Location: Albany, GA | Metro: Albany, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 31791 reveals a market that is balanced between yield and stability, making it neither a high-yield/low-stability flip-style market nor purely a steady-cashflow zone.
Starting with yield, the Fair Market Rent (FMR) for ZIP 31791 in fiscal year 2024 is set at $910, which is higher than the market rent of $870. This indicates a potential for above-average rental income, assuming the property can be rented at the FMR rate. However, when considering the median home value of $172,306, the rental income potential appears moderate. The difference between the FMR and market rent is only $40, suggesting that landlords may face challenges in renting properties at the higher FMR rate due to market realities.
Moving on to stability, the ZIP code has a significant portion of its population as renters, with 32.2% of residents being tenants. While this percentage is relatively high, it does not necessarily translate into instability. The lack of data on days on market (DOM) makes it difficult to assess how quickly properties are typically leased in this area, but the average household income of $61,530 provides some assurance regarding the ability of tenants to pay rent consistently.
In summary, ZIP 31791 offers a modest yield advantage with the potential to earn slightly above market rents if the FMR is achievable. The substantial number of renters and decent household income support a level of stability, though the absence of DOM data leaves some uncertainty. This suggests a market that leans towards providing steady cash flow rather than high-risk, high-reward opportunities.
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.