Department of Numbers

Hot Springs Arkansas Residential Rent and Rental Statistics

The median monthly gross residential rent in Hot Springs, AR (the Hot Springs metro area) was $707 in 2015 according to the Census ACS survey.1 Average gross rent in Hot Springs was $690 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Hot Springs median and average rent data will be released in September of 2017.

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.

Show dollars as: Nominal Real

Real Gross Rent in Hot Springs Arkansas (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Arkansas Median Gross Rent $695 +2.21% +8.26%
Hot Springs, AR Median Gross Rent $707 +4.43% -2.48%

Hot Springs, AR Real Gross Rent Trends

Median gross rent for Hot Springs peaked in real terms in 2009 at $742 and is now $35 (4.72%) lower. Average gross rent for Hot Springs peaked in real terms in 2009 at $748 and is now $58 (7.75%) lower.

Real Gross Rent in Hot Springs: Hot Springs AR Median, Hot Springs AR Average, Arkansas Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Hot Springs

Date US
Median
Arkansas
Median
Hot Springs, AR
Median
Hot Springs, AR
Average
2015 $959 $695 $707 $690
2014 $930 $680 $677 $747
2013 $898 $654 $670 $645
2012 $886 $642 $725 $691
2011 $887 $651 $725 $622
2010 $901 $672 $718 $692
2009 $905 $651 $742 $748
2008 $920 $677 $729 $730
2007 $874 $635 $667 $632
2006 $883 $655 $722 $717
2005 $858 $647 $621 $616

Hot Springs Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Hot Springs Arkansas was 12.73% according to Census ACS data.

Rental Vacancy Rate in Hot Springs Arkansas

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Arkansas 8.50% -1.10% -0.63%
Hot Springs, AR 12.73% +1.21% +0.98%

Trends in Hot Springs, AR Rental Vacancy Rate

At 12.73%, Hot Springs residential rental vacancy rate in 2015 is at the highest point since 2005, the beginning of our reporting for this series.

Rental Vacancy Rate: Hot Springs AR, Arkansas, US

Rental vacancy rate in Arkansas

Historical Rental Vacancy Rate data for Hot Springs

Date US Arkansas Hot Springs, AR
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%
2008 7.86% 9.53% 9.45%
2007 7.87% 8.73% 6.20%
2006 7.70% 8.03%
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 22.92% in 2015 according to the ACS.

Hot Springs Arkansas Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Arkansas 19.86% -0.00% +0.71%
Hot Springs, AR 22.92% +3.03% +1.71%

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 2.02% to 22.92%.

Fraction of Income towards Rent: Hot Springs AR, Arkansas, US

Percent of median household income going towards median monthly gross rent in Hot Springs Arkansas

Historical Data for Annual Rent as a Fraction of Income in Hot Springs Arkansas

Date US Arkansas Hot Springs, AR
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%
2008 19.00% 18.74% 21.22%
2007 18.66% 18.03% 20.67%
2006 18.90% 18.56% 22.23%
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 2015 34.23% of households were renters according to Census ACS data.

Hot Springs Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Arkansas 34.83% +0.62% +1.07%
Hot Springs, AR 34.23% +1.46% +2.45%

Trends in the Hot Springs, AR Renter Fraction

At 34.23%, the 2015 household based renter fraction in Hot Springs was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Hot Springs AR, Arkansas, US

Fraction of renters in Hot Springs

History of Hot Springs Renter Fraction

Date US Arkansas Hot Springs, AR
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%
2008 33.36% 32.62% 28.62%
2007 32.80% 32.27% 33.91%
2006 32.73% 31.72% 29.64%
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.