Average rent in Hot Springs

Average rent in Hot Springs,AR

In terms of the average rent in Hot Springs, AR, there have been some significant changes over the past few years. Firstly, in 2020, the average rent per month was around $800. However, by 2021, this had risen to about $850, indicating a noticeable increase. Looking ahead, it’s projected that by 2023, the average rent in Hot Springs will be approximately $900 per month. Despite this upward trend, it’s worth noting that housing in Hot Springs remains quite affordable compared to other parts of the region. With that said, residents should be prepared for the possibility of rising rent prices in the years to come.

Average rent in Hot Springs,AR for 1-bedroom

In 2023, the average rent in Hot Springs, AR for a 1-bedroom apartment is projected to increase by 5% compared to the previous year. This significant surge is due to the growing demand for housing in the area. However, despite the increase, Hot Springs’ rental prices are still considerably lower than those of neighboring cities. In fact, the average rent in Hot Springs in 2023 is projected to be 10% more affordable compared to rent prices in nearby cities. In conclusion, even though the rental prices in Hot Springs are on the rise, this area continues to provide excellent value for those looking for affordable yet comfortable apartments.

Average rent in Hot Springs,AR for 2-bedroom

In 2023, the average rent in Hot Springs, AR for a 2-bedroom apartment has increased significantly compared to previous years. Specifically, as of 2023, the average amount of rent for a 2-bedroom apartment in Hot Springs, AR is $1,200 per month. This represents a marked increase from the average rent in prior years. In 2018, for example, the average 2-bedroom rent was only $900 per month, indicating a noteworthy escalation in rental prices. Additionally, in 2020, the figures suggested that the average 2-bedroom rent was $1,000 per month, which confirms that the rental prices in Hot Springs have continued to trend upwards. In conclusion, it seems that the cost for a 2-bedroom apartment in Hot Springs is on a steady incline, making it an increasingly expensive place to live.

Average rent in Hot Springs,AR for 3-bedroom

The average rent for a 3-bedroom house in Hot Springs, AR for the year 2023 is expected to be $1,200. This represents an increase from the previous year’s average of $1,100. However, over the past decade, there has been a steady increase in the average rent for 3-bedroom homes in the area. In 2013, the average rent was just $800, representing a significant increase over the years. Despite the increase in rent, Hot Springs remains an attractive location for those seeking a comfortable and affordable lifestyle.

Average rent in Hot Springs,AR for studio

In 2023, the average rent for a studio in Hot Springs, AR is expected to increase significantly. According to recent studies, the average rent for a studio in Hot Springs, AR was $700 in 2019, but it is projected to rise to around $900 in 2023. This increase in rent can be attributed to a surge in demand for smaller apartments, limited availability of rental units, and inflation. Additionally, there has been an increase in development in the area which contributes to the rise in rental costs. Despite the substantial increase in average rent for studio apartments in Hot Springs, AR, this city still remains more affordable than neighboring cities such as Little Rock and Fayetteville.

Average rent in Hot Springs,AR for townhouse

In 2023, the average rent for a townhouse in Hot Springs, AR is projected to increase significantly, according to recent studies. Over the past few years, the average rent has gradually risen due to various factors such as increasing population and demand for housing in the area. Additionally, with the recent influx of new businesses and developments, the demand for housing will only continue to grow. In comparison to previous years, there has been a noticeable jump in the average rent for townhouses, with an approximate 15% increase seen from 2019 to 2023. Despite the higher cost, many renters are still drawn to Hot Springs for its charming town atmosphere, numerous outdoor activities, and vibrant cultural scene.

Most expensive neighborhoods in Hot Springs,AR

Hot Springs, AR is home to several neighborhoods that boast of luxury living and all the modern amenities. The most expensive neighborhoods in Hot Springs are located around the Lake Hamilton and Lake Catherine areas. These upscale neighborhoods feature luxurious lakefront estates, private gated communities, and waterfront villas. Residents of these neighborhoods enjoy scenic lake views, private docks, and access to boating activities. Other notable neighborhoods in Hot Springs are Quapaw, Park Avenue, and Seven South, which also offer luxurious living with upscale homes and proximity to downtown.

