Alexandria’s month-over-month and year-over-year apartment-rental costs declined this month but remain above the regional median, according to new data.
The median rental costs of $2,027 for one-bedroom units and $2,490 for two bedrooms represents a 1% decline from September and a 1.1% drop from October 2024, according to data reported yesterday (Thursday) by Apartment List.
Both drops are relatively in line with regional and national trends, a result of the combination of more inventory, economic jitters and traditional apartment-hunting seasonality.
While lower than Arlington and some areas of Fairfax and Loudoun counties, rents in Alexandria still remain above the median D.C.-area rate of $2,166 recorded this month.
Across the region, Arlington and Ashburn vied for most expensive:
- The median rental rates for the Arlington were $2,424 for one-bedroom units and $2,930 for two bedrooms
- In Ashburn, the median rates were $2,231 for one-bedroom units and $2,639 for two bedrooms
On the national level, the median rental rate of $1,381 this month was down 0.9% ($13) from a year before, and is off 4.2% from the August 2022 peak of $1,442.
Both local and national rental markets face “ongoing sluggishness” due to the influx of new construction that is hitting the market, Apartment List analysts said.
While the market is expected to reach an equilibrium between renters and landlords early next year, “the supply boom still has a bit of runway remaining, and the demand outlook has begun to appear weaker amid a shaky labor market,” they said.
Across the Potomac, the District of Columbia ranked 14th most expensive on the list of 100 urban areas at a median rental rate of $2,166. Alexandria and areas in Fairfax and Loudoun counties are not incorporated into that ranking.
Nationally, the Austin metro currently has the softest conditions among the nation’s large rental markets, with its median rent down by 6.5% over the past year. The highest rate of year-over-year growth for October was recorded in Providence, R.I., at 5.3%.
While Alexandria and the nation as a whole have seen year-over-year declines in median rental rates, Virginia posted an increase of 1% from October 2024 figures in the new data.
