UA economist says there’s not enough housing for the growing population in NWA

FAYETTEVILLE, Ark. (KNWA/KFTA) — As more people make their way to Northwest Arkansas, the area is seeing an increase in the cost of homes and rent.

“Overall, I think I’ve had good experiences and bad experiences,” said Caitlin Clark, a renter in Northwest Arkansas.

Clark has been renting in Northwest Arkansas since 2017. She says in the past, she’s dealt with bad renting experiences including maintenance issues for lower-rent housing, but in her current situation, she feels it’s a bit different.

“I feel compared to my friends and other people I know that live here, I feel like I’ve gotten kind of lucky,” said Clark.

Fayetteville City Council to discuss declaring housing crisis

Arvest released its biannual skyline report for the second half of 2023. The report says although more rental units are available than a year ago, rent prices continue to go up as well. This is a change Clark says she’s noticed.

“I feel like I’ve gotten kind of lucky. I feel like I pay a fair amount, whereas some of my friends definitely don’t. Their prices have gone up exponentially in the past few years,” said Clark.

“Housing affordability was a challenge before the pandemic. It has become a more acute challenge after the pandemic,” said Mervin Jebaraj, director of the Center for Business and Economic Research at the University of Arkansas.

He says as more people move to the area, prices will continue to rise. Clark says she feels growth will continue to play a part in the rising rent prices for Northwest Arkansas.

“I definitely think it’s been a huge impact, and we’ve seen a lot of growth in Fayetteville and NWA in the last few years,” said Clark.

The Arvest Skyline Report details how much housing prices have risen in Northwest Arkansas over the last several years. You can find a breakdown of the full skyline report, here.

For the latest news, weather, sports, and streaming video, head to KNWA FOX24.