Savannah, GA
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Top 5 reasons to invest in Savannah, GA
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Savannah, GA, offers a robust investment destination due to its popularity as an attractive tourist destination and central shipping hub. The Port of Savannah, a robust gateway for international trade, is one of the busiest in the nation. In addition, the city's population has steadily increased since the end of the pandemic, adding more reasons for investors to consider it.
The population of Savannah has been steadily growing, with the current count at 406,575 residents, a 1.25% change from the previous year. This consistent growth signals a promising trend and offers investors a larger potential tenant pool. In addition, the area's population growth has consistently outpaced the average population growth in the United States.
Savannah presents a wealth of opportunities for investors. The median home price of $334,957 marks a 9.3% change from last year. The area's median rent has changed 5.6% since last year, with this year's median rent at $1,803.
In addition, Georgia's landlord-friendly policies, which include no rent control or security deposit limits, allow investors to manage their properties as they see fit. This ensures a secure, flexible experience that instills confidence for real estate investors.
The area’s rent-to-price ratio of 0.5% is also attractive for today’s economy, and high appreciation rates and steady demand for rent make it an enticing addition to any real estate portfolio. Savannah is a great market for both beginning and experienced real estate investors.
Savannah’s economic growth this year further proves the popularity and increase in residents. In the first quarter of 2024, employers added 300 more workers, with growth in the services sector surpassing all other industries. Government and private sector employment has increased the most in the area, resulting in a 2.9% unemployment rate and a median income of $70,705.
Ten percent of the area’s workforce is in manufacturing, with 297 manufacturing companies employing 19,000 people. Some top companies include Mitsubishi Power, Gulfstream Aerospace, and JCB. These large companies and a robust manufacturing environment attract a reliable pool of tenants.
The rental market has an 11% vacancy rate, slightly higher than the national average of 10%. The area has a prominent college, Savannah State University, which contributes to the area's rental housing needs with its 3,100 students.
Savannah is an area to pay attention to as a real estate investor. Its large population, lower-than-national average home prices, and robust manufacturing industry make it an attractive investment area. Its fast-growing economy, high rent growth, and landlord-friendly laws make it a favorable environment for investors of all sizes.
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