Location: Phelps County, MO | Metro: Phelps County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
The ZIP code 65402 in Missouri presents a dynamic rental market, particularly under the Section 8 program, with a Fair Market Rent (FMR) of $930 for fiscal year 2026. This figure indicates the federal government's assessment of the area's average rental cost for a two-bedroom apartment, which is a key metric for understanding the rental landscape. The absence of current market rent data suggests either limited availability or a less active market compared to broader metropolitan areas, but the FMR provides a solid benchmark for landlords.
A notable aspect of ZIP 65402 is the lack of detailed metrics such as the percentage of properties that require price cuts to secure tenants, the days on market (DOM) before a unit is rented, and the median home value. These missing pieces could imply a relatively stable market, where neither extreme oversupply nor undersupply is evident. However, the unknown percentage of renters in the area offers insight into the potential for long-term housing pressure. In areas with a high renter share, there is often greater demand for affordable rental units, which can exert upward pressure on rents over time. Conversely, a lower renter share might indicate a more owner-occupied community, reducing the immediate demand for rentals.
The dynamics of ZIP 65402 suggest a market where the balance between supply and demand is not skewed heavily in favor of either side. Landlords should focus on maintaining properties that meet the FMR standards while also ensuring they provide good value to attract tenants. Given the reliance on Section 8 for rental costs, it's crucial for landlords to understand the program's requirements and benefits fully. They must also be prepared for the possibility that future market conditions could shift the balance, impacting vacancy rates and tenant acquisition strategies.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.