•Outer submarkets in Northern Virginia registered strong growth, as rents increased 3.8% year-over-year (YOY). Effective monthly rents in the outer submarkets climbed to $1,614 per unit.

•Overall vacancy in Northern Virginia remains below the Washington DC Metro average (3.6%). Class A vacancy ended Q3 2018 at 3.8%, and Class B at 2.7%. Northern Virginia is benefitting from one of the lowest vacancy rates in the entire country.

•The largest delivery in Q3 was Greystar’s project, Exo, which is near Reston Town Center. The 457-unit asset adds another luxury community to the booming Reston/Herndon submarket. In the last two years, 24.4% of all new supply in Northern Virginia occurred in the Reston/Herndon submarket as developers remain bullish.