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 market in ZIP code 72914, located in Arkansas, presents an intriguing dynamic that reflects broader trends in housing and rental markets. The Fair Market Rent (FMR) for the area stands at $900 for the fiscal year 2024. This figure is set by the U.S. Department of Housing and Urban Development (HUD) and serves as a benchmark for affordable housing programs, including Section 8.
A notable absence in the data is the current market rent, which is listed as N/A. This could suggest that either there is limited available data on current rental rates, or the market is relatively stable and closely aligned with the FMR. A stable rental market often indicates a balance between supply and demand, but without additional metrics such as days on market (DOM) or price-cut shares, it's challenging to determine if there is a surplus of rental units or if demand is keeping pace with supply.
The lack of information on the percentage of renters who are willing to accept price cuts and the number of days properties remain on the market before being rented underscores the need for more granular data to fully understand the rental dynamics. However, these gaps do not necessarily imply a lack of activity or interest in the market. They simply highlight areas where further research would be beneficial.
The median home value is also listed as N/A, which typically means that the data is insufficient or outdated. This can indicate that the market for home purchases is less active compared to rentals, or that the data collection process has not been able to provide a reliable figure for this particular ZIP code.
The percentage of renters in the market is also marked as N/A. This metric is crucial for understanding the long-term housing pressure in an area. High renter shares can signal a potential for increased housing pressures due to limited homeownership options or financial constraints among residents. Conversely, a low renter share might indicate a strong preference for homeownership, possibly driven by factors such as stability, tax benefits, or local economic conditions.
In summary, ZIP 72914 appears to be a market where the rental sector is anchored by the FMR, indicating a level of affordability for low-income families. The absence of certain data points suggests a need for deeper analysis to fully grasp the market's direction and the interplay between supply and demand. Landlords and small-portfolio investors should consider the available FMR as a starting point for pricing their rental units competitively while monitoring the broader trends in the region for any shifts that could impact their investment decisions.
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.