The 187,435-unit Northern Virginia apartment market recorded a fourth quarter 2017 vacancy rate of 5.1%. Since 5.0% or lower is generally considered to be a full market, Northern Virginia is just shy of that mark. The current rate is up 30 basis points for the quarter and up 20 year-over-year. The rate was flat through January 2018. Average asking and effective rents fell 0.6% and 0.8% in the fourth quarter of 2017, according to Reis. The average asking rent was $1,792 per month, and the average effective rent was $1,712 per month. These rates were up 2.6% and 1.4% for the year. Asking and effective rents rose 0.4% and 0.3% in January in 2018.