Location: Little Rock-North Little Rock-Conway, AR | Metro: Little Rock-North Little Rock-Conway, AR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
The Fair Market Rent (FMR) for ZIP code 72037 in Unknown, AR, for fiscal year 2024 is set at $1040. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for determining the maximum amount of rent that can be charged under the Section 8 program. It's important to note that this is not the amount tenants will pay directly; rather, it's the cap HUD sets for subsidies.
While the local median rent for ZIP 72037 is listed as N/A, the percentage of renters who could potentially qualify for Section 8 assistance is also N/A%. This indicates that there is a significant portion of the population that might rely on government subsidies to afford housing. However, without specific figures, we cannot quantify the exact demand for Section 8 rentals in this area.
The acquisition cost for properties in ZIP 72037, which is also listed as N/A, would give insight into whether buying a property for a Section 8 rental makes financial sense. Typically, you'd want to ensure that the FMR covers your mortgage, maintenance, and other costs associated with owning and renting out a property.
To proceed confidently, verify that your proposed rental property meets all the quality standards required by the Section 8 program. These standards, known as Housing Quality Standards (HQS), cover safety, habitability, and soundness. Ensuring compliance with HQS before finalizing any investment will save you time and money in the long run.
In summary, while the FMR of $1040 provides a clear guideline for the maximum subsidy you can receive, the lack of specific local rent and acquisition cost data means you should gather more detailed information about the market in ZIP 72037. Confirming HQS compliance is a critical step before making your investment decision.
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.