Location: Columbus, GA | Metro: Stewart County, GA HUD Metro FMR Area
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 | $870 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,370 | $190,224 | 0.72% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 31805 within the Columbus, GA-AL HUD Metro FMR Area reveals several key points that are essential for landlords and small-portfolio investors.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $890. However, the market rent based on Census ACS data stands at $796. This indicates that the rent math does not align favorably, as the FMR exceeds the current market rent by $94. Landlords should consider adjusting their rents closer to the market rate to remain competitive.
Regarding the affordability of acquisitions, the median home value in ZIP 31805 is $147,190. While specific data on days on market (DOM) and the percentage of homes requiring price cuts are not available, the median home value suggests a relatively affordable market for potential acquisitions. This could be beneficial for investors looking to purchase properties without the need for extensive capital outlay.
Tenant demand is another critical factor. With a total population of 1,833, the renter share is 19.3%. This means that approximately 354 individuals are likely to be seeking rental housing. Although the renter share is not exceptionally high, it does indicate a steady demand for rental properties within the ZIP code.
Verdict: In ZIP 31805, the rent math does not currently work in favor of landlords due to the discrepancy between the FMR and market rent. Acquisition costs are reasonable, given the median home value, but the lack of specific DOM and price-cut data limits a full assessment of the market's liquidity. Tenant demand is present but modest, with a smaller renter share suggesting that competition for tenants might be lower. Investors should adjust their rental pricing strategies to match the market and carefully evaluate the potential for acquiring properties within their budget constraints.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.