Invest In Apartment Buildings In Horn Lake, MS

Where Horn Lake's Apartment Demand Comes From

Rental demand in Horn Lake comes from 4,218 renter households, which is 41.9% of occupied housing (ACS 2020–2024). Renter households rose 2% over five years while population grew -1.6%. More of Horn Lake's residents are renting than before.

The typical Horn Lake household earns $53,311 a year, 9.6% more than in the 2015–2019 survey. The number of employed residents fell 2.3% over the same period, and unemployment stood at 5.8%. Because rent (38.9%) outpaced income (9.6%), affordability is tighter than it was five years ago. That favors buildings priced below brand-new product.

Horn Lake has a sizable renter base without being a renter-majority market. Location inside the city matters a lot, since demand tends to cluster near jobs, transit and schools.

The Supply Picture In Horn Lake

Median gross rent in Horn Lake, MS is $1,435 a month, up 38.9% from $1,033 in the 2015–2019 survey (U.S. Census ACS 2020–2024). Few markets grew rent faster over the period. We still underwrite slower growth from here, because rent spikes tend to cool once new supply catches up.

The rental vacancy rate of 11.1% is on the high side, so we'd budget for longer lease-ups and more marketing. Census vacancy estimates for smaller places carry wide margins of error, so we check them against current local listings. 57.2% of renters spend 30% or more of their income on housing. That limits how hard rents can be pushed, so renewals and retention matter more than big increases.

About 14.4% of homes in Horn Lake are in buildings with 5 or more units, roughly 1,583 homes. That count rose 11.2% over five years, a sign of meaningful new apartment construction that newer buildings will compete with. The median home was built in 1991, so the housing stock is relatively new. Value-add plans here lean more on management and amenities than on heavy renovation. For comparison, HUD's fiscal year 2027 Fair Market Rent for a two-bedroom unit in the Memphis, TN-MS-AR HUD Metro FMR Area is $1,301 a month.

Horn Lake By The Numbers

We track 16 Mississippi cities. Horn Lake places 4th for median gross rent, 8th for renter share and 3rd for five-year rent growth. That puts its rents near the top of the group, so tenants here are already paying more than in most nearby markets. Compared with the 2015–2019 survey, Horn Lake now has about 433 fewer residents, 83 more renter households and 159 more homes in buildings with 5 or more units. New homes in 5+ unit buildings outpaced the growth in renter households, so newer buildings are competing for tenants and older ones may need to offer more to keep them.

How Horn Lake Compares With Nearby Markets

Horn Lake's median gross rent of $1,435 is above the Mississippi median of $954, and its renter share is 41.9% compared with 30% statewide.

Horn Lake Rent Affordability In Dollars

At $1,435 a month, the median Horn Lake rent adds up to $17,220 a year, or roughly 32.3% of what the median household earns. Under the common 30% guideline, a household needs about $57,400 a year to cover that rent comfortably. That's a heavier load than the Mississippi average of 20.3%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

In dollars, Horn Lake rent climbed $402 a month over five years and household income climbed $4,670 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,301, is 9.3% below the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Horn Lake Apartment Market Key Facts

Here's the Horn Lake rental market in short form, with the source on every figure.

• Horn Lake, MS has 26,647 residents, down 1.6% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Horn Lake, MS is $53,311, up 9.6% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Horn Lake, MS is $1,435 a month, up 38.9% over five years (U.S. Census ACS 2020–2024).
• 41.9% of households in Horn Lake, MS rent, about 4,218 renter households (U.S. Census ACS 2020–2024).
• 14.4% of homes in Horn Lake, MS are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Horn Lake, MS is 11.1%, and 57.2% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Horn Lake, MS was built in 1991 (U.S. Census ACS 2020–2024).

What We Look For In A Horn Lake Apartment Building

Skyline buys 5+ unit apartment buildings in Horn Lake that either run well today or can run better with new management or renovation. We start with rents, occupancy and the condition of the building, and we price on what the property earns now.

Property taxes are a big line item for any Mississippi apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. Mississippi has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Mississippi reflect hurricane and flood exposure, so we get a quote before we make an offer.

After a stretch of fast rent growth, we keep rent assumptions modest and leave room for concessions if new supply opens nearby.

Evaluating Apartment Syndications In Horn Lake

The data on this page turns into a short checklist for evaluating an apartment syndication in Horn Lake.

• What vacancy does the plan assume? Rental vacancy in Horn Lake is 11.1%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 38.9% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• How big is the repair reserve? The median home in Horn Lake was built in 1991, and even newer buildings need money set aside for roofs, HVAC and appliances.
• How will the building compete with new supply? Homes in 5+ unit buildings in Horn Lake rose 11.2% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Horn Lake Apartment Syndication Works

In an apartment syndication, Skyline acts as the general partner. We find the Horn Lake property, negotiate the purchase, arrange the loan and oversee management and any renovation. Limited partners put in capital and own a share of the entity that owns the building. They don't sign on the loan or deal with tenants and repairs.

Syndications are long-term and illiquid, and capital usually stays committed for several years. Results are never certain. Most offerings are limited to accredited investors, and the rules depend on whether a deal uses Rule 506(b) or Rule 506(c). See investing with Skyline Capital for how we work with limited partners.

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