Savannah Georgia Residential Rent and Rental Statistics
The median monthly gross residential rent in Savannah, GA (the Savannah metro area) was $1,097 in 2019 according to the Census ACS survey.1 Average gross rent in Savannah was $1,074 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Savannah median and average rent data will be released in September of 2021.
Data is also available below for Savannah rental vacancy rates, Savannah rent as a percent of median income and the fraction of renters in Savannah.
Real Gross Rent in Savannah Georgia (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Georgia Median Gross Rent | $1,049 | +2.24% | +7.37% |
| Savannah, GA Median Gross Rent | $1,097 | +2.14% | +3.98% |
Savannah, GA Real Gross Rent Trends
At $1,097, real median gross rent in Savannah was at its highest level in 2019 since the series began in 2005. At $1,074, real average gross rent in Savannah was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Savannah: Savannah GA Median, Savannah GA Average, Georgia Median, US Median
Real Gross Rent History for Savannah
| Date | US Median |
Georgia Median |
Savannah, GA Median |
Savannah, GA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,049 | $1,097 | $1,074 |
| 2018 | $1,077 | $1,026 | $1,074 | $1,023 |
| 2017 | $1,043 | $988 | $1,063 | $1,014 |
| 2016 | $1,027 | $977 | $1,055 | $1,049 |
| 2015 | $1,017 | $964 | $1,049 | $1,023 |
| 2014 | $986 | $931 | $991 | $985 |
| 2013 | $953 | $895 | $951 | $968 |
| 2012 | $940 | $890 | $947 | $968 |
| 2011 | $941 | $900 | $981 | $977 |
| 2010 | $955 | $915 | $976 | $942 |
| 2009 | $960 | $912 | $990 | $965 |
| 2007 | $927 | $902 | $943 | $946 |
| 2005 | $910 | $886 | $974 | $919 |
Savannah Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Savannah Georgia was 9.55% according to Census ACS data.
Rental Vacancy Rate in Savannah Georgia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Georgia | 7.28% | +0.05% | +1.13% |
| Savannah, GA | 9.55% | -1.19% | +3.62% |
Trends in Savannah, GA Rental Vacancy Rate
The rental vacancy rate in Savannah peaked in 2009 at 13.15%. Since then it has fallen by 3.60% to 9.55%. Data records for this series originated in 2005. From a 2016 post peak low of 5.93%, the rental vacancy rate has increased by 3.62%.
Rental Vacancy Rate: Savannah GA, Georgia, US
Historical Rental Vacancy Rate data for Savannah
| Date | US | Georgia | Savannah, GA |
|---|---|---|---|
| 2019 | 5.97% | 7.28% | 9.55% |
| 2018 | 6.15% | 7.23% | 10.74% |
| 2017 | 6.18% | 6.73% | 7.21% |
| 2016 | 5.89% | 6.15% | 5.93% |
| 2015 | 5.85% | 6.47% | 6.27% |
| 2014 | 6.32% | 8.17% | 8.39% |
| 2013 | 6.49% | 9.26% | 9.97% |
| 2012 | 6.77% | 9.53% | 7.32% |
| 2011 | 7.40% | 10.72% | 8.95% |
| 2010 | 8.17% | 11.72% | 10.45% |
| 2009 | 8.43% | 12.32% | 13.15% |
| 2007 | 7.87% | 10.54% | 9.83% |
| 2005 | 7.74% | 11.53% | 9.13% |
Rent as a Fraction of Income
Using median household income data for Savannah, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Savannah, median monthly gross rent as a fraction of median household income was 21.81% in 2019 according to the ACS.
Savannah Georgia Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Georgia | 20.31% | -0.28% | -0.59% |
| Savannah, GA | 21.81% | +0.04% | +0.41% |
Trends in Savannah, GA Rent as a Fraction of Income
The fraction of median Savannah household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 23.29%. Since then it has fallen by 1.48% to 21.81%.
Fraction of Income towards Rent: Savannah GA, Georgia, US
Historical Data for Annual Rent as a Fraction of Income in Savannah Georgia
| Date | US | Georgia | Savannah, GA |
|---|---|---|---|
| 2019 | 20.03% | 20.31% | 21.81% |
| 2018 | 20.50% | 20.59% | 21.76% |
| 2017 | 20.13% | 20.46% | 21.85% |
| 2016 | 20.43% | 20.90% | 21.40% |
| 2015 | 20.63% | 21.29% | 23.09% |
| 2014 | 20.89% | 21.46% | 21.75% |
| 2013 | 20.78% | 21.33% | 22.13% |
| 2012 | 20.65% | 21.28% | 22.69% |
| 2011 | 20.70% | 21.73% | 23.29% |
| 2010 | 20.50% | 21.17% | 22.41% |
| 2009 | 20.12% | 20.17% | 23.16% |
| 2007 | 18.66% | 18.76% | 20.12% |
| 2005 | 18.89% | 18.66% | 20.22% |
Renter Fraction in Savannah Georgia
You can calculate the renter fraction in Savannah in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Savannah as a fraction of total Savannah households. In 2019 39.52% of households were renters according to Census ACS data.
Savannah Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Georgia | 35.87% | -0.33% | -2.59% |
| Savannah, GA | 39.52% | -0.01% | -2.05% |
Trends in the Savannah, GA Renter Fraction
The Savannah household renter fraction peaked in in 2015 at 44.87% and is now 5.35% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Savannah GA, Georgia, US
History of Savannah Renter Fraction
| Date | US | Georgia | Savannah, GA |
|---|---|---|---|
| 2019 | 35.89% | 35.87% | 39.52% |
| 2018 | 36.05% | 36.20% | 39.53% |
| 2017 | 36.13% | 37.12% | 40.19% |
| 2016 | 36.88% | 38.46% | 41.57% |
| 2015 | 36.97% | 38.16% | 44.87% |
| 2014 | 36.90% | 37.77% | 41.11% |
| 2013 | 36.50% | 37.34% | 41.50% |
| 2012 | 36.09% | 36.35% | 39.97% |
| 2011 | 35.42% | 35.42% | 39.32% |
| 2010 | 34.65% | 33.83% | 38.90% |
| 2009 | 34.13% | 32.96% | 36.96% |
| 2007 | 32.80% | 31.46% | 36.32% |
| 2005 | 33.10% | 33.19% | 33.95% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
