Location: Savannah, 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)
The Fair Market Rent (FMR) for ZIP code 31303 in fiscal year 2024 is set at $1140. This figure represents the maximum amount that a landlord can receive through the Section 8 program for renting a unit in this area. It's important to note that this is not necessarily the rent you will charge your tenants; it is the benchmark used by the government to determine the subsidy amount.
To put this into perspective, the average rent in ZIP 31303 based on recent Census data is $948. This suggests that landlords participating in the Section 8 program could potentially receive a higher subsidy compared to the typical market rate. However, the actual rent you set must be reasonable and cannot exceed the FMR unless there are extenuating circumstances.
The demand for rentals in this area is significant, with 27.0% of households being renters. This indicates a steady stream of potential tenants who might be looking for affordable housing options through the Section 8 program. Additionally, the median home value in ZIP 31303 is approximately $327,203, which provides insight into the acquisition costs of properties in this area. If you're considering purchasing a property to enter the Section 8 rental market, this figure helps you understand the investment required.
Before proceeding with your first Section 8 rental, you should verify that the property meets all the necessary requirements for participation in the program. This includes ensuring that the unit passes a Housing Quality Standards (HQS) inspection, which checks for basic safety and livability standards. This verification step is crucial to avoid any delays or issues in securing a tenant under the Section 8 program.
In summary, the FMR of $1140 sets a cap on the subsidy you can receive, while the local average rent of $948 shows a potential for higher returns through the program. With a substantial 27.0% of households renting, there is a clear demand for affordable housing, making ZIP 31303 a viable option for your first Section 8 rental. Ensure your property meets HQS standards to guarantee a smooth process.
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.