Location: Augusta-Richmond County, GA | Metro: Augusta-Richmond County, GA-SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The ZIP code 29816 presents several challenges for landlords considering Section 8 investments. Firstly, the tenant turnover rate is a significant concern. The market rent stands at $762, which is notably lower than the Fair Market Rent (FMR) of $920 for fiscal year 2024. This discrepancy suggests that tenants may be more likely to leave when they can find higher-quality housing outside of the program, leading to increased vacancy periods.
Vacancy exposure is another critical issue. With a Days on Market (DOM) figure not available, it's challenging to predict how long a property might remain vacant between tenants. This uncertainty can lead to financial strain, especially if the landlord relies heavily on rental income to cover mortgage payments and other expenses.
Deferred maintenance is also a risk factor. The typical home value is not provided, but the median income in the area is $47,459. This relatively low income level may mean that tenants have limited funds to cover unexpected repairs or maintenance, placing the burden squarely on the landlord. Without a clear understanding of the home values, it's difficult to gauge the extent of potential maintenance costs.
Despite these risks, the high renter share of 31.0% in ZIP 29816 indicates a robust demand for rental properties, including those that accept Section 8 vouchers. This high concentration of renters typically translates into a strong pool of potential tenants, reducing the likelihood of prolonged vacancies. Additionally, the presence of many voucher holders can stabilize the rental market, providing a steady stream of income for landlords who are willing to participate in the program.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 29816 is moderate. While there are significant challenges related to tenant turnover, vacancy exposure, and deferred maintenance, the high renter share offers a buffer against some of these risks.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.