Rental market in Savannah, GA

5 Replies | Savannah, Georgia

Hi there,

I'm looking for some feedback on the rental market in Savannah, GA. I'm interested to find out whether there's much demand, and if so, what areas and property types are in bigger demand? According to rentometer, 1 br rents for about $900 and 2 br for about $1100, is that about accurate? A quick search on Zillow shows that these numbers are a bit conservative, but I don't entirely trust the listings on Zillow.

From the employment perspective, looks like the port employs a bunch of people, and so does the Army airfield, which would both provide stability, and some demand for rental housing. Additionally, there looks to be a number of post secondary institutions, which would indicate demand from the student body.

I'm wondering if anyone has any experience with this rental market and can provide some comments, or just some general feedback on the above.

Thank you,

Vlad

Hi Vlad.

We've had great luck in the Savannah market. Tenant preferences are based on location of property. SCAD (local private art school) students are our primary tenants, but our houses are located close to downtown. The market has gotten busier since we started buying (3 years ago), but there is still plenty of opportunity.

Rent for one bedroom varies on location, but $900 isn't hard to get for a one bedroom. We have 2 bedroom units bringing in $1,150-$1,400 based on location.

Savannah is changing, but there are some fundamental issues that are just now getting addressed- there is an element of crime, but the economy depends on tourism and you cannot have both! Gulfstream is a large employer as are the ports.

Good luck and do not hesitate to reach out if you have more questions.

Eric.

@Eric Backer is spot on with his analysis of the downtown area. I have rentals mostly on the east side and south side (close to GSU-Armstrong campus) of the city. Portions of the east side are going through revitalization efforts and those are the areas I am in. If you are not careful, there are still some areas that suffer from a lot of crime on that side of town. However, things are changing fast. I grew up in a rough area on the east side and it is barely recognizable to me now in a good way. 

I am consistently renting 3BR for $1075-$1150 and 2BR for $950+. My typical all in for my properties ranges from 65k-95k after purchase+reno. That is my current comfort level for price range. You will not likely be able to do that in the downtown area though. :)

I would add that we also have two large hospitals (I work for one of them) that are major employers and the overall employment picture here is pretty good in my opinion.

@Eric Backer @Rashad Luckett

Thank you for your responses. It looks like the city has a lot to offer, and the potential is decent (Gulfstream alone has 65 open job opportunities right now).

The crime maps I've reviewed are pretty scattered, with safe and unsafe pockets intermixed (that is, there's no clear "safe/unsafe zone"). It seems that more focus should be placed on local familiarity when selecting a potential property to ensure that good tenants will not be deterred from living there.

Originally posted by @Eric Backer :

Hi Vlad.

We've had great luck in the Savannah market. Tenant preferences are based on location of property. SCAD (local private art school) students are our primary tenants, but our houses are located close to downtown. The market has gotten busier since we started buying (3 years ago), but there is still plenty of opportunity.

Rent for one bedroom varies on location, but $900 isn't hard to get for a one bedroom. We have 2 bedroom units bringing in $1,150-$1,400 based on location.

Savannah is changing, but there are some fundamental issues that are just now getting addressed- there is an element of crime, but the economy depends on tourism and you cannot have both! Gulfstream is a large employer as are the ports.

Good luck and do not hesitate to reach out if you have more questions.

Eric.

 Hello! Just passed by this thread because I am researching the Savannah market, you said your primary tenants are students? I am looking to rent out rooms in the house that I purchase and I was assuming most likely students would rent the rooms. Would you say students in that area are likely to rent rooms in a house rather than an apartment? If so roughly what areas are preferable to the local colleges?  I really appreciate any input! 

I have heard about students renting rooms, but have never delved into that option. Have you posted "rooms for rent" on any of the announcement sites?

The down town area is where most student like to be. Although Georgia Southern is our by the Oglethorpe Mall and there are many rental options out there...

Good luck-

Eric