Location: Pope County, AR | Metro: Johnson County, AR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The market in ZIP code 72847 is characterized by a significant gap between the Fair Market Rent (FMR) and the actual market rent, suggesting that the rental market is currently under pressure but remains stable. With an FMR of $1,000 set for fiscal year 2026, it indicates a future expectation for higher rents, which contrasts with the current market rent of $814 based on Census ACS data. This suggests that landlords may be facing challenges in increasing rents to meet the projected FMR, possibly due to competition or economic conditions.
The median home value in the area stands at $204,908. While this figure alone doesn't reveal whether supply is outpacing demand or vice versa, it can be inferred that the relatively low median home value might make homeownership accessible to a broad range of individuals, thereby potentially affecting the rental market dynamics. A lower median home value could mean that there's a mix of affordability and possibly a higher number of homes available compared to other areas, though without historical data, this remains speculative.
A notable feature of this market is the 11.0% renter share. This percentage reflects a smaller proportion of renters compared to homeowners, indicating a predominantly owner-occupied community. However, this also implies that any increase in the cost of living or economic shifts that affect homeownership could result in a surge of demand for rentals, leading to potential upward pressure on rental rates in the future. The low renter share suggests that there might be limited rental inventory relative to the population, which could create opportunities for landlords who can offer competitive rents and amenities.
Despite the lack of specific data on the percentage of price cuts and days on the market (DOM), the overall picture suggests a market where demand for affordable housing is strong. Landlords and small-portfolio investors should be aware of the potential for increased competition among renters and the importance of maintaining properties at a level that attracts tenants willing to pay closer to the FMR as the market evolves.
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.