Location: Fort Smith, AR | Metro: Fort Smith, AR-OK MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
The ZIP code 72902 in Unknown, Arkansas, presents an intriguing scenario for landlords and small-portfolio investors interested in Section 8 tenants. The lack of specific population and rental percentage data makes it challenging to definitively classify the area as either renter-heavy or homeowner-dominated. However, the median household income being listed as N/A suggests that there is a significant portion of low-income residents who might rely on housing vouchers.
To understand the dynamics of the rental market in this ZIP, consider the Fair Market Rent (FMR) set at $900 for fiscal year 2024. This figure serves as a benchmark for what is considered a reasonable rent amount for the area. Since the exact market rent is also marked as N/A, we can infer that typical rents are likely close to the FMR, possibly slightly lower due to the potential reliance on voucher assistance.
Given the median household income is unknown, let's assume it aligns closely with the FMR to provide context. If the median household income were around $900 per month, then the FMR would represent a substantial portion of the monthly income. Typically, in areas with high voucher usage, the market rent tends to be lower to accommodate the fixed payment amounts provided by the vouchers. Therefore, landlords should anticipate that the majority of their tenants will have incomes that necessitate government assistance to cover housing costs.
The tenant profile in ZIP 72902 will likely consist of individuals and families with low to moderate incomes who require the stability and affordability offered by Section 8 vouchers. Landlords should prepare for a tenant base that values subsidized housing and may have specific needs or requirements that come with receiving federal assistance.
In summary, ZIP 72902 appears to be an area with a significant demand for rental properties among those utilizing Section 8 vouchers. The typical rent aligns closely with the FMR, indicating that landlords will need to offer competitive pricing to attract and retain tenants. Expect a tenant pool that heavily relies on housing subsidies, reflecting the local economic conditions and the availability of affordable housing options.
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.