Apartment Prices Drop in Northwest Arkansas

Info on multi-family housing from the Arvest Bank-commissioned Skyline Report prepped by the University of Arkansas’ Center for Business and Economic Research will be released to the media on Nov. 28. But the Business Journal managed a quick look at one vignette of the data.

The average Northwest Arkansas price per unit (apartments or condos) dropped from $499 a month in the second quarter to $483 a month in the third quarter.

Now, a $16 dollar drop in lease rates isn’t likely to change the economy or be a boon for the families who rent apartments, but it may be a small telltale sign about the Skyline Report in general.

First, it could be that less expensive properties came onto the market from quarter to quarter.

Second, CBER relies on property managers to report data for the multi-family segment of the report. The number increased from 300 properties with 17,776 units in the 2Q, to 367 properties with 19,868 units for the upcoming 3Q numbers.