Multifamily real estate

There is a complex dynamic between multifamily housing, residential rental housing and residential home ownership being influenced by several factors including: quantity of multifamily supply, quantity of rental housing, interest rates, underwriting standards and unemployment rates among others, according to the Skyline Report sponsored by Arvest Bank.

HIGHLIGHTS FROM THE SECOND HALF OF 2017

■ Number of apartment complexes in Springdale: 103

■ Number of units: 6,549

■ Number of apartment complexes in Northwest Arkansas: 751

■ Number of units: 38,230

■ The vacancy rate of multifamily housing in Springdale was 1.8 percent, up from 0.9 percent in the second half of 2016.

■ The vacancy rate for all multifamily properties in Northwest Arkansas sat at 4.5 percent. It was 4.2 percent in the first half of the year and 3.2 percent in the second half of 2016. The increase was the result of new construction, making more units available.

■ In Springdale, 150 new rental units were announced or under construction in multifamily projects. This is 2.2 percent of the current inventory.

■ The average lease rate per month for a multifamily property unit in Northwest Arkansas was $645.62, with the median lease at $593.