A little over 1,000 apartments are opening in Alexandria this year, trailing behind D.C. and Arlington as the third most new apartments for any locality in the region.
Apartment search site RentCafe ran the numbers on new apartments opening in 2024 around the region. In a report, RentCafe said the region is on track to open 15,079 new rental units in 2024.
To no surprise, Washington D.C. leads in the region with 4,290 new apartments opening in 2024. As in the Olympic medal context, Arlington is ahead of Alexandria with 2,931 new apartments opening in 2024.
The RentCafe data suggested Alexandria will be opening 1,057 new apartments in 2024, ahead of Bowie, Bethesda and Fredericksburg.
The apartment building trend is expected to slow in upcoming years, the site said in a release.
“Apartment completions in Alexandria are expected to decrease by 42.5% compared to the last five years,” RentCafe reported. “Washington, D.C., and Arlington will also slow down with 35.9% and 22.1% fewer units projected by 2028, respectively.”
Alexandria has been seeing a boom in apartment construction in recent years. Another report indicated that 57% of households in Alexandria were renters and 44% of those lived in households considered unaffordable based on their income. Apartment rent has still continued rising.
While experts say it hasn’t kept pace with demand, apartment building assessment values dropped for the first time this year with some home expressed by city leaders that it could lead to a stabilization of rents.
