Request Valuation

Our Story

Our Locations

Little Rock

2023 Q4 Multifamily Market Overview

 

Market Highlights

Little Rock is the state capital and largest MSA in Arkansas with a population of 757,615. Conveniently located within a 550-mile radius of 40% of the U.S. population, Little Rock is known for its Advanced Manufacturing, Aerospace, Innovation, Banking & Finance, Medical, and Military industries. Companies such as L’Oreal USA, Dillard’s, Tractor Supply, Dollar General, and Dassault Falcon Jet all have a presence in Little Rock, and 4 major healthcare companies (University of Arkansas for Medical Sciences, Baptist Health, Arkansas Children’s Hospital, and CHI St. Vincent) provide over 2,600 hospital beds. University of Arkansas at Little Rock, along with University of Arkansas for Medical Sciences, anchor the region’s higher education. Former Arkansas Governor and U.S. president Bill Clinton has also left his mark on the area. The Clinton National Airport serves 6 commercial airlines, while the William J. Clinton Presidential Library is the largest presidential library in the United States.

Multifamily Highlights

Apartment Market Overview:

280
Apartments (50+ units)
49,739
Total Units (50+ units)
$1,010
Avg. Asking Rent
4.66%
Rent Growth (Previous 12 Months)
91%
Occupancy

12-Month Sales:

$523M
12-month Sales Volume ($)
4,689
12-month Sales (Units)
25
12-month Sales (# of transactions)

Development Pipeline:

9
Properties Under Construction
2,256
Units Under Construction

Economic Development

Multiple employers across multiple industries are making investments in Little Rock. Tractor Supply is under construction on a 1.2 million SF, $128 million distribution center that is anticipated to create 500 jobs and open by the end of 2023, while Dollar General is under construction on a $140 million distribution center in North Little Rock that is anticipated to create 300 jobs and open in April 2024. Although the project has been delayed, recycling company Trex Co is planning to start a $400 million recycling and production campus in 2026. Ammunition maker Fiocchi is investing in a 281-acre, $42 million facility at the Port of Little Rock.

In the technology space, Sequretek is planning on opening its U.S. headquarters in Little Rock, anticipated to employ 50 people with the majority earning six-figure salaries. And Little-Rock based tech firm Apptegy is in the process of expanding its operations and hiring for 300 new positions.

GoTextbooks ($10 million / 200 jobs) and Bryce Corporation ($80 million / 142 jobs) have also recently made investments into Little Rock.

To view additional updates on the Little Rock market, please visit our Little Rock Market News page:

Little Rock Market News – November 2023

Demographics

Total Population
757,615
Median Household Income
$58,441
Unemployment Rate (Aug 2023)
3.0%

Major Employers

  1. Federal, State, Local Government

    72,000 jobs  | Learn More

  2. University of Arkansas for Medical Sciences

    9,100 jobs / 535 beds / 3,209 students  | Learn More

  3. Baptist Health

    5,360 jobs / 1,163 beds  | Learn More

  4. Little Rock Air Force Base

    4,500 jobs  | Learn More

  5. Arkansas Children's Hospital

    4,000 jobs / 336 beds  | Learn More

  6. Little Rock School District

    3,500 jobs  | Learn More

  7. Central Arkansas Veterans Health Care System

    2,800 jobs  | Learn More

  8. Entergy Arkansas

    2,740 jobs  | Learn More

  9. Pulaski County Special School District

    2,700 jobs  | Learn More

  10. AT&T

    2,600 jobs  | Learn More

  11. CHI St. Vincent

    2,600 jobs / 600 beds  | Learn More

  12. Dillard's HQ

    2,400 jobs  | Learn More

  13. Dassault Falcon Jet

    2,000 jobs  | Learn More


Other Demand Drivers

  1. University of Arkansas at Little Rock

    8,103 enrollment  | Learn More

  2. William J. Clinton Presidential Library

    Largest presidential library in the U.S.  | Learn More

  3. Clinton National Airport

    Allegiant, AA, Delta, Southwest, United, Frontier  | Learn More

  4. The Promenade at Chenal

    Apple, AMC IMAX, DSW, Urban Outfitters  | Learn More

Featured Properties

›› See All Listings

Our Deal Team

Nick Nail
Broker
Nick Nail
Broker
Phone: (901) 251-2000

Nick is originally from Senatobia, MS and attended Christian Brothers University where he studied Accounting. He has been a Broker with TKC since 2016 and loves getting to see the growth over economically diverse markets and the challenges that accompany being a Broker.

Will Beasley
Broker
Will Beasley
Broker
Phone: 615-428-5064

Will is from Nashville, TN and attended the University of Mississippi. He has been a Broker with TKC since 2020 and loves being able to connect and build relationships with clients on both the buyer or seller side.

Val Smith
Broker
Val Smith
Broker
Phone: 901-552-6181

Val grew up in Memphis, TN and attended the University of Alabama where he studied Political Science and History. Val has been interested in real estate from a young age due to his family’s background in the industry, and has loved building his career with TKC. He has been with the firm since 2022.

Sources & Comments

1. Little Rock-North Little Rock-Conway, AR Metropolitan Statistical Area consists of 6 counties, according to Office of Management and Budget: (1) Faulkner (2) Grant (3) Lonoke (4) Perry (5) Pulaski (6) Saline

2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) YardiMatrix (3) RentCafe.com (4) CoStar (5) rcanalytics.com (6) www.bls.gov (7) datausa.io (8) www.littlerockchamberweb.com

3. Sales Comps are from 10/1/22 – 9/30/23

4. Development Pipeline as of 10/19/2023

3. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy.

Our Story

Our Locations

Contact Us