Location: Savannah, GA | Metro: Savannah, GA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,020 | $289,826 | 0.7% | D |
| 4BR | $2,300 | $342,812 | 0.67% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 31329 in fiscal year 2024 is set at $1,270. This figure represents the maximum amount that a landlord can receive through the Section 8 program for a unit in this area. It's important to note that this is not the rent you will charge your tenants; rather, it's the payment standard used by the Housing Choice Voucher Program.
In comparison, the local market rent, as indicated by the Zillow Observed Rent Index (ZORI), is $1,967. This means that the typical rent charged for a property in ZIP 31329 exceeds the Section 8 payment standard by about $697 per month. Landlords who participate in Section 8 must understand that they will be receiving less than the market rate for their units.
The demand for affordable housing in ZIP 31329 is significant, with renters spending approximately 22.5% of their income on rent. This suggests that there is a substantial number of low-income households who would benefit from Section 8 vouchers and are likely to seek out properties participating in the program. The local median home value stands at $306,923, which can help you gauge the potential acquisition cost if you're looking to purchase a property for your first Section 8 rental.
Before making the decision to enter into the Section 8 program, it is crucial to verify that your property meets the required standards. These include passing a housing quality inspection, which ensures that the unit is safe, decent, and sanitary. Failure to meet these standards can result in your property being ineligible for the program, regardless of its location or the potential tenant pool.
Participating in Section 8 can provide a steady stream of government-subsidized rental income, but it also comes with responsibilities such as maintaining the property to certain standards and possibly dealing with more paperwork and regulations compared to traditional rentals. If you decide to proceed, ensure you fully understand the requirements and are prepared to comply with them.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.