While the average apartment rent in the U.S. has recently decreased compared to last year, rents in Northern Virginia continue to rise, showing a stark contrast. According to data released by Apartmentlist.com on the 27th of last month, Annandale, a community with a large Korean population, saw the highest increase in apartment rents in the region. Tysons, another area in Northern Virginia, recorded the highest rent prices overall.
In March, the average rent for a one-bedroom apartment in Annandale was $1,945, with a two-bedroom apartment renting for $2,220. These figures represent a significant 9.7% increase from a year ago. Merrifield followed closely behind with a 5.5% increase in both one-bedroom rents ($2,329) and two-bedroom rents ($2,863). Other areas also experienced notable rent hikes, including Herndon (up 5.1% to $1,842 for one-bedroom and $2,210 for two-bedroom), Fairfax (up 4.4% to $1,944 for one-bedroom and $2,410 for two-bedroom), Fair Oaks (up 4.2% to $2,235 for one-bedroom and $2,499 for two-bedroom), and Centreville (up 2.7% to $2,064 for one-bedroom and $2,397 for two-bedroom).
In contrast, the median rent nationwide in March was $1,216 for a one-bedroom apartment and $1,370 for a two-bedroom, both showing a slight decrease of 0.4% from the previous year. Apartmentlist.com noted that the nationwide rent decline is partly due to an increase in new apartment supply, which has left more vacant apartments unoccupied. However, the downward trend in national rents is gradually shifting toward an upward trend, signalling potential increases across the country in the future.