Home to 4 of the state’s largest cities, Northwest Arkansas (NWA) is gaining a national reputation as a top place to live. Consisting of the major Arkansas cities of Fayetteville, Springdale, Rogers, and Bentonville, Northwest Arkansas is home to 260 multifamily properties and over 42,000 units. Additionally, the region currently has 35 multifamily properties under construction representing an additional 5,485 units to come online over the next several years. With a YoY population growth of nearly 3% and a 30% increase in employment in key industries over the last 10 years, Fayetteville is projected to explode another 76% between now and 2060 (Milken).
NWA is perhaps most well-known for being the global headquarters for retail giant Walmart. Notable brands such as Sam’s Club, Tyson Foods, and JB Hunt also have a major presence in the area. Nearly 40,000 college students attend universities and colleges in the region, led by SEC member University of Arkansas, which has an enrollment north of 30,000. In terms of healthcare, Washington Regional Medical Center (425 beds) and Mercy Hospital Northwest (245 beds) are the largest hospitals in the area.
#1
Best Places to Live (AR) (Livability)
#9
Best-Performing Cities (USA) (Milken Institute)
#10
Best Places to Live (USA) (US News & World Report)
Multifamily Highlights
Apartment Market Overview:
260
Apartments (50+ units)
42,842
Total Units (50+ units)
$1,168
Avg. Asking Rent
5.10%
Rent Growth (Previous 12 Months)
94.2%
Occupancy
12-Month Sales:
$661M
12-month Sales Volume ($)
3,920
12-month Sales (Units)
21
12-month Sales (# of transactions)
Development Pipeline:
35
Properties Under Construction
5,485
Units Under Construction
Economic Development
Economic development in NWA is being spearheaded by its staple and household names. Walmart is under construction on a 350-acre Home Office, which is set to open in phases through 2025. Tyson Foods is also in the middle of relocating all of its corporate employees to its headquarters in Northwest Arkansas. Mercy is in the midst of adding 100 people as part of its $500 million expansion plan that would double the amount of primary care physicians and specialists at the hospital.
Professional soccer is also coming to Northwest Arkansas, as the United Soccer League (USL) and USL Arkansas announced plans to build a 5,000-seat stadium in Rogers. The project is anticipated to cost $15 million with a target opening date of 2026.
To view additional updates on the NWA market, please visit our NWA Market News page:
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
Memphis | MS | AR
Will Beasley
Memphis | MS | AR
Email: wbeasley@thekirklandco.com
Phone: 615-428-5064
Will is from Nashville, TN and attended the University of Mississippi. He loves being able to connect and build relationships with clients on both the buyer or seller side.
Val Smith
Memphis | MS | AR
Val Smith
Memphis | MS | AR
Email: vsmith@thekirklandco.com
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.
Sources & Comments
1. 22220 Fayetteville-Springdale-Rogers, AR Metropolitan Statistical Area consists of 3 counties, according to Office of Management and Budget: (1) Benton (2) Madison (3) Washington
5. 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
