Little Rock ranks 13th in hottest national small-city rent market

LITTLE ROCK, Ark. – It’s not your imagination, the apartment rental market in Little Rock is hot.

According to the rent activity website RentCafe.com, Little Rock is the country's 13th hottest small rental market.

The ranking is based on many factors including how long apartments stay vacant and what percent of apartments are occupied. Prospective renters per vacant apartment and lease renewal rate were two other factors used in the study.

A Little Rock apartment stays vacant for an average of 28 days, according to the study, with 93.7% of apartments in the capital city being occupied. Each apartment has eight prospective renters on average and 70.2% of Little Rock leaseholders renew, RentCafe stated.

The Little Rock numbers are mixed compared to national averages. Nationwide, apartments stay on the market an average of 43 days, with 94% of them being occupied. Nine renters compete for a given apartment, and 59.7% of renters renew their leases across the country.

Miami-Dade County in Florida, is the hottest of all markets with 33 days average vacancy and 97.1% occupancy. Harrisburg, Pennsylvania, is the hottest small market for rentals, with 41 days average vacancy and 96.2% occupation rate, according to the study.

Interestingly, the second hottest small market for rentals in the country was Fayetteville, with 18 average vacant days and 97.2% occupation rate. Study authors cited the influx of college students coupled with new employees moving into northwest Arkansas as driving this trend.

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