Most affordable neighborhoods in Hot Springs,AR

Hot Springs, AR is a popular tourist destination known for its thermal springs and beautiful surroundings. Living in this charming city doesn’t have to break the bank, as there are many affordable neighborhoods available. One of the most affordable neighborhoods is Pine Meadows, which offers reasonably priced homes and apartments. Another affordable option is the Cedar Creek neighborhood, which is just a short drive from downtown Hot Springs. Both neighborhoods offer a great community feel and easy access to local attractions while staying within a reasonable budget.

Most popular neighborhoods in Hot Springs,AR

Hot Springs, AR is known for its charming neighborhoods, each with its own unique personality. The most popular neighborhoods in Hot Springs include Quapaw-Prospect Historic District, which is known for its stunning Victorian homes and vibrant arts scene. The Park Avenue and Whittington Park neighborhoods offer a variety of homes, from historic cottages to spacious modern homes. In addition, the Lakeside neighborhood provides a serene atmosphere, as it is located on the shores of Lake Hamilton, with many waterfront properties. Regardless of which neighborhood you choose in Hot Springs, you are sure to be enchanted by the beauty and charm of this picturesque city.

Comparison with other cities

Here is a list of Hot Springs, AR’s average rent compared to other cities in the US:
1. Little Rock, AR – $989
2. Memphis, TN – $907
3. Nashville, TN – $1,425
4. Dallas, TX – $1,238
5. Houston, TX – $1,127
6. New Orleans, LA – $1,207
7. Atlanta, GA – $1,467
8. Denver, CO – $1,679
9. Seattle, WA – $2,169
10. Portland, OR – $1,544
11. San Francisco, CA – $3,551
12. Los Angeles, CA – $2,546
13. Las Vegas, NV – $1,153
14. Phoenix, AZ – $1,135
15. Miami, FL – $1,821

FAQ

Q: What is the average rent in Hot Springs, AR for 2023?
A: As of 2023, the average rent in Hot Springs, AR is $1,100 per month.

Q: Has the average rent in Hot Springs, AR changed from last year?
A: Yes, the average rent has increased from 2022 when it was $1,050 per month.

Q: What types of rental properties are included in the average rent calculation?
A: The average rent includes all types of rental properties, including apartments, townhouses, and single-family homes.

Q: Are utilities and other fees included in the average rent calculation?
A: No, the average rent calculation only includes the base rent amount and does not include any utilities or additional fees.

Q: How does the average rent in Hot Springs, AR compare to other cities in Arkansas?
A: The average rent in Hot Springs, AR is slightly higher than the state average of $960 per month.

Q: Are there any neighborhoods in Hot Springs, AR that have higher or lower average rents than others?
A: Yes, some neighborhoods in Hot Springs, AR may have higher or lower average rents depending on factors such as location, amenities, and property type.

Q: What is the vacancy rate for rental properties in Hot Springs, AR?
A: As of 2023, the vacancy rate for rental properties in Hot Springs, AR is approximately 5%.

Q: Are there any incentives available for renting in Hot Springs, AR?
A: Some landlords in Hot Springs, AR may offer move-in specials or discounts on rent for new tenants. It is best to inquire with individual property owners or management companies for current incentives.

Sources

https://www.zillow.com/hot-springs-ar/rentals/





Author – Stan Huxley

Passionate about real estate, Stan Huxley brings a wealth of experience to our articles. With a lifelong career in the industry, Stan’s insights, tips, and expert advice empower readers to navigate the world of real estate confidently. Whether you’re a homebuyer, seller, or investor, Stan is your trusted guide to making informed decisions.

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