Location: Albany, GA | Metro: Albany, 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 | $910 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,050 | $45,657 | 2.3% | A+ |
| 3BR | $1,410 | $81,671 | 1.73% | A+ |
| 4BR | $1,740 | $198,907 | 0.87% | C |
| 5BR | $2,018 | $188,110 | 1.07% | B |
U.S. Census Bureau data (2024)
The Section 8 cap-rate picture for ZIP 31701 in Albany, GA, can be analyzed using the Fair Market Rent (FMR) and the market rent figures. The annualized 2BR FMR for FY 2024 is $930, while the ZORI (Zillow Observed Rent Index) for market rent stands at $869.
To derive the implied gross yield, we must first calculate the annual rental income for both scenarios. For the FMR scenario, the annual rental income would be $930 multiplied by 12, resulting in $11,160. For the market rent scenario, the annual rental income would be $869 multiplied by 12, equating to $10,428.
Given the median home value of $77,657, the implied gross yield for the FMR scenario is calculated as follows:
$11,160 / $77,657 = 0.1436 or 14.36%
In contrast, the implied gross yield for the market rent scenario is:
$10,428 / $77,657 = 0.1343 or 13.43%
The gross yield comparison shows that the FMR scenario offers a higher return on investment compared to the market rent scenario. However, considering the 66.9% renter density in ZIP 31701, it's important to note that the market rent scenario might be more realistic for landlords and small-portfolio investors. The high renter density suggests a strong demand for rental properties, making it likely that properties could be rented out closer to the market rate rather than the subsidized FMR rate.
The N/A-day DOM (Days on Market) indicates that there isn't sufficient data to determine how quickly properties are rented out. This could mean that the market is stable, and properties are rented out promptly without extended vacancy periods. In such a case, the market rent scenario, while offering a slightly lower gross yield, may present a more reliable and consistent income stream for investors.
Therefore, while the FMR scenario provides a higher gross yield at 14.36%, the market rent scenario, with a gross yield of 13.43%, is likely to be more reflective of actual rental income in ZIP 31701 due to the prevailing market conditions and high renter density.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.