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# Highly Sought Single-Family Rentals: Keeping Sale Prices Elevated
- URL: https://www.nwalook.com/single-family-rentals/
- Published: 2023-10-19T15:56:17.000Z
- Updated: 2023-11-20T21:55:56.000Z
- Author: NWALook Crew
- Tags: Articles, #wordpress, #Import 2024-05-14 12:40

As you may already know, Northwest Arkansas Single-family has significantly increased over the past five years. Contributing factors have been population growth and a lack of inventory in multi- and single-family. Not only prospective tenants, but this has also exacerbated the affordability of owner-occupied homes. Let’s take an NWALook at the effect this has had on the four major cities in NWA: Bentonville, Fayetteville, Springdale, and Rogers.

Early Growth

Back in 2019, the single-family rental market in Northwest Arkansas was in its early stage of growth. Bentonville, Fayetteville, and Rogers had similar rental prices at $1300 per month for three-bedroom, two-bathroom homes, with square footage varying slightly. The cost per square foot (sqft) ranged from $0.79 to $0.87\. In 2019, rental properties typically remained on the market for an average of 31 days.

![](https://storage.ghost.io/c/71/7e/717eecc6-785c-4e79-946a-02d9c57165e9/content/images/wordpress/2023/10/Copy-of-Blue-Modern-Line-Chart-Graph-2.png)

Rising Demand and Prices

Fast forward to 2021, and the market saw substantial growth in rental prices and increased demand for single-family homes across Northwest Arkansas. On average, homes spent only 18 days on the market, a 42% reduction from 2019\. Bentonville’s average price per sqft had risen to $0.91, with the median monthly rent at $1500, reflecting a 13.3% increase from 2019\. Fayetteville and Rogers also saw their rental prices rise to $1495 and $1550 monthly, respectively. Meanwhile, Springdale experienced a more modest increase at $1350 per month.

Continued Growth

In 2023, the single-family rental market in Northwest Arkansas continues to thrive. Rental median prices per sqft have continued to increase, with Bentonville at $1.06, Fayetteville at $1.15, Rogers at $1.03, and Springdale at $1.03\. There are currently 202 single-family homes available for long-term leasing, and the median time on the market has risen to 27 days, indicating a shift from the previous year.

![](https://storage.ghost.io/c/71/7e/717eecc6-785c-4e79-946a-02d9c57165e9/content/images/wordpress/2023/10/2.png)

Single Family Rentals NWA

Comparatively speaking, Northwest Arkansas is significantly more affordable than the national median of [$2330](https://www.usatoday.com/story/money/2023/05/07/single-family-homes-rent-increase/70185035007/?ref=nwalook.com)/ month for a single-family home. However, this is starting to change with large capital investor funds purchasing entire subdivisions in Northwest Arkansas, reducing inventory and affecting affordability for purchasing single-family homes and single-family rental rates.

At NWALook we expect the Northwest Arkansas rental market to decrease much like the rest of the nation that’s starting to [“Cool”](https://www.washingtonpost.com/business/interactive/2023/rent-prices-coming-down-near-me/?ref=nwalook.com) per the Washington Post.

Sources:

Northwest Arkansas MLS Data

USA Today

Washington Post

Predictions are only speculation and not a definite.