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Special Report

Multifamily Market Intelligence Special Report

July 2024

Northern Virginia Apartments are the
Stars of Washington, D.C.’s Rentals

Metro performance shines. Apartments across the greater Washington, D.C., metro have garnered increased attention from investors so far this year, reflecting solid rent growth since 2021, healthy demand and a construction pace that has not become overly aggressive. The local vacancy rate came in at 5.1 percent in June, under the national average of 5.8 percent. The rent growth advantage here is even more impressive. The average effective rate in the second quarter of $2,172 per month tops the year-ago mean by 4.3 percent, notably outpacing the U.S. annual pace of 0.9 percent. Even with such momentum, a large premium to buy versus rent housing supports D.C. apartment demand. The metro’s median home price tops $600,000, taking the typical monthly mortgage payment for a household purchasing now to approximately $2,000 over today’s average apartment rent. Northern Virginia neighborhoods rank as the standout choices for many considering investing in the market.

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