the first time, landing in 11th place with a median one-bedroom rent of $2,210.