FAYETTEVILLE, Ark. (KNWA/KFTA) — A report from RentCafe found that Fayetteville is one of the most highly competitive places to find an apartment ranking it 2nd in the nation.
The Fayetteville market saw a 14% increase in competitiveness from one year ago, whereas cities such as Little Rock cooled down by 6% year-over-year. Little Rock is ranked 15th among the nation’s most competitive small rental markets.
The report shows that 77.5% of renters stay put and just a handful of apartments have been built. Fayetteville has an occupancy rate of 97.6%, with vacant apartments getting filled in 15 days, on average.
The study looked over 134 largest markets in the U.S. where data was available and looked at metrics looking at: the number of days apartments were vacant, the percentage of apartments that were occupied by renters, the number of prospective renters competing for an apartment, the percentage of renters who renewed their leases, the share of new apartments completed.
The overall statistics from the study showed that nationwide apartments were occupied for 38 days, on average. Apartment complexes from the study showed an occupancy rate of 94.2%.
