Arkansas Rent Report – February 2020

• The average monthly rent in Little Rock and North Little Rock was $800 and $837, respectively, in February, $20 and $23 more than one year prior.
• North Little Rock apartments are the most expensive in the state, renting for $837, while apartments in West Memphis have the cheapest rents, $571 per month. 
• The national average rent in February 2020 was $1,468, up 3.2% compared to the same time last year according to data from Yardi Matrix.

Renting in the largest cities in Arkansas

Apartments in Little Rock and North Little Rock rented for $800 and $837 on average, respectively, in February. Rents in Little Rock saw a year-over-year increase of 2.6%, or $20, compared to this time last year and no change compared to January. North Little Rock apartments saw an annual increase of 2.8%, or $23, compared to last February and no change compared to last month.

Renting in Arkansas in February 2020

The average rent in Arkansas cities is lower than the national average rent. The fastest growing rents in February were in Sherwood, where rental apartment prices increased by 4.9% year-over-year, or $31. Conway apartments saw the second highest annual increase, jumping by 3.3%, making them $23 more expensive than last year. In Bryant, prices increased by 1.5% ($11) compared to February last year.

North Little Rock apartments are the state’s most expensive for renters, with an average rent of $837, followed by apartments in Little Rock, where the average monthly rent is $800. On the other hand, the cheapest city to rent an apartment of the cities analyzed is West Memphis, with an average apartment rent of $571.

The February national average rent went up by 3.2% year-over-year

The average apartment rent was $1,468 in February, up $46 since last year, according to apartment data from Yardi Matrix. February apartment rents maintained the same pace as in January, rising by 3.2% year-over-year. Overall, rents are growing a bit slower than the same time last year, when they were rising at a 3.5% yearly rate.

To compare the rental market in Arkansas with other cities in the U.S., you can also check our national February rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.