Location: Jonesboro, AR | Metro: Jonesboro, AR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The ZIP code 72414 presents a market in motion, with specific dynamics that suggest an equilibrium between supply and demand. The Fair Market Rent (FMR) for the area stands at $810 for the fiscal year 2024, while the market rent based on Census ACS data is slightly higher at $850. This indicates that the rental market is slightly above the government's benchmark, signaling a healthy demand for rental properties.
The 9.0% renter share of the population is a key indicator of long-term housing pressure. A lower renter share typically means less competition for rental units, but it also implies that a significant portion of the population is likely homeowners. However, this percentage alone doesn't provide enough context to determine whether there's a shortage of rental units or if the market is balanced. It suggests that the majority of residents prefer owning their homes, which can contribute to steady long-term housing demand.
The absence of data regarding the percentage of price-cut shares and days on market (DOM) makes it challenging to pinpoint short-term fluctuations. However, given the slight premium of market rent over the FMR, we can infer that landlords are able to charge more than the benchmark without significant concessions, indicating that demand is robust enough to support these rents.
In summary, ZIP 72414 appears to be a market where demand for rentals is strong enough to keep rents above the FMR, despite a relatively low renter share. This points to a dynamic environment where rental properties are valued, and the slight increase over the FMR suggests that landlords can maintain their pricing without having to frequently cut prices or face prolonged vacancy periods.
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.