Location: Fort Smith, AR | Metro: Fort Smith, AR-OK MSA
| 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 |
ZIP code 72957, located within the Fort Smith, AR-OK MSA, has a Fair Market Rent (FMR) of $890 for fiscal year 2024. This figure is critical for understanding the rental dynamics in the area, especially for landlords and small-portfolio investors involved with Section 8 housing.
To contextualize this data, it's important to compare it with typical figures found in other ZIP codes within the Fort Smith, AR-OK MSA. While specific market rents and home values for ZIP 72957 are currently unavailable, we can make some informed inferences based on the provided FMR and the general characteristics of the metro area.
In the Fort Smith, AR-OK MSA, ZIP codes generally exhibit a range of rental costs and home values that reflect both urban and suburban areas. The FMR of $890 for ZIP 72957 suggests that it is likely situated in a value pocket of the metro. Value pockets are areas where rental costs are lower compared to the broader metropolitan average, making them attractive for Section 8 participants who have limited budgets.
The absence of specific market rent and home value data means we cannot definitively state how these metrics compare to the overall MSA. However, if we assume that the market rent and home values are also lower than the MSA average, then ZIP 72957 would be a clear value pocket. Lower home values coupled with a potentially higher renter share (though the exact percentage is not provided) could indicate a concentration of affordable housing options, which is particularly beneficial for Section 8 tenants.
Fort Smith, AR-OK MSA ZIP codes typically show a mix of value pockets and mid-tier neighborhoods. A mid-tier neighborhood would have rental costs and home values closer to the MSA average, while a premium sub-market would see above-average figures across both metrics. Given the FMR of $890, it is unlikely that ZIP 72957 falls into the premium category unless there is a significant disparity between the FMR and actual market rents.
Investors should pay attention to the potential for growth in ZIP 72957, considering its position as a value pocket within the MSA. If the area experiences economic development or increased demand for housing, the market rents and home values could rise, aligning more closely with the MSA average or even surpassing it. For now, the focus should remain on the affordability and accessibility of the housing stock in this ZIP code, which aligns well with the needs of Section 8 tenants.
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.