The 185,185-unit Northern Virginia apartment market recorded a first quarter 2017 vacancy rate of 5.2%. Since 5.0% or lower is generally considered to be a full market, Northern Virginia finds itself in a strong position in mid-2017. Average asking and effective rents increased 1.0% and 0.8% in the first quarter of 2017, according to Reis. The average asking rent was $1,752 per month, and the effective rent was $1,698 per month. These rates were up 3.3% and 3.2% for the year.