Year-Over-Year Rent Price Analysis
The subject of today’s snapshot is for Savannah, Georgia. Based on our analysis, Savannah’s year-over-year average rents increased across all bedroom types.
Our standard neighborhood analysis uses a 6-month “LookBack” to establish an average baseline rent. The results from the 6-month LookBack analysis are presented in the tables below for Savannah 1–2 bedroom rents from March 1, 2021 – March 1, 2022:
As the table shows, 1BR increased by 18% from last year or $217 more, and the 2BR units increased by 13% from last year or $169 more. As demonstrated by the table, year-over-year performance for all selected bedroom types increased in rent prices from last year.
Market Activity: Savannah, Georgia
Are you interested in investing in Savannah, Georgia? Location is an important factor to consider when finding a profitable market for a rental property. The key characteristics of a good location include a strong economy, a growing labor force, and high rental demand. Below are some quick facts about the Savannah rental market that can help you with your investment analysis and overall decision.
- Price-to-Rent Ratio
- Avg 2BR House Price: $217,955 (According to Redfin)
- Avg Annual 2BR Rent: $18,228 ($1,519 x 12 months)
- Price-to-Rent Ratio: 12
- Population Growth:
- Savannah’s population increased by 8% over the last decade from 2010-2020 (According to US Census)
- Major Companies & Institutions:
- Gulfstream Aerospace, TMX Finance Holdings, Citi Trends, Diamond Crystal Brands, Coastal Logistics Group, St. Joseph's/Candler, Morris Multimedia, Page International, Memorial Health Credit Union, The Coastal Bank
- Employment Growth: Employment growth rate in Savannah is 4.5% from December 2020 to October 2021 (According to Rooftstock)
About Rentometer
Rentometer is the #1 tool for comparing residential rent rates anywhere in the U.S. To succeed as a real estate investor, you need solid, current market intelligence to help you set the right rent rates in Savannah. Understanding local rents (and the factors that drive them) can help reduce investment risk, increase occupancy and improve your cash flow – and income. With Rentometer, you have local, current rents available right at your fingertips.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.