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Rental Market Summary & Key Takeaways
Fayetteville Key Takeaways
Landlords
Rent Increase: Both month-over-month and year-over-year rent increases indicate strong demand.
Quick Turnover: Properties are rented relatively quickly, with an average of 47 days on the market.
Warm Market Temperature: Indicates a competitive market, favoring landlords.
Tenants
Rising Costs: Significant rent increases require careful budgeting.
High Demand: Quick market turnover suggests acting fast when finding rentals.
Competitive Environment: A warm market means tenants should be prepared for competition.
Bentonville Key Takeaways
Landlords
Significant Rent Increase: Both month-over-month and year-over-year increases highlight strong market demand.
Fast Leasing: Properties spend less time on the market, averaging 25 days.
Warm Market: High demand and quick leasing benefit landlords.
Tenants
Higher Rent Costs: Significant rent increases indicate rising living costs.
Quick Decision-Making: The fast pace of the market necessitates prompt action.
Competitive Market: A warm market suggests a high level of competition among renters.
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) Fayetteville - $1,933; (2) Bentonville- $2,100; (3) National average - $1,850.
- Bordo, Jonas. “The Complete 2023 Guide to Rent Prices in the US.” Accessed 20 Nov. 2023.
- Source: zillow.com 2024, rental-manager/market-trends/Fayetteville-AR, Accessed 24 May. 2024.
- Source: zillow.com 2024, rental-manager/market-trends/Bentonville-AR, Accessed 24 May. 2024.