LITTLE ROCK, Ark. – If you live in the Fayetteville or Little Rock metro areas and want to rent an apartment, be ready to move fast as competition makes getting space competitive, according to a new survey.
Rental market-tracking website RentCafe reports that Fayetteville is the number-one most competitive market for apartment rentals in small metro areas. Little Rock closely follows at number 11, according to the site.
Fayetteville gained its rank for a variety of factors. According to the survey, apartments there are vacant for only 14 days on average, with a 98.3% occupancy rate and 28 perspective renters for every available apartment. Rentcafe also found that 76.1% of renters in the Fayetteville area renew their lease.
Little Rock is slightly less tight than Fayetteville, with apartments staying vacant for 19 days. The occupancy rate in the capital city runs 96.7%, with 13 prospects for every available apartment. The study showed a lease renewal rate of 71.2% for Little Rock.
The same study ranks Miami-Dade County, Florida, as the most competitive market in the country, with 25 vacant days and a 97.5% occupancy rate. Grands Rapids, Michigan, is number two with similar numbers.
The national average is apartments have 14 renters competing for a given space, and it will be on the market for 32 days, RentCafe reports. Leases were renewed by 62.7% of renters on the same national average.