NORTHWEST ARKANSAS (TB&P) — Developers are going all-in on building apartments to help meet the growing demand in Northwest Arkansas.
According to data from CoStar Group, which provides commercial real estate information, Northwest Arkansas’ multifamily market grew at the fastest rate in the nation in 2019. The region added nearly 2,000 apartment units this past year, growth that represents a roughly 7% increase as a share of the current inventory. No other metro surpassed 5%.
Northwest Arkansas’ percentage is higher than any other metropolitan area in the U.S. that added at least 2,000 apartment units last year, according to CoStar. That includes fast-growing metros such as Miami; Dallas-Fort Worth; Austin, Texas; and Nashville, Tenn.
Todd Galvin, CoStar’s market analyst for Northwest Arkansas, said with even more units under construction in 2020, Northwest Arkansas will likely continue to lead markets in overall inventory growth.
“Development is not expected to stop any time soon,” he said. “More than 2,500 apartment units are underway across Northwest Arkansas, representing about 7% of the current inventory.”
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