Apartment Survey Shows Strong 2013, Predicts Dynamic 2014
by January 22, 2014 4:16 pm 96 views
The 2013 apartment market overview and 2014 forecast prepared by CBRE | NW Arkansas shows occupancy remained strong throughout the year and that rental rates across the region rose a collective 3.3 percent over 2012.
Looking ahead, CBRE senior associate Brian Donahue, who created the annual report, concluded the apartment market in Northwest Arkansas will remain dynamic.
“As market fundamentals continue to hold strong we expect all classes of multifamily product to trade at a premium in 2014 as apartments continue to remain the prized asset class for commercial real estate investors,” Donahue wrote, and predicted that apartment market will “maintain its upward momentum for the foreseeable future.”
The report takes a broad look at the entire region as well as more detailed looks at the submarkets of Bentonville, Rogers, Springdale and Fayetteville.
Overall 2013 occupancy was 96.5 percent, with Rogers having the highest rate at 98.5 percent and Bentonville having the lowest rate at 93.5 percent. The highest rental rates were in Rogers, at an overall average of $630, while the lowest rates were in Springdale, with an average overall rate of $488.
The annual survey is based on 22,000 of the 28,500 apartment units in the region. The survey only collects information on complexes with 50 units or more.