Location: Screven County, GA | Metro: Savannah, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
U.S. Census Bureau data (2024)
In ZIP code 30446, there are several potential issues that could arise when investing in properties for Section 8 tenants. First, consider the tenant turnover rate. The market rent for the area is $1,026, whereas the Fair Market Rent (FMR) for FY 2024 stands at $1,140. This discrepancy can lead to higher turnover rates as tenants might struggle to meet the FMR, which landlords must adhere to when accepting Section 8 vouchers. High turnover rates can be costly, requiring frequent repairs and advertising efforts to fill vacancies.
Vacancy exposure is another concern. With no data available on the number of days a property remains on the market before being rented (DOM), it's difficult to predict how long a property might sit vacant. In areas where the supply of rental properties exceeds demand, landlords could face extended periods without rental income, leading to financial strain.
The deferred-maintenance exposure is significant given the typical home value of $194,201 and the median income of $75,521. Landlords in ZIP 30446 should be prepared to handle maintenance costs that may not be fully covered by the voucher payments. Since the median income is relatively low compared to the cost of housing, tenants may have limited resources to address any non-emergency repairs, leaving the landlord responsible for these expenses.
However, these risks must be weighed against the high renter share in the area, which stands at 28.1%. A high percentage of renters typically translates into greater demand for rental properties, including those that accept Section 8 vouchers. This demand can help stabilize occupancy rates and provide a steady stream of rental income despite the challenges posed by the other factors.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.