Location: Savannah, GA | Metro: Savannah, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,530 |
| 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)
19.9% of residents in ZIP code 31307 are renters, indicating a significant portion of the population relies on rental housing. The Fair Market Rent (FMR) for the area, set at $1290 for zip FY 2024, provides a benchmark for rental properties eligible for Section 8 subsidies. This figure is crucial for landlords aiming to maximize their rental income while remaining competitive. Despite the lack of specific data on market rent and days on market (DOM), the median home value of $289,930 suggests a stable housing market. Landlords can leverage this stability to ensure long-term investments. With a median income of $105,679, tenants in this area have a higher earning potential, which could translate into better credit scores and lower risk of default. However, the absence of data on the percentage of homes needing price cuts implies a robust demand for rental properties, as there is little need for aggressive pricing strategies.
The Section 8 program offers a consistent source of income for landlords, as it guarantees timely rent payments through government subsidies. Given the $1290 FMR, landlords can expect to receive this amount for units that meet the program's requirements, providing a reliable revenue stream. Moreover, the high median income of $105,679 supports the likelihood of tenants being able to cover any gap between the FMR and the landlord's desired rental rate, making the Section 8 program particularly attractive in ZIP 31307.
A final consideration is the potential impact on property maintenance and quality. The Section 8 program often requires landlords to adhere to specific standards, ensuring that rental properties are well-maintained and habitable. This can be seen as an investment in property value, given the median home value of $289,930. While the lack of data on DOM and price-cut share does not provide a complete picture, the overall economic indicators suggest a favorable environment for landlords participating in the Section 8 program.
Verdict: ZIP 31307 presents a strong opportunity for landlords to engage with the Section 8 program, leveraging a median home value of $289,930 and a median income of $105,679 to secure a steady income stream of $1290 per unit, while maintaining property standards that benefit both tenants and investors.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.