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Rental Market Summary & Key Takeaways
Fayetteville Key Takeaways
Landlords
Consistent Rental Prices: The stability in month-over-month median rent means that landlords can expect steady income without needing to adjust rental prices for current market fluctuations.
Opportunity for Marketing: The cool market temperature suggests there is less competition among renters, so landlords may need to invest in marketing or property improvements to attract tenants.
Average Rental Period: With an average of 47 days on the market, landlords should be prepared for this duration when planning for tenant turnover and financial projections.
Tenants
Stable Rent: The median rent has remained stable month-over-month, providing predictability for tenants currently looking for rentals.
Cool Market: The cool market temperature suggests there's less competition for rentals, which could benefit tenants by providing more options and potentially better negotiating power.
Moderate Market Activity: With the average days on the market at 47 and a fair number of available rentals (105), tenants can take their time to find the right rental property without feeling rushed.
Bentonville Key Takeaways
Landlords
Year-over-Year Price Adjustment: A year-over-year decrease of $100 in median rent indicates the need to remain competitive with rental pricing to attract and retain tenants.
Active Rental Market: The warm market temperature suggests a healthy demand for rental properties, which is a positive sign for landlords looking to fill vacancies quickly.
Slightly Longer Market Time: Properties are taking an average of 50 days to rent, so landlords may need to account for a potentially longer time on the market when planning for cash flow and occupancy rates.
Tenants
Decrease in Yearly Rent: Despite the median rent being stable month-over-month, the year-over-year decrease could indicate that tenants may find more competitive rental prices compared to the previous year.
Warmer Market: The warm market temperature reflects a more active market, suggesting that while there may be more competition, there is also a healthy turnover of properties.
Longer Search Time: With properties staying on the market for an average of 50 days, tenants may have more time to decide and negotiate terms than in markets with quicker turnover.
Sources & Additional Information:
- Market temperature is based on changes in renter demand compared to the national average.
- For example, a hot market has increasing demand.
- Temperature is based on all bedrooms and all property types.
- Median rent - 3-bedroom houses: (1) Tulsa - $1,475; (2) Owasso - $1,783; (3) National average - $1,850.
- Bordo, Jonas. “The Complete 2023 Guide to Rent Prices in the US.” Accessed 20 Nov. 2023.
- Source: zillow.com 2023, rental-manager/market-trends/Fayetteville-AR, Accessed 26 Dec. 2023.
- Source: zillow.com 2023, rental-manager/market-trends/Bentonville-AR, Accessed 26 Dec. 2023