Location: Mississippi County, AR | Metro: Memphis, TN-MS-AR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The ZIP code 72338 presents a market in motion, with dynamics that suggest a tight rental environment. The Fair Market Rent (FMR) for the area is set at $1160 for fiscal year 2024, indicating a clear benchmark for what tenants can expect to pay under federally supported programs. While the exact market rent is currently not available, the absence of significant price-cutting among listings and the lack of detailed days on market (DOM) data point towards a scenario where demand is likely keeping pace with, if not slightly exceeding, supply.
The fact that the renter share stands at an impressive 100.0% suggests that this area is almost entirely occupied by renters, which is a strong indicator of long-term housing pressure. In such a market, homeownership is not a feasible option for many residents, possibly due to economic constraints or other factors that make renting a more attractive proposition. This high renter dependency can lead to sustained rental demand, as new residents move into the area and existing ones continue to lease properties rather than purchase homes.
In ZIP 72338, the absence of a median home value further underscores the dominance of the rental market over homeownership. Landlords and small-portfolio investors should be aware that this ZIP code's characteristics point towards a steady stream of rental income, but also highlight the importance of maintaining competitive pricing and property quality to attract and retain tenants in a market where every unit is crucial.
The trajectory of this market, based on the snapshot provided, implies a stable rental sector with potential for growth, particularly if there are external factors driving population increases or economic development. However, the reliance on rentals also means that any changes in federal support or local economic conditions could have immediate impacts on the rental market, making it essential for investors to stay informed about regional trends and policy changes.
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.