How many renters live in Hot Springs, Virginia?
The City of Hot Springs has 455 people living in 203 households.
There are 84 renters living in 67 renter households in this City. Renters make up 18.46 percent of the population living in Hot Springs.
What is the rental market like in Hot Springs, Virginia?
There are an estimated 620 housing units in the Hot Springs area. Of these, 67 units are rental homes, making up 11 percent of the housing market. For every renter household in Hot Springs, Virginia, there are 1 rental units.
What is the vacancy rate for rentals in Hot Springs?
The rental vacancy rate in Hot Springs 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 Hot Springs for each bedroom size?
Occupied Rental Units by Size in Hot Springs
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 0 | 60 | 7 | 0 |
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 many renter households in Hot Springs are overburdened by housing costs?
Among renter households in this market, 31 percent have housing cost burden. Further, 31 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 Hot Springs
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $731 to $1,399. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $731 |
| One BR | $735 |
| Two BR | $912 |
| Three BR | $1,195 |
| Four BR | $1,399 |
2024 Fair Market Rents in Hot Springs, Virginia
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 |
| Two BR | 37 | 62 percent |
Rental Units Below FMR in Hot Springs, Virginia
How many affordable rental units are in Hot Springs?
Income Based Apartments in Hot Springs, Virginia
Hot Springs 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 Hot Springs, Virginia
There are 28 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, Virginia
On average, Section 8 Housing Choice vouchers pay Hot Springs landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Hot Springs.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hot Springs, Virginia for a two-bedroom apartment is between $821 and $1,003.
Sourced from federal housing data and AffordableHousingOnline.com research.
