Fayetteville, Little Rock among most competitive small metros for apartment rentals

Little Rock, Arkansas – Be prepared to move quickly if you live in the Fayetteville or Little Rock metro regions and want to rent an apartment since, per a recent survey, finding space is competitive.

According to RentCafe, a company that tracks the rental market, Fayetteville has the highest level of competition among small metro regions for apartment rents. The website places Little Rock at number 11, closely behind.

Fayetteville improved its ranking for a number of reasons, while rent in Little Rock increased but remained below the state and national averages. According to the poll, there are 28 potential renters for every vacant apartment, a 98.3% occupancy rate, and an average apartment vacancy of just 14 days. 76.1% of tenants in the Fayetteville region, according to data from Rentcafe, renew their leases.

Apartments in Little Rock stay unoccupied for 19 days, which is a bit less than in Fayetteville. In the capital city, there are 13 potential tenants for every available unit, resulting in a 96.7% occupancy rate. According to the report, Little Rock had a 71.2% lease renewal rate.

With 25 unoccupied days and a 97.5% occupancy rate, the same report names Miami-Dade County, Florida, as the most competitive market in the nation. Second place with comparable numbers is Grand Rapids, Michigan.

Tenants in Little Rock complain about rising rent.
According to RentCafe, apartments typically have 14 renters vying for a single unit and are available for lease for 32 days on average. On the same national average, 62.7% of tenants renewed their leases.