Hot Springs Arkansas Residential Rent and Rental Statistics
The median monthly gross residential rent in Hot Springs, AR (the Hot Springs metro area) was $763 in 2019 according to the Census ACS survey.1 Average gross rent in Hot Springs was $688 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Hot Springs median and average rent data will be released in September of 2021.
Data is also available below for Hot Springs rental vacancy rates, Hot Springs rent as a percent of median income and the fraction of renters in Hot Springs.
Real Gross Rent in Hot Springs Arkansas (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Arkansas Median Gross Rent | $742 | -0.27% | +1.09% |
| Hot Springs, AR Median Gross Rent | $763 | -5.10% | +0.53% |
Hot Springs, AR Real Gross Rent Trends
Median gross rent for Hot Springs peaked in real terms in 2018 at $804 and is now $41 (5.10%) lower. Average gross rent for Hot Springs peaked in real terms in 2017 at $807 and is now $119 (14.75%) lower.
Real Gross Rent in Hot Springs: Hot Springs AR Median, Hot Springs AR Average, Arkansas Median, US Median
Real Gross Rent History for Hot Springs
| Date | US Median |
Arkansas Median |
Hot Springs, AR Median |
Hot Springs, AR Average |
|---|---|---|---|---|
| 2019 | $1,097 | $742 | $763 | $688 |
| 2018 | $1,077 | $744 | $804 | $789 |
| 2017 | $1,043 | $733 | $716 | $807 |
| 2016 | $1,027 | $734 | $759 | $662 |
| 2015 | $1,017 | $737 | $750 | $732 |
| 2014 | $986 | $721 | $718 | $793 |
| 2013 | $953 | $694 | $711 | $684 |
| 2012 | $940 | $681 | $769 | $733 |
| 2011 | $941 | $690 | $769 | $660 |
| 2010 | $955 | $713 | $762 | $734 |
| 2009 | $960 | $691 | $788 | $793 |
| 2007 | $927 | $673 | $707 | $671 |
| 2005 | $910 | $686 | $659 | $654 |
Hot Springs Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Hot Springs Arkansas was 8.49% according to Census ACS data.
Rental Vacancy Rate in Hot Springs Arkansas
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Arkansas | 7.37% | -0.98% | -0.69% |
| Hot Springs, AR | 8.49% | -2.34% | — |
Trends in Hot Springs, AR Rental Vacancy Rate
The rental vacancy rate in Hot Springs peaked in 2017 at 18.36%. Since then it has fallen by 9.87% to 8.49%. Data records for this series originated in 2005.
Rental Vacancy Rate: Hot Springs AR, Arkansas, US
Historical Rental Vacancy Rate data for Hot Springs
| Date | US | Arkansas | Hot Springs, AR |
|---|---|---|---|
| 2019 | 5.97% | 7.37% | 8.49% |
| 2018 | 6.15% | 8.35% | 10.83% |
| 2017 | 6.18% | 8.22% | 18.36% |
| 2016 | 5.89% | 8.06% | — |
| 2015 | 5.85% | 8.50% | 12.73% |
| 2014 | 6.32% | 9.60% | 11.52% |
| 2013 | 6.49% | 9.66% | 7.14% |
| 2012 | 6.77% | 9.13% | 11.75% |
| 2011 | 7.40% | 10.00% | — |
| 2010 | 8.17% | 10.46% | 11.10% |
| 2009 | 8.43% | 10.48% | 12.43% |
| 2007 | 7.87% | 8.73% | 6.20% |
| 2005 | 7.74% | 9.52% | 7.42% |
Rent as a Fraction of Income
Using median household income data for Hot Springs, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Hot Springs, median monthly gross rent as a fraction of median household income was 20.23% in 2019 according to the ACS.
Hot Springs Arkansas Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Arkansas | 18.19% | -0.45% | -0.78% |
| Hot Springs, AR | 20.23% | -1.93% | -0.09% |
Trends in Hot Springs, AR Rent as a Fraction of Income
The fraction of median Hot Springs household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 24.95%. Since then it has fallen by 4.72% to 20.23%. From a 2017 low of 18.06%, the fraction of income going to rent has increased by 2.16%.
Fraction of Income towards Rent: Hot Springs AR, Arkansas, US
Historical Data for Annual Rent as a Fraction of Income in Hot Springs Arkansas
| Date | US | Arkansas | Hot Springs, AR |
|---|---|---|---|
| 2019 | 20.03% | 18.19% | 20.23% |
| 2018 | 20.50% | 18.64% | 22.16% |
| 2017 | 20.13% | 18.60% | 18.06% |
| 2016 | 20.43% | 18.97% | 20.31% |
| 2015 | 20.63% | 19.86% | 22.92% |
| 2014 | 20.89% | 19.86% | 19.89% |
| 2013 | 20.78% | 19.52% | 20.46% |
| 2012 | 20.65% | 19.15% | 21.22% |
| 2011 | 20.70% | 19.78% | 24.95% |
| 2010 | 20.50% | 19.99% | 22.43% |
| 2009 | 20.12% | 19.23% | 22.01% |
| 2007 | 18.66% | 18.03% | 20.67% |
| 2005 | 18.89% | 18.82% | 19.77% |
Renter Fraction in Hot Springs Arkansas
You can calculate the renter fraction in Hot Springs in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Hot Springs as a fraction of total Hot Springs households. In 2019 30.33% of households were renters according to Census ACS data.
Hot Springs Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Arkansas | 34.53% | +0.29% | -0.92% |
| Hot Springs, AR | 30.33% | -3.31% | -3.18% |
Trends in the Hot Springs, AR Renter Fraction
The Hot Springs household renter fraction peaked in in 2015 at 34.23% and is now 3.90% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Hot Springs AR, Arkansas, US
History of Hot Springs Renter Fraction
| Date | US | Arkansas | Hot Springs, AR |
|---|---|---|---|
| 2019 | 35.89% | 34.53% | 30.33% |
| 2018 | 36.05% | 34.24% | 33.64% |
| 2017 | 36.13% | 34.75% | 33.14% |
| 2016 | 36.88% | 35.45% | 33.51% |
| 2015 | 36.97% | 34.83% | 34.23% |
| 2014 | 36.90% | 34.21% | 32.77% |
| 2013 | 36.50% | 34.28% | 33.96% |
| 2012 | 36.09% | 33.76% | 31.78% |
| 2011 | 35.42% | 33.40% | 30.99% |
| 2010 | 34.65% | 32.59% | 31.86% |
| 2009 | 34.13% | 33.96% | 27.53% |
| 2007 | 32.80% | 32.27% | 33.91% |
| 2005 | 33.10% | 32.25% | 33.61% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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