FAYETTEVILLE, Ark. (KNWA/KFTA) — Year-over-year rent increases in Arkansas were among the highest in the country, according to a recent report.
The website Rent.com’s January 2023 Rent Report highlighted trends and price fluctuations across the United States. The study compared rent prices across different bedroom types to determine which areas became more or less affordable for renters.
The study analyzed rental property prices in December 2022 and found that prices in Arkansas increased 17.5 percent, the 4th-highest of any state. Only Florida, New York and South Dakota saw bigger rental price hikes.
Nearby states Tennessee and Mississippi also saw double-digit increases in rental prices. Ten states saw those prices fall, with Idaho having the biggest drop at 5.4 percent.
Nationally, year-over-year rental rates rose by 4.77 percent, which was the lowest yearly change since July 2021. This was the fourth straight month of single-digit increases.
Looking at the 50 most populous U.S. metropolitan areas, Salt Lake City saw the largest yearly increase at 29.8 percent. Raleigh-Cary, North Carolina was the only other one with a rise of over 20 percent.
More information from the report is available at Rent.com.