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 | $990 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
The situation in ZIP code 72219, located in Arkansas, presents a unique challenge for both renters and landlords due to limited data on median income and market rent rates. However, the available information on the Fair Market Rent (FMR) for housing vouchers provides insight into the local rental market.
A household in ZIP 72219 can expect the government to pay up to $1110 per month for a housing voucher under the 2024 fiscal year standards. This figure represents the maximum amount that can be used towards rent in the area, effectively setting a benchmark for affordable rents.
The lack of data on the percentage of renters and the total population makes it difficult to gauge the overall demand for rental properties. However, the affordability gap between the voucher payment standard and any potential market rate rent is significant. If the market rate were higher than $1110, many households would struggle to afford the difference out-of-pocket, leading to increased competition among landlords who accept vouchers.
Landlords considering their rental strategy should weigh the benefits and drawbacks of accepting vouchers versus relying solely on cash-paying tenants. Accepting vouchers ensures a steady stream of income, albeit at a fixed rate, which can be beneficial in a market where the majority of potential tenants might qualify for such assistance. On the other hand, landlords who aim to maximize their monthly rental income might seek out cash-paying tenants willing to pay above the voucher rate, though this could limit their pool of applicants.
The takeaway for landlords is to consider the local rental dynamics carefully. Given the high likelihood of voucher usage due to the unknown but presumably low median income, accepting vouchers could be a strategic move to secure a reliable tenant base. However, exploring opportunities to attract cash-paying tenants, perhaps through targeted marketing or property enhancements, could also yield higher returns if there is sufficient demand.
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.