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 real estate market in ZIP 31318 presents a unique setup for both landlords and small-portfolio investors. With a median home value of $249,748, the area remains accessible to a broad range of buyers. However, the lack of percentage reduction in listings and the unspecified median days on market (DOM) indicate stability but not significant growth momentum.
The Federal Market Rent (FMR) for ZIP 31318 in fiscal year 2024 is set at $1140. This figure, combined with the unreported market rent, suggests that rental income can be competitive relative to the home values. Landlords can leverage this information to maintain or slightly increase rents without risking vacancy rates, given the current economic environment and demand for housing in the area.
For long-term investors, the data implies a cautious approach to expectations of rapid appreciation. The median home value and the rental dynamics suggest a market that is likely to remain stable rather than experiencing sharp increases. This stability means that while capital gains may not be explosive, the consistent rental income can provide a reliable source of cash flow.
The combination of a moderate median home value and the current rental market dynamics supports a conservative investment strategy focused on steady returns. Investors should consider diversifying their portfolios and not rely solely on appreciation for their financial goals. Instead, the focus should be on maintaining properties and managing them efficiently to ensure consistent rental yields.
Moreover, the lack of significant reductions in listing prices and the unspecified DOM figures indicate that the market is neither overheated nor in a downturn. This balanced state allows landlords to hold onto their properties with confidence, knowing that they will continue to attract tenants willing to pay market rates. In essence, the setup in ZIP 31318 favors those who seek steady, predictable returns over short-term speculative gains.
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.