The Little Rock apartment market saw measured growth recently. With 507 new units delivered through Q3 2023, the inventory expanded by a modest 0.9%. Occupancy dipped slightly by 0.6 percentage points year-over-year to 94.8%, ranking 12th among key South region markets. Class A units led with a 95.3% occupancy, followed by Class B at 94.8% and Class C at 94.3%. West Little Rock/Saline County boasted the highest occupancy, while Central Little Rock/Southeast Pulaski County lagged.
On the rent front, new lease rents increased by 3.0% year-over-year, falling above the market’s ten-year average growth of 2.6%. Class C units surprisingly led the way with a 4.0% annual rent change, followed by Class B at 3.3% and Class A at 2.2%. Notably, Central Little Rock/Southeast Pulaski County experienced the strongest annual rent growth among submarkets. Overall, the market’s performance suggests steady, albeit moderate, vitality.