The 184,379-unit Northern Virginia apartment market recorded a fourth quarter 2016 vacancy rate of 5.0%. Since 5.0% or lower is generally considered to be a full market, Northern Virginia finds itself in a strong position as 2016 ends and 2017 begins. There was little change in January 2017. Average asking and effective rents both decreased 0.3% in the fourth quarter of 2016, according to Reis. The average asking rent was $1,735 per month and the effective rent $1,688 per month. These rates were up 2.7% and 2.8% for the year. Rents were up 0.4% in January.