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Savannah Apartment Market Holding Strong

Savannah Apartment Market Holding Strong

After a surge in apartment market fundamentals in 2021, Savannah continues to perform solidly. During the early waves of the COVID-19 pandemic, when renters fled big cities in favor of small towns with lifestyle appeal, the historic charm and coastal landscapes of Savannah, Georgia earned this market a big boost in occupied units. Apartment occupancy hit a record high of 97.7% in February 2022, after averaging rates closer to 94.6% throughout much of the past decade. Occupancy in Savannah now mirrors or exceeds the (also historically high) national average (97.6%) and the South region norm (97.3%). Annual effective asking rent growth is also solid in Savannah, hitting 21.2% in February. Rent growth here peaked above 22% in calendar 2021, and has since eased a bit, but remains at some of the highest levels this market has ever seen. However, average monthly rental rates in Savannah remain a bit behind the South region average at about $1,490.