Double-Digit Rent Growth in Fayetteville-Springdale-Rogers
Rent growth in Fayetteville-Springdale-Rogers remains in double-digit territory, one of only six U.S. apartment markets among the top 150 recording annual increases at or above 10%. Effective asking rents in Fayetteville-Springdale-Rogers surged another 12.3% in the year-ending March 2023, according to data from RealPage Market Analytics. That rate marked the 14th consecutive month of double-digit increases and significantly outpaced the U.S. norm (3.9%) and South region average (4.%). Still, that rate increase fell below Fayetteville-Springdale-Rogers’ 13-year peak for annual rent growth recorded in June 2022 (15.8%). Yet, occupancy remains exceptionally strong in the small northwest Arkansas apartment market with a population of roughly 550,000 people. Supporting strong fundamentals in the college town, home to the University of Arkansas – an economic staple – with nearly 31,000 students, is job growth. Employers added 14,000 jobs in the year-ending February 2023, expanding the employment base 4.8%. As such, Fayetteville-Springdale-Rogers’ employment base in February 2023 is now roughly 28,600 jobs (about 10%) above the pre-pandemic level from February 2020. As of March, effective asking rent in Fayetteville-Springdale-Rogers averaged $1,090 per month, or $1.242 per square foot.