Arlington County’s rental market continued its upward trend in June, with the cost of a two-bedroom apartment exceeding $3,000 for the month.
According to data from Apartment List, the median rent for an apartment in the county increased by 0.3% compared to the previous month.
This contributes to an overall rise of 3.6% since the start of the year and a 2.6% increase year-over-year.
The current median rates in Arlington are $2,496 for one-bedroom apartments and $3,016 for two-bedrooms, with an overall median of $2,651.
Notably, these figures are the fifth-highest nationally, standing as the highest outside of California.
Compared to the national median of $1,401, Arlington’s rent is 89% higher, and it is 19% above the median rental cost of $2,221 in the D.C. region.
Among neighboring areas, Tysons follows with median costs of $2,465 for one-bedroom units and $2,955 for two-bedroom apartments.
Arlington remains the only part of the metro area where two-bedroom median rents have surpassed the $3,000 mark, a significant data point often referenced by County Board Chair Takis Karantonis.
Karantonis has expressed concern over rising housing costs, stating, ‘It’s just too damn expensive.’
During a recent debate prior to the June 17 Democratic primary, he highlighted the alarming figures, calling the costs ‘absolutely insane’ and urging for action on housing issues.
In the D.C. area, rental costs in comparable locations have also been on the rise.
For Alexandria, median costs are $2,111 for one-bedroom units and $2,593 for two bedrooms, reflecting a year-over-year increase of 2.8%.
In Bethesda, rates stand at $1,927 for one bedroom and $2,323 for two bedrooms, up by 0.3%.
Fair Oaks reports median rents of $2,329 and $2,603, up 2.3%, while Merrifield/Mosaic sees $2,406 for one-bedroom and $2,955 for two-bedroom units, marking a 2.7% increase.
Reston has reported median rents of $2,284 for one bedroom and $2,419 for two bedrooms, showing a more substantial year-over-year rise of 4.9%.
For Silver Spring, the figures are $1,575 and $1,843, reflecting a 0.6% increase, while D.C. reports median rents of $2,183 for one-bedroom units and $2,241 for two bedrooms, up 0.5%.
Apartment List, in its monthly analysis, tracks 100 urban centers, providing insight into rental trends.
For June, Arlington’s rental rates were surpassed only by four communities in California: Irvine ($3,038), San Francisco ($2,991), San Jose ($2,908), and Fremont ($2,789).
On the lower end of the national scale, Toledo, Ohio has the lowest median rental cost at $880, followed by Fort Wayne, Indiana at $1,008.
While some neighborhoods in New York City, such as Tribeca, have astronomical rents above $8,000, the city’s overall median for June was $2,480, placing it seventh nationally.
Nationally, median rental rates saw a slight decline of 0.7% from the previous year.
In June, there was a minor month-over-month increase; however, the pace of rental growth appears to be slowing, consistent with trends for the beginning of the summer moving season.
Analysts noted that, although there are signs of a returning tightening in the market conditions, the current economic uncertainties are complicating demand dynamics.
National median rental prices peaked in August 2022, subsequently decreasing by 2.8%, or $41.
Nevertheless, the current rates remain 22% above those observed in January 2021.
San Francisco has experienced the highest year-over-year rent growth at 4.9%, while the Austin area is noted as having the softest rental market, down by 6.4%.
image source from：arlnow
