Location: Albany, GA | Metro: Albany, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,070 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
U.S. Census Bureau data (2024)
The ZIP code 31781 represents a modest-sized market with a population of 2,174 individuals. In this area, 21.5% of residents are renters, indicating that while there is a notable presence of rental housing, it is not a renter-heavy ZIP. The median household income stands at $52,991, which provides a baseline for understanding the economic context of potential tenants.
Given the market rent of $1,086, this amount constitutes approximately 20.5% of the median household income. This calculation is derived from dividing the market rent by the median income ($1,086 / $52,991 * 100 = 20.5%). Such a figure suggests that rent is a significant portion of monthly income, but still manageable for many households given the median income level.
Comparing the market rent to the Fair Market Rent (FMR) of $1,050 for FY 2024, we see that the market rent is slightly higher, but only marginally so. This indicates that the rental market in ZIP 31781 is fairly aligned with government standards, which can be beneficial for landlords seeking to attract Section 8 tenants. The FMR serves as a guideline for the maximum rent that voucher holders can pay, and with the market rent being just above this threshold, landlords have a slight advantage in setting competitive rates.
The tenant profile a landlord in ZIP 31781 should expect includes individuals who are likely to be reliant on rental assistance programs due to the relatively high cost of rent compared to the median income. Given the percentage of renters and the income levels, these tenants will probably have limited discretionary income, making them highly sensitive to rent increases. They are also likely to prioritize stable housing and may value properties with amenities such as utilities included in the rent or proximity to public transportation and essential services.
In conclusion, ZIP 31781 offers a moderate opportunity for landlords interested in Section 8 tenants. While not dominated by renters, the area has a sufficient number of potential voucher holders, and the slight premium over the FMR means landlords can set competitive rates without pricing out their target market. However, they must remain mindful of the financial constraints faced by these tenants.
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.