As temperatures cooled down in November, apartment renters also saw a slight drop in lease rates, according to a new report.
The average national rent decreased by 0.2% in month-over-month comparison to October rates, according to the monthly market report from RentCafe.
The national average rent in November dropped to $1,473, despite an annual increase of 3.1% ($44). Given that people move less during this time of year, the $3 monthly drop is not unexpected.
Among Arkansas cities, the fastest-growing rents in November were in Sherwood, where rental apartment prices increased by 11.4% year-over-year, or $71, to $696.
Little Rock apartments saw the second-highest annual increase, jumping by 2.4% to $796, making them $19 more expensive than last year.
The smallest annual increase was in North Little Rock, where prices increased by only 0.5% ($4) compared to November last year.
North Little Rock apartments are, however, the state’s most expensive for renters, with an average rent of $829, followed by apartments in Little Rock, where the average monthly rent is $796.
On the other hand, the cheapest city to rent an apartment of the cities analyzed is West Memphis, with an average apartment rent of $560.
The average November rents in Bryant ($736) and Conway ($705) are both down 0.3% from October.