What HUD offices serve Hot Springs, Arkansas?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Arkansas Public Housing and Low-Income Apartments Waiting Lists page for openings near Hot Springs.
How many renters live in Hot Springs, Arkansas?
The City of Hot Springs has people living in households.
There are renters living in renter households in this City. Renters make up 41.41 percent of the population living in Hot Springs.
What is the rental market like in Hot Springs, Arkansas?
There are an estimated housing units in the Hot Springs area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Hot Springs, Arkansas, there are 1.13 rental units.
What is the vacancy rate for rentals in Hot Springs?
The rental vacancy rate in Hot Springs is 9 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Hot Springs for each bedroom size?
Occupied Rental Units by Size in Hot Springs
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 509 | 1,945 | 2,858 | 2,246 | 82 |
Occupied Rental Units by Size in Hot Springs
A large number of apartments in Hot Springs have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Hot Springs
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $767 to $1,616. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $767 |
| One BR | $775 |
| Two BR | $1,007 |
| Three BR | $1,249 |
| Four BR | $1,616 |
2024 Fair Market Rents in Hot Springs, Arkansas
How many units are rented at Fair Market Rent (FMR) in Hot Springs?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 368 | 72 percent |
| One BR | 1,468 | 75 percent |
| Two BR | 2,006 | 70 percent |
Rental Units Below FMR in Hot Springs, Arkansas
How many affordable rental units are in Hot Springs?
There are a variety of federal affordable housing programs serving households in Hot Springs, Arkansas including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Section 8 Project-Based Rental Assistance | |
| Section 202 Supportive Housing for the Elderly | |
| Section 811 Supportive Housing for Persons with Disabilities |
Tracked Units by Federal Program in Hot Springs, Arkansas
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Hot Springs, Arkansas
Hot Springs features 911 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Hot Springs, Arkansas
There are 402 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hot Springs.
Housing Choice Vouchers in Hot Springs, Arkansas
On average, Section 8 Housing Choice vouchers pay Hot Springs landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Hot Springs.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hot Springs, Arkansas for a two-bedroom apartment is between $906 and $1,108.
Sourced from federal housing data and AffordableHousingOnline.com research.
