Location: Albany, GA | Metro: Albany, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 31704 is set at $980 for fiscal year 2024. This figure serves as a benchmark for the rental market in the area, indicating that landlords can expect to charge around this amount for Section 8 eligible units.
Regarding stability, the data lacks specific percentages for renters, days on market (DOM), and median household income. However, given the presence of several apartment complexes offering units within the FMR range, it suggests a relatively stable rental market. These complexes, such as Blakely Place Apartments and East Lake Apartments, offer a variety of bed and bath configurations at monthly rates ranging from $700 to $975, which align closely with the FMR.
On the yield axis, ZIP 31704 shows potential. With rental properties priced around the FMR, landlords can achieve a decent return on investment, especially if they manage their properties efficiently. The lack of detailed market and home value data makes it challenging to assess the exact yield potential, but the proximity to the FMR indicates a balanced approach to profitability.
In summary, ZIP 31704 leans towards being a steady-cashflow zone. While it does not appear to be a high-yield market due to the absence of specific market and home value data, the availability of rental properties within the FMR range suggests a reliable source of income. The stability of the rental market, evidenced by the presence of multiple apartment complexes, further supports this classification.
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.