CENTERTON, Ark. (KFSM) —The building boom isn't just for new homes in Northwest Arkansas, but apartment rentals as well. Apartments are going up at a record rate, especially in smaller towns like Centerton.
According to the Skyline Report, apartment and townhome construction in the area is at an all-time high in Northwest Arkansas.
The rapid growth and expansion are leading to a spike in construction on luxury rental properties like the Watercolors Apartments in Centerton.
"There are about 12 thousand people that move to Northwest Arkansas a year, and these are up and coming markets, so they are still affordable to build," said Brittany Wicks a property manager at the Watercolors Apartments.
Wicks told 5NEWS since they completed construction in November the building is now 90% leased.
Grace Reeves moved away from the area but has now ended up back in Centerton, and she says she was pleasantly surprised to find a newer rental in the area.
"It was a really great find because a lot of the places I was looking at were a little older and things like that," says Reeves.
Building permits in the area are the highest in 15 years according to the Skyline Report, which includes research from the University of Arkansas and sponsored by Arvest Bank.
Even though more rentals have popped up, they're still hard to find. According to the Skyline Report, the increasing cost of real estate is driving people to rent. If you are in the market for a rental in Northwest Arkansas, the report says Fayetteville has the most available.