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November 19, 2017

Central Arkansas Housing Market Responds to Decline in Household Size


As homeownership in the United States and in Arkansas has declined, the nature of the housing market has changed, notes a recent report by Metroplan, the federally designated planning agency for Pulaski, Faulkner, Saline and Lonoke counties.

In central Arkansas, renter-occupied housing grew 7.2 percent in 2010-14 while owner-occupied housing fell 3 percent.

The area housing market has responded. “Since 2010, the region has witnessed several apartment complexes of over 400 units each built in North Little Rock, Little Rock, Bryant and Benton,” said the latest “Metro Trends” report, “Owning, Renting & a Changing Housing Market in Central Arkansas,” released in July.

Although the report acknowledges that multifamily housing and rental housing aren’t necessarily the same thing, “the increase in multifamily units reflects the growing demand for rental housing.”

Stricter mortgage requirements and smaller households have contributed to the increased demand for rental housing.

As homeownership in the United States and in Arkansas has declined, the nature of the housing market has changed, notes a recent report by Metroplan, the federally designated planning agency for Pulaski, Faulkner, Saline and Lonoke counties.

In central Arkansas, renter-occupied housing grew 7.2 percent in 2010-14 while owner-occupied housing fell 3 percent.

The area housing market has responded. “Since 2010, the region has witnessed several apartment complexes of over 400 units each built in North Little Rock, Little Rock, Bryant and Benton,” said the latest “Metro Trends” report, “Owning, Renting & a Changing Housing Market in Central Arkansas,” released in July.

Although the report acknowledges that multifamily housing and rental housing aren’t necessarily the same thing, “the increase in multifamily units reflects the growing demand for rental housing.”

Stricter mortgage requirements and smaller households have contributed to the increased demand for rental housing.

Source

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