[Sun Gazette Newspapers provides content to, but otherwise is unaffiliated with, InsideNoVa or Rappahannock Media LLC.]
Median apartment rental rates in Arlington continue their post-COVID rebound and are the highest in the Washington area, but the growth rate over the past month was slightly below the national average.
With a median cost of $ 2,061 for a one-bedroom apartment and $ 2,495 for a two-bedroom apartment, the median rental price in Arlington in the previous month rose 1.9%, data shows published on September 27 by Apartment List.
This compares to a national month-over-month increase of 2.1% (to $ 1,032), with Arlington posting the 56th highest growth rate among the 100 largest urban communities in the country.
(See the full report at https://www.apartmentlist.com/research/national-rent-data.)
Like many urban areas, Arlington has been hit by COVID when it comes to apartment rental rates starting in the spring of 2020. But by January this had started to change in the county, and since then Arlington has experienced a rate of 12.3%. median price increase – slightly lower than the statewide increase of 12.5%, although more significantly lower than the national increase of 15.1% over the same period.
In other parts of the metropolitan area:
• Frederick had the fastest growing rent, growing 17.4% year over year. The median two-bedroom there costs $ 1,877, while the one-bedroom costs $ 1,554.
• In the past year, Bethesda is the only urban metro corridor to have seen rents drop, falling 0.1%. The middle two bedrooms cost $ 2,138 there, while the one bedroom costs $ 1,746.
• DC proper has the cheapest rents in the metro area, with a two-bedroom median of $ 1,837; rents rose 1.7% in the last month and 6.9% in the past year.
• Want somewhere close (ish) but a lot cheaper? Take the example of Norfolk, where the median price of a two-bedroom apartment was $ 1,191 in the most recent data.
Nationally, there are signs that the explosive price growth may soon return to a more normal seasonal situation. But the market remains hot.
“Rent growth has slowed slightly from its peak in July, but we are still seeing significant price gains at a time when market seasonality normally causes rents to drop,” Apartment analysts noted. List Chris Salvati, Igor Popov, Rob Warnock and Lilla. Szini.
“Rents continue to rise in almost all of the country’s 100 largest cities,” analysts noted. “Of the 100 largest cities, only five remain where rents are still below pre-pandemic levels.”
These five? In addition to the District of Columbia (with its median price at just 1% since the start of the pandemic), they include San Francisco and Oakland (each still down 10%), San Jose (down 3%) and Minneapolis (down 5 percent). One major city – Seattle – surpassed its pre-pandemic level during the month, removing it from this list.
Twenty-two of the top 100 urban areas have seen their rents increase by at least 25% from pre-pandemic rates. The urban areas that have experienced the highest growth rates: Boise (up 39%), Tampa (36%) and Spokane (34%). But a sign that all good things (if you’re a homeowner) are coming to an end, Boise and Spokane both saw declines in September from the previous month.
“It looks like they’ve reached their peaks,” analysts said. “However, Boise and Spokane are the exception rather than the rule – in most cities where rents have been rising rapidly, that growth continues. Tampa, for example, has seen rents rise 3.9% this month- this. “
Much of this year’s surge in rent prices can be attributed to a tight market in which more and more households are competing for less and less vacant homes.
The apartment listing vacancy index hit 7.1% at the start of the pandemic as many Americans moved in with family or friends amid the uncertainty and economic disruption of the start of the pandemic. the pandemic. Since then, however, vacancies have steadily declined. In recent months, the “vacancy index” has hovered just below 4 percent, significantly lower than the 6 percent typical pre-pandemic rate.
This month, however, the vacancy index edged up from 3.8% to 3.9%. Although this is a statistically insignificant increase, it is the first jump of any magnitude since last April.
“We will need more data to confirm whether this trend will continue, but if the vacancy rate starts to rise again, that would indicate that the rental market tightening is finally starting to ease,” analysts said. “If our vacancy rate continues to rise over the next few months, it is likely that rental growth will continue to slow as well.