By: Kate Balser
FAYETTEVILLE, Ark. (UATV) – Student living has become even more expensive for students at the University of Arkansas.
Click below to hear about the rent increase from Jeff Cooperstein, Senior Research Associate at the Center for Business and Economic Research and Duke McLarty, Executive Director of NWA Workforce Housing Center.
Along with the cost of tuition, books, and basic needs, the cost of rent has increased in Northwest Arkansas. The financial pressure of affording housing affects many students.
Senior Brooklyn Robinson, who lives at an off-campus apartment, explained that her part time job does not come close to covering expenses. .
“I work at David’s Bridal a couple of times a week, but that does not even make a dent on how much I need to save up with the costs of living. The rise in rent prices is just going to make my debt from loans even worse.”
Although UA students can expect a steady increase of tuition by about 1-2% each year, the rise of rent is much higher.
The average cost of rent in Northwest Arkansas has increased by 12% this year and 30% over the last five years according to Jeff Cooperstein, Senior Research Associate at the Center for Business and Economic Research.
Cooperstein explains that the increase is a result of NWA’s desirability.
“Changes are due to the fact that we’ve got a demand for housing in Northwest Arkansas. The university population has grown, but in addition to that a lot of people are just moving here due to jobs and quality of life so all of that creates demand for housing in Northwest Arkansas. And the supply hasn’t been able to get ahead of the demand.”
The high demand for short-term housing is also a result of the University of Arkansas’ record breaking enrollment numbers. This fall, there were about 7,000 incoming freshmen with only 6,200 beds available on campus. As a result, the university made the plan to house the overflowing freshmen in off-campus housing.
The demand for short term housing is not only a result of people moving into town.
Duke McLarty, Executive Director of NWA Workforce Housing Center, explained that high interest rates have added to the demand of rental properties.
“Fewer and fewer people are able to buy homes right now. There’s even more people looking for rentals than there were 18 months ago.”
McLarty explained that there is no short term fix, however long term his team is working with the City of Fayetteville and all municipalities of NWA to plan the opening of land and zoning codes for increased residential development. Until then, rent prices are expected to rise.
His piece of advice for students that want to see change is to make their voices heard.
“I would encourage students to be active in this conversation. You can always contact city officials, contact university officials and express your concerns.”