The 186,958-unit Northern Virginia apartment market recorded a third quarter 2017 vacancy rate of 4.9%. Since 5.0% or lower is generally considered to be a full market, Northern Virginia is quite full indeed. The current rate is up 10 basis points for the quarter and up 20 year-over-year. The rate hit the 5.0% mark in the first quarter and also inched up to that level in October. Average asking and effective rents increased 1.3% and 1.1% in the third quarter of 2017, according to Reis. The average asking rent was $1,801 per month, and the average effective rent was $1,728 per month. These rates were up 3.4% and 2.3% for the year. The first quarter saw an asking rent gain of 1.0%, with effective rent just below that. It has been a good year for rents so far.