LITTLE ROCK, Ark. – The rapid increase in apartment rental rates in Arkansas during the pandemic is just beginning to slow, according to one study.
Insurance comparison site QuoteWizard released a study Monday showing that rent in Arkansas has increased 25% since 2020. The good news is Arkansas has the fourth-lowest rent in the nation, with an average apartment rent of $742.
According to the study, Arkansas rent has gone up 20% since 2021. Since 2022 apartment rent in the Natural State has increased by a comparatively small 10%.
Before the pandemic, rent grew nationally at about 4% a year, according to the Zillow Observed Rent Index.
The most significant rent increase in the study’s 2020-to-now time frame was in New Mexico, which saw a 38% hike. North Dakota had the lowest change in rent for the same period, with a 3% increase.