Location: Hot Springs, AR | Metro: Hot Springs, AR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
1010 is the Fair Market Rent (FMR) for ZIP code 71903 in fiscal year 2024. This figure represents the average rent for a two-bedroom apartment in the area, which is crucial for landlords participating in the Section 8 program.
N/A is the current market rent for ZIP 71903, indicating a lack of recent data on typical rental prices in the area. However, given the FMR, it is advisable for landlords to set their rents close to this benchmark to remain competitive and attractive to potential tenants.
N/A is also the median home value for the area, suggesting limited data on property values. Nonetheless, the FMR provides a solid basis for understanding the rental market dynamics in ZIP 71903.
N/A is the percentage of residents who are renters in ZIP 71903, which means there is no recent data available to determine the exact proportion of renters. However, the presence of the Section 8 program indicates a significant demand for affordable housing options.
N/A is the median income for ZIP 71903, highlighting the absence of current income statistics. Despite this, the FMR serves as a reliable indicator of the economic conditions affecting the local rental market.
N/A is the days on market (DOM) for properties in ZIP 71903, suggesting a lack of recent sales data. This could indicate a slower moving market or limited transactions.
N/A is the percentage of properties that have had their prices cut in ZIP 71903, reflecting a similar dearth of current pricing trends. However, landlords should be cautious about setting their rents too high above the FMR to avoid losing tenants to more affordable options.
Based on the available data, the Section 8 program remains a viable option for landlords in ZIP 71903, particularly given the FMR of $1010, which aligns closely with the needs of the local rental market.
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.