Section 8 Fair Market Rent (FMR) for ZIP 31408 - 2027

Location: Savannah, GA | Metro: Savannah, GA MSA

Investment Score for ZIP 31408

Monthly Rent (2BR)

$1,520

Median Price (2BR)

$174,888

1% Rule

0.87%

Annual Yield

10.43%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,520	$174,888	0.87%	C
3BR	$2,020	$243,023	0.83%	C
4BR	$2,300	$299,252	0.77%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

11,621

Median Household Income

$45,839

Housing Units

4,499

Renter Percentage

55.3%

Occupancy Rate

90.3%

Renter Occupied

2,247

Garden City, GA, located in the southeastern part of the state, offers a stable rental market with opportunities for both landlords and small-portfolio investors. The area's economic conditions and demographic makeup provide a solid foundation for investment, supported by recent data points that highlight the financial landscape.

The Fair Market Rent (FMR) for ZIP code 31408 is set at $1,160 per month for the fiscal year 2024, indicating the minimum rent landlords should aim for to remain competitive.
The average market rent, according to Census ACS data, is slightly higher at $1,252 per month, suggesting that there is a modest premium above the FMR that can be charged.
The median home value in Garden City is $260,310, which reflects the overall property values and can be used as a benchmark for potential investments.
Renters make up 55.3% of the population, highlighting a strong demand for rental properties and the potential for steady occupancy rates.
The median household income is $45,839, providing insight into the earning capacity of residents and their ability to pay rent.

Analyzing these data points, it is evident that Garden City presents a favorable environment for real estate investments, particularly in rental properties. With a significant portion of the population renting and a slight premium over the FMR in market rents, landlords can expect consistent demand and reasonable returns on their investments. However, the median income suggests that pricing must be carefully considered to align with the affordability of local tenants. Overall, Garden City offers a balanced market with clear opportunities for those looking to enter or expand their rental portfolios.

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.