Section 8 Fair Market Rent (FMR) for ZIP 72936 - 2027

Location: Fort Smith, AR | Metro: Fort Smith, AR-OK MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$730
1 Bedroom	$740
2 Bedrooms	$970
3 Bedrooms	$1,310
4 Bedrooms	$1,610
5 Bedrooms	$1,868
6 Bedrooms	$2,092
7 Bedrooms	$2,259
8 Bedrooms	$2,372

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

14,070

Median Household Income

$71,829

Housing Units

5,925

Renter Percentage

18.7%

Occupancy Rate

94.2%

Renter Occupied

1,041

The ZIP code 72936, located in Arkansas, presents a stable real estate market with a mix of rental and homeownership opportunities. The area is characterized by modest housing costs and a moderate demand for rentals, making it an attractive option for both landlords and small-portfolio investors.

Fair Market Rent (FMR): For fiscal year 2024, the FMR for a one-bedroom apartment in ZIP 72936 is set at $920, providing a benchmark for rental pricing that landlords should aim to meet or slightly exceed.
Market Rent: According to Census ACS data, the average market rent for a one-bedroom unit stands at $826, indicating that there is potential to increase rental rates without significantly deterring tenants.
Median Home Value: The median home value in the area is $238,174, which reflects the overall affordability of the housing market and the potential for property appreciation over time.
Renter Share: Approximately 18.7% of residents in ZIP 72936 are renters, suggesting a niche but steady demand for rental properties.
Days on Market (DOM): The average DOM for listings is 44 days, which is relatively low and signals that properties sell quickly once they are listed, benefiting sellers and investors alike.
Median Income: The median household income in the area is $71,829, providing insight into the financial stability of potential tenants and homeowners.

In summary, ZIP 72936 offers a balanced real estate investment opportunity. With a Fair Market Rent slightly higher than the actual market rent, landlords can expect to see growth in rental income. The median home value indicates a reasonable entry point for purchasing properties, while the quick turnover rate suggests strong local demand. Given the median income levels, there is a solid base of financially capable tenants and buyers. Overall, the area presents a favorable environment for those looking to invest in rental properties or build a small portfolio of homes.

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.