Gather on Dickson / Photo: Todd Gill, Fayetteville Flyer

Finding an apartment in Northwest Arkansas is more expensive, and just as hard, as it was a year ago.

Rental rates have increased 7.1 percent across the region over the last 12 months and occupancy is at 97.5 percent, according to the findings of the biannual market survey conducted by commercial real estate brokerage firm CBRE Northwest Arkansas.

“Northwest Arkansas’ thriving local economy and unprecedented population growth continue to provide support for the strong performance of the multifamily market,” said Brian Donahue, an apartment specialist with CBRE.

And despite the continued addition of new units in Fayetteville, apartments are still full.

Seven new student housing complexes have added 3,960 bedrooms near the University of Arkansas campus since 2013, but apartments in Fayetteville are 97.5% occupied.

Three more student properties are currently wrapping up construction, which will add another 1,419 bedrooms, but Donahue doesn’t expect much drop-off in occupancy rates.

“With Fayetteville being named the #1 on list of most affordable places to live in the US and #3 on best places to live in the US by U.S. News & World Report, it appears the local economy, job market and overall population growth will continue to keep apartment fundamentals strong,” Donahue said.

Seven non-student complexes are currently under construction across the region, including three in Fayetteville, and two each in Rogers and Bentonville. The 157-unit Towne Park @ Har Ber was recently completed in Springdale.

The Links, Uptown Apartments and Watermark at Steele Boulevard will add 1,098 units in Fayetteville, while Palisades at Pleasant Grove, Watermark on Walnut Creek, The Pointe, and The Parc will bring 814 new units to Benton County.

Still, when looking forward, Donahue said he does not expect occupancies or rental rates to drop by much.

“We have always maintained the strength of the multifamily market is closely tied to the strength of the job market and local economy,” he said. “Looking forward we expect robust rent growth to continue in the near term as new market rate construction wraps up and begins leasing at higher rates than seen on 2000’s vintage assets across Northwest Arkansas.”