Location: Savannah, GA | Metro: Savannah, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,440 |
| 5 Bedrooms | $2,830 |
| 6 Bedrooms | $3,170 |
| 7 Bedrooms | $3,424 |
| 8 Bedrooms | $3,595 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 31409 in fiscal year 2024 is set at $1420. This figure represents the maximum amount that a landlord can charge as rent for a Section 8 voucher holder in this area. It's important to note that this is the payment standard, meaning it caps the portion of rent covered by the housing assistance program, not the actual rent you will set for your property.
While the local median rent is listed as N/A, the FMR provides a benchmark for what is considered fair in the market. The N/A% of residents who are renters indicates a significant demand for rental properties, which can be a positive sign for landlords looking to enter the Section 8 market.
The acquisition cost, or what it might take to purchase a similar property in this area, is also noted as N/A. However, this does not necessarily reflect the cost of maintaining or renting out a property. Landlords should consider the FMR when setting their own rent rates to ensure they remain competitive while also meeting the requirements for participation in the Section 8 program.
Before deciding to accept Section 8 tenants in ZIP 31409, landlords must verify that their property meets the Housing Quality Standards (HQS). This inspection ensures that the rental unit is safe, decent, and sanitary, which is a prerequisite for participating in the program. Failure to meet these standards can result in disqualification, so it's crucial to confirm compliance with HQS before proceeding.
In summary, the $1420 FMR for ZIP 31409 sets a clear guideline for the maximum rent a landlord can charge through the Section 8 program. With a N/A% of renters in the area, there is a strong potential for demand. However, landlords must ensure their property meets the necessary standards to avoid complications.
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.