Issue link: http://www.epageflip.net/i/954390
Occupancy rate around 98 percent; rents increase Live & Play MOUNTAIN BIKING PLAY DIRTY To attract mountain bikers from throughout the country to North- west Arkansas, regional planners adhered to a simple philosophy: Play dirty. More than 300 miles of soft-sur- face, single-track trails crisscross the region and double that is being planned. The region has become a major destination for bikers who prefer mud, rocks and hair-raising downhill riding. Andy Williamson, program di- rector for the International Moun- tain Biking Association, said he is amazed at the development of the trail system, noting that just a few years ago the region was barely a blip on the national radar. "When you look at places moun- tain bikers are going there are a cou- ple of things that are really import- ant," Williamson said. "Obviously great places to ride, the reputation it has, the distance and how long they can stay. And really the dynamic na- ture of the trails, the diversity of the actual riding experience. "So there are lots of different trail types. Some might not be appealing to some and some may be to others. Bentonville and Northwest Arkan- sas really are amazing in the fact that it is the full package," he said. Leading mountain bikers came to the association's world summit in 2016 in Bentonville. The summit was the ramp that launched the re- gion into national awareness by the mountain biking realm. TRAIL GROWTH How did Northwest Arkansas make that ascent so rapidly? Members of the Walton Family Foundation planted the seeds, which led to cities jumping on board. Large tracts of land with the perfect ter- rain of hills and drops made ideal places to create trails. Some of the top trail-builders in the country created hundreds of miles of single-track trails for all skill levels, said Kalene Griffith, the president of Visit Bentonville. "The No. 1 thing for Northwest Arkansas is that there is a variety of trails," Griffith said. "You can have an easy ride one day, and the next day have a little more advanced ride." Karen Minkel, the foundation's home region program director, ex- plained the connection of the trails to preserving open space. "The mountain biking trail de- velopment is something that the foundation has been investing in for some time," Minkel said, adding it is linked to the group's push for green space preservation. "We have these tremendous natural resourc- es in the region and we want to be able to preserve those natural assets and also ensure that the public has access to them. So one way to be able to do that and make ourselves unique is through mountain biking, a recreation sport you can do here year-round. I think we've been for- tunate to have wonderful municipal partners in this work." Paxton Roberts with BikeNWA has long been an avid outdoors enthusiast. Roberts has made the drive to Colorado many times Demand steady for apartments RENTAL OPTIONS Anyone moving to Northwest Arkansas is likely to find an apartment that suits their taste, whether it's a studio or a complex with abundant amenities. Apartment occupancy in the region has hovered around 98 percent since 2014, according to real estate firm CBRE. The firm counts 31,500 units throughout the region. CBRE keeps track of market-rate apartments in com- plexes of 100 units or more. It doesn't factor in new de- velopments until a few months after a certificate of occu- pancy is issued. Market rate refers to apartments without rent restrictions, meaning a landlord can rent the space at whatever price the local market allows. Rents went up 1.5 percent since last year and 25 percent over the past seven years, which averages out to about 5 percent year over year, said Brian Donahue, senior asso- ciate with the investment properties group of CBRE Mul- tifamily. There are about 1,900 units under construction or set for development. Rogers has the highest average rental rate for all sizes of apartments among the four major cities at $841 per month. Bentonville is next at $762 monthly. Fayette- ville's average rent is $686 and Springdale is the least expensive at $576, accord- ing to CBRE's findings. About 30 people move to Northwest Arkansas each month and they have a variety of prices and sizes to choose from when find- ing an apartment, Donahue said. "It's going to be a very healthy apartment market for the foreseeable future," he said. An area typically will have a steady stream of new con- struction when occupancy surpasses 95 percent, Donahue said. Close to 3,000 units likely will be in development by 2019, which means supply should come closer to catching up with demand, he said. The region has gained national recognition as far as growth and success. The Milken Institute earlier this year listed Northwest Arkansas as No. 25 on its list of best-per- forming economies. U.S. News and World Report last year put the metro area at No. 5 on its list of best places to live. The Census Bureau tabs Northwest Arkansas as the 22nd fastest-growing region in the country. Home ownership rates are going down as people move to the region and want to be close to amenities, said Mervin Jebaraj, director of the Center for Business and Economic Research at the University of Arkansas. Young profession- als who move to the area typically don't want to invest in a house and want to be close to downtown, he said. Developers have responded. Museum makes art accessible to all. 3U New music venues open in area. 4U Pro sporting events draw crowds. 7U Progress 2018 HEALTHY COMPETITION Sunday, March 18, 2018 1U World-class trail system attracts riders NWA Democrat-Gazette File Photo/BEN GOFF • @NWABENGOFF Owen Polumbo (left) and Carson Brantley, both 13 and from Rogers, catch air on the expert line at The Railyard Bike Park in Rogers. NWA Democrat-Gazette File Photo/FLIP PUTTHOFF Tomek Siwiec said the Bashore Loop at Hobbs State Park-Conservation Area is a good starter trail because the surface is fairly smooth and there are no technical features. There are is some gradual uphill that helps beginners de- velop climbing skills. CHIP SOUZA NWA DEMOCRAT-GAZETTE STACY RYBURN NWA DEMOCRAT-GAZETTE NWA Democrat-Gazette/DAVID GOTTSCHALK Sela Sparks, leasing consultant at Uptown Fayetteville Apart- ments, pauses to look at the Uptown Quilt, a mural by Olivia Trimble, near the community garden and Mud Creek Trail at Uptown Fayetteville Apartments. Apartment construction has grown along with region's economy, according to analysts. See BIKING, Page 2U See RENTAL, Page 2U Rental rates Figures represent monthly rates for apartments of all sizes. Rogers: $841 or 89 cents per square foot Bentonville: $762 or 90 cents per square foot Fayetteville: $686 or 86 cents per square foot Springdale: $576 or 77 cents per square foot Source: CBRE