average rent
average occupancy rate
QUARTERLY DEMAND (YTD: 501)
YoY rent change
yoy occupancy change
QUARTERLY COMPLETIONS (YTD: 369)
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.
Average Monthly Mortgage Payment
Average Monthly Rent
* The Average mortgage payment is based off a median home sales price of $212,500 as reported by the National Association of Realtors as of Aug 2023.
| Submarket | Average Occupancy | Annual Occupancy Change | Average Monthly Rent | Annual Rent Change |
|---|---|---|---|---|
| Downtown Little Rock | 94.5% | -0.3% | $1,155 | 2.4% |
| Central Little Rock/Southeast Pulaski County | 93.9% | 0.5% | $870 | 6.5% |
| West Little Rock/Saline County | 95.2% | -0.7% | $1,099 | 0.7% |
| North Little Rock/Jacksonville/Conway | 94.9% | -1.0% | $1,060 | 3.9% |
| Little Rock-North Little Rock-Conway, AR | 94.8% | -0.6% | $1,047 | 3.0% |
Units Under Construction
Units UC Delivering In the Next 4 Quarters
*Most Active Buyers and Sellers are based on the sale volume of apartment units.
* Trailing 4Q average PPU
* Preliminary Data from RCA – Individual transaction $2.5M +
August Annual Jobs Created
August 2023 Employment growth
August 2023 Unemployment rate
3.8% us rate
| Sector | Change from Aug 2022 to Aug 2023 | Percent Change |
|---|---|---|
| Leisure and hospitality | 4,100 | 12.0% |
| Education and health services | 1,900 | 3.1% |
| Mining, logging & Construction | 1,500 | 7.8% |
| Other services | 900 | 4.8% |
| Government | 300 | 0.5% |
| Manufacturing | 0 | 0.0% |
| Professional and business services | 0 | 0.0% |
| Trade, transportation, and utilities | -100 | -0.1% |
| Information | -200 | -3.5% |
| Financial activities | -300 | -1.2% |
