FAYETTEVILLE, Ark. — A new study shows that Fayetteville is the most completive among small rental markets in the country. If you’ve been looking for an apartment in Fayetteville or any of Northwest Arkansas then you know this all too well.
The study from the website rentcafé.com says Fayetteville is the most under-supplied city in the competitive small market when it comes to apartments.
“Part of it is the growth. Fayetteville grows 4 people a day, every 6 hours, breakfast, lunch, dinner, midnight, start again. It means someone is born here or somebody moves here,” said Steve Clark.
And that growth won’t be slowing down, President and CEO of the Fayetteville Chamber of Commerce, Steve Clark says there is a building boom in Northwest Arkansas. He says covid and inflation slowed down some apartments being built in Fayetteville.
“Then you couldn’t get supplies, you couldn’t get lumber or steel. The prices were three, four and eight and 10 times greater and the delay was even more significant. So, there are projects around town,” he said.
Clark also says there are around seven thousand incoming freshmen at the University of Arkansas which is the largest class in its’ history. Jennifer salt can attest to the apartment shortage. Her son is about to be a senior at the university and finding him a place to live has been a real struggle.
“We’ve been looking for two months. He’d just go drive neighborhoods, look for signs. I would do things online, contact people and by the time I would contact realtors or property managers they would already be gone,” said Salt.
Salt says last week they thought they found an apartment, but in just an hour someone had beat them to put down a deposit. After calling every apartment in town, they have an appointment with a landlord tonight.
“I told my son, give him the deposit money whether you like it or not, you have to live somewhere,” she said.
The Fayetteville Chamber of Commerce says we’ll continue to see more apartments and mixed-use development break ground throughout town, but until those are complete it will continue to be competitive renting apartments.
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