Location: Springfield, MO | Metro: Springfield, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 65620 is characterized by a significant proportion of renters, with 31.4% of the population renting their homes. This high renter share suggests that there is consistent long-term housing pressure in the area, as a considerable portion of residents rely on rental properties rather than owning homes. The Fair Market Rent (FMR) for the area is set at $820 for fiscal year 2024, which serves as a benchmark for assessing the affordability and competitiveness of rental units.
While the exact market rent is not available, the fact that the FMR is established indicates that the government recognizes a need to support affordable housing options in the area. The lack of specific figures for price-cut share and days on market (DOM) suggests that there isn't an abundance of vacant rental properties driving down prices or extending listing times. This implies that the demand for rental housing is steady, if not slightly outpacing the supply, given the high percentage of renters.
The dynamics of the ZIP 65620 rental market indicate a scenario where the supply of rental units is closely matched to the demand, but with a slight bias towards the demand side due to the high renter share. Landlords and small-portfolio investors should be aware of the ongoing need for affordable rental units and the potential for steady occupancy rates, assuming they price their units competitively around the $820 FMR mark. This market is likely to continue experiencing pressure from renters seeking stable and affordable housing solutions, making it a viable investment opportunity for those willing to meet the needs of the local tenant population.
Investors in this area can expect a market that values stability and affordability, with tenants looking for reliable housing options. The presence of a defined FMR also provides a clear guideline for setting rents that align with the financial assistance programs available to tenants, ensuring a smoother transition for those who might be reliant on such support.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.