Tenants in the the Bethesda/Chevy Chase area are paying the highest rates which top out at a norm of $1,490. In North Arlington County and Central Fairfax County, typical pricing registers between $1,300 and $1,400 monthly. Bargain rates can be found in Prince George's County, where monthly rates average $792, the survey says.
Vacant apartments were hard to find in 2000. The metroplitan area's occupancy rate averaged 98%, up 1 point since 1999. It now surpasses 97% in every neighborhood. According to M/PF Research estimates, the area's net apartment move-ins totaled 10,330 units in 2000. Reston/Herndon opened up 1,100 new units and still had a 97.8% occupancy rate. Rockville/Gaithursburg and Loudoun County also had strong demand.
Trying to meeting the continued demand, developers are building an additional 12,112 units, more than doubling last year's deliveries. Several suburban communities are also getting new apartments. The Reston/Herndon area, Loudoun County and the Rockville/Gaithersburg submarket have more than 1,000 units under construction.
According to M/PF Research editorial director Greg Willett, who could not be reached for further comment, increased construction activity in urban neighborhoods is a nationwide trend. Last year more than 700 apartments opened in the region's urban core--the District, North and South Arlington County neighborhoods and the Alexandria area. Ongoing activity now reaches more than 5,300 units.
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