Department of Numbers

Savannah Georgia Residential Rent and Rental Statistics

The median monthly gross residential rent in Savannah, GA (the Savannah metro area) was $989 in 2015 according to the Census ACS survey.1 Average gross rent in Savannah was $964 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Savannah median and average rent data will be released in September of 2017.

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.

Show dollars as: Nominal Real

Real Gross Rent in Savannah Georgia (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Georgia Median Gross Rent $909 +3.53% +8.34%
Savannah, GA Median Gross Rent $989 +5.78% +10.75%

Savannah, GA Real Gross Rent Trends

At $989, real median gross rent in Savannah was at its highest level in 2015 since the series began in 2005. Average gross rent for Savannah peaked in real terms in 2008 at $966 and is now $2 (0.21%) lower.

Real Gross Rent in Savannah: Savannah GA Median, Savannah GA Average, Georgia Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Savannah

Date US
Median
Georgia
Median
Savannah, GA
Median
Savannah, GA
Average
2015 $959 $909 $989 $964
2014 $930 $878 $935 $929
2013 $898 $844 $896 $912
2012 $886 $839 $893 $913
2011 $887 $848 $924 $921
2010 $901 $863 $920 $888
2009 $905 $860 $934 $910
2008 $920 $879 $962 $966
2007 $874 $851 $889 $892
2006 $883 $854 $902 $899
2005 $858 $836 $918 $866

Savannah Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Savannah Georgia was 6.27% according to Census ACS data.

Rental Vacancy Rate in Savannah Georgia

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Georgia 6.47% -1.70% -3.06%
Savannah, GA 6.27% -2.12% -1.05%

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 6.88% to 6.27%. Data records for this series originated in 2005.

Rental Vacancy Rate: Savannah GA, Georgia, US

Rental vacancy rate in Georgia

Historical Rental Vacancy Rate data for Savannah

Date US Georgia Savannah, GA
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%
2008 7.86% 10.89% 9.80%
2007 7.87% 10.54% 9.83%
2006 7.70% 10.33% 6.42%
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 23.09% in 2015 according to the ACS.

Savannah Georgia Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Georgia 21.29% -0.17% +0.01%
Savannah, GA 23.09% +1.34% +0.40%

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 0.20% to 23.09%.

Fraction of Income towards Rent: Savannah GA, Georgia, US

Percent of median household income going towards median monthly gross rent in Savannah Georgia

Historical Data for Annual Rent as a Fraction of Income in Savannah Georgia

Date US Georgia Savannah, GA
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%
2008 19.00% 18.57% 21.51%
2007 18.66% 18.76% 20.12%
2006 18.90% 18.91% 21.78%
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 2015 44.87% of households were renters according to Census ACS data.

Savannah Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Georgia 38.16% +0.39% +1.81%
Savannah, GA 44.87% +3.76% +4.90%

Trends in the Savannah, GA Renter Fraction

At 44.87%, the 2015 household based renter fraction in Savannah was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Savannah GA, Georgia, US

Fraction of renters in Savannah

History of Savannah Renter Fraction

Date US Georgia Savannah, GA
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%
2008 33.36% 32.55% 39.84%
2007 32.80% 31.46% 36.32%
2006 32.73% 32.33% 38.75%
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.