56° Search ArkansasOnline · 2017-04-15 · SundayMonday Business on 02/28/2016 Print Headline:...
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2/28/16, 10:19 AM Rent in LR area rises 11.4% Page 1 of 5 http://www.arkansasonline.com/news/2016/feb/28/rent-in-lr-area-rises-11-4-20160228/?f=business 56° Little Rock Search ArkansasOnline FOLLOW US: 1 Comments Font Size Home / Business / Rent in LR area rises 11.4% Data show 8.3% increase last year in NW Arkansas By David Smith This article was published today at 2:15 a.m. PHOTO BY ARKANSAS DEMOCRAT-GAZETTE / SOURCE: RENTRANGE A listing of the top 20 metropolitan statistical areas home rental changes. Rental rates for three-bedroom, single-family homes in the Little Rock area increased 11.4 percent last year, the ninth-largest increase in the nation, according to RentRange, a Denver-based provider of rental data. The firm said it electronically gathers rental data on about 250,000 single-family houses nationwide each month from a variety of sources, including multiple listing services, property managers, landlords and websites. Rental rates rose 8.3 percent in Northwest Arkansas, which includes Benton and Washington ADVERTISEMENT ADVERTISEMENT Sunday, February 28, 2016, 9:24 a.m. Epaper Logged in as BRIAN TEETER Settings | Help | Logout Sports 112 years up in smoke: Old store gone, only memories left 3 GOP rivals hunt votes in state - Mobile Sync Weekly Opinion and Letters* MOST POPULAR Viewed Commented Crime Right2Know Traffic Archives News Tip Whole Hog Sports Arkansas Life Place an Ad Arkansas Daily Deal Home News Obituaries Business Entertainment Sports Photos Videos Features Events Classifieds Jobs Homes Autos
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2/28/16, 10:19 AMRent in LR area rises 11.4%
Page 1 of 5http://www.arkansasonline.com/news/2016/feb/28/rent-in-lr-area-rises-11-4-20160228/?f=business
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Rent in LR area rises 11.4%Data show 8.3% increase last year in NW Arkansas
By David SmithThis article was published today at 2:15 a.m.
PHOTO BY ARKANSAS DEMOCRAT-GAZETTE / SOURCE: RENTRANGEA listing of the top 20 metropolitan statistical areas home rental changes.
Rental rates for three-bedroom, single-family homes in the Little Rock area increased 11.4 percent
last year, the ninth-largest increase in the nation, according to RentRange, a Denver-based provider
of rental data.
The firm said it electronically gathers rental data on about 250,000 single-family houses nationwide
each month from a variety of sources, including multiple listing services, property managers,
landlords and websites.
Rental rates rose 8.3 percent in Northwest Arkansas, which includes Benton and Washington
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2/28/16, 10:19 AMRent in LR area rises 11.4%
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counties, giving the region the 20th-largest increase last year, RentRange said.
The median rent paid for three-bedroom homes -- meaning half of the rental rates were higher and
half were lower -- was about $1,075 a month in the fourth quarter last year in Northwest Arkansas
and about $1,000 in the Little Rock area.
RentRange tracks rents on more than 1,730 single-family homes in the Little Rock market, ranging
from approximately $680 a month to $1,500 a month.
The company follows rents on about 1,020 single-family homes in the Fayetteville metropolitan
area, where rates range from rates of about $750 to about $1,690 a month.
Supply and demand is behind the higher rent prices in Arkansas, said Walter Charnoff, chief
executive officer of RentRange in a telephone interview.
"Both [markets] have vacancy rates that are down moderately, and both really have strong job
growth," Charnoff said.
Steve Pinter of Little Rock, who owns and manages about 80 single-family homes in Pulaski County,
was surprised that rent prices for Little Rock area homes increased as much as they did.
"I've seen rents go up, but I haven't seen them go up that much," said Pinter, who also owns Steve
Pinter Realty. "But I'm slow to raise rents, especially if I've got a good renter. When they move, I'll
make an adjustment."
One of the biggest reasons for the flourishing single-family, home-rental market is that many
potential homebuyers are finding it difficult to qualify for mortgage loans, Pinter said. That
includes many families that suffered economically in the 2008 and 2009 recession, Pinter said.
"So they have to rent," Pinter said. "The requirements to get a loan are more difficult than [they]
used to be. People lost their homes in foreclosure. Or they have a bad credit score."
Jennifer Turner, the owner of two single-family homes that she rents out in Northwest Arkansas,
agreed.
"With the financial crash and the changes in the laws -- financing with 20 percent down -- some
people can't come up with that much money," said Turner, whose father owns and rents out three
single-family homes.
It is possible to buy homes with less than 20 percent down, said Chris Lee, a real estate agent for
Lindsey & Associates who also is a property manager for 30-35 single-family homes.
Most people who qualify to buy homes also can qualify for 3.5 percent down payments through the
Federal Housing Administration, Lee said.
Turner said she has raised the rent on a Bentonville house that she owns by 25 percent to 30
percent in the past two years because it is in a neighborhood "where everybody wants to live." She
has owned the house for 11 years.
Also, the unemployment rate in the Little Rock and Northwest Arkansas markets is lower than the
national rate, Charnoff said.
Northwest Arkansas' unemployment rate was 3.2 percent in December, and the Little Rock market
was 4 percent, both below the national average of 4.9 percent.
"Especially Fayetteville, there was really a big difference in the labor force growth versus the
decrease in unemployment," Charnoff said. "That shows there was some inward migration for
employment as well."
That includes workers who are hired from out of state by Fortune 500 companies, such as Wal-Mart,
Tyson Foods and J.B. Hunt Transport, Lee said.
Lee and Turner noted that some people who move to the area rent houses for a year before settling
on buying one. Some choose to rent because they suspect that they may later be transferred out of
the area, Lee said.
The single-family rental market remains strong across the country, Charnoff said.
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2/28/16, 10:19 AMRent in LR area rises 11.4%
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"The home ownership rate continues to decline and a higher percentage of the population migrates
to rental housing," Charnoff said in a written statement. "As the real estate market continues to
improve, we are seeing significant rental price increases in many markets, which bodes well for
investors."
RentRange tabulates the rental numbers for every metropolitan area in the country that has a
significant single-family rental market, Charnoff said. The information is used by Wall Street,
institutional investors, real estate investment trusts, mortgage lenders, property managers and the
government to gauge rent growth and potential, Charnoff said.
The highest increase nationally in rents was in the Fort Myers, Fla., metropolitan area with a 25.4
percent jump in rates, RentRange said. The Shreveport area was second with an increase of 19.6
percent.
RentRange tracks all single-family homes -- from one bedroom to five bedrooms -- but focuses on
three-bedroom homes for its quarterly news releases.
SundayMonday Business on 02/28/2016
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