How many renters live in Shannon Hills, Arkansas?
The City of Shannon Hills has 4,472 people living in 1,737 households.
There are 533 renters living in 152 renter households in this City. Renters make up 11.92 percent of the population living in Shannon Hills.
What is the rental market like in Shannon Hills, Arkansas?
There are an estimated 1,737 housing units in the Shannon Hills area. Of these, 152 units are rental homes, making up 9 percent of the housing market. For every renter household in Shannon Hills, Arkansas, there are 1 rental units.
What is the vacancy rate for rentals in Shannon Hills?
The rental vacancy rate in Shannon Hills is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Shannon Hills for each bedroom size?
Occupied Rental Units by Size in Shannon Hills
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 0 | 51 | 22 | 79 |
Occupied Rental Units by Size in Shannon Hills
A large number of apartments in Shannon Hills have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Shannon Hills are overburdened by housing costs?
Among renter households in this market, 42 percent have housing cost burden. Further, 9 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Shannon Hills
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $944 to $1,717. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $944 |
| One BR | $950 |
| Two BR | $1,089 |
| Three BR | $1,454 |
| Four BR | $1,717 |
2024 Fair Market Rents in Shannon Hills, Arkansas
How many units are rented at Fair Market Rent (FMR) in Shannon Hills?
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 |
| Two BR | 24 | 47 percent |
Rental Units Below FMR in Shannon Hills, Arkansas
How many affordable rental units are in Shannon Hills?
Income Based Apartments in Shannon Hills, Arkansas
Shannon Hills features 0 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 Shannon Hills, Arkansas
There are 197 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Shannon Hills.
Housing Choice Vouchers in Shannon Hills, Arkansas
On average, Section 8 Housing Choice vouchers pay Shannon Hills landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Shannon Hills.
The maximum amount a voucher would pay on behalf of a low-income tenant in Shannon Hills, Arkansas for a two-bedroom apartment is between $980 and $1,198.
Sourced from federal housing data and AffordableHousingOnline.com research.
