The rental market in NWA is experiencing a bit of tension. With increasing demand and rising prices, renters in the region are having trouble finding and holding on to places to live.
- Surprise shortage: People have been moving from large cities to suburban areas during the pandemic, creating a shortage of residential properties. Over the last two years, apartment availability decreased by an astounding 37%, prompting rent prices hikes of 4%.
- Econ 101: This trend could just be temporary. If prices drop enough in cities and continue to rise substantially in suburban areas, it could entice folks to make their way back to the cities they came from.
Find out more about rising rents in NWA HERE.