THE WEATHER MAY BE COOLER, but the rental market is still too hot to handle. Even pre-pandemic, the cost of homes had been rising nationwide; the past two years have put home construction far behind consumer needs. Cities have seen banks and investors snapping up large swaths of what used to be single-family homes, creating a housing crisis and driving costs skyward. This means that landlords may want to get in on the action, too.
In Savannah and surround Pooler, Rincon, Guyton, Ellabell areas, the rental growth is outpacing both the state and the nation. That means vastly increased rental prices with more people vying for the available space. And while month-to-month spikes are slowing, the average cost for a rental apartment is still $750 a month more than the average worker earns. Since the beginning of the pandemic rental rates have increased by 40% in Savannah (Chatham County, Bryan County and Effingham County), and experts warn that there is little-to-no chance of rental prices dropping.
Again, this has been fed by the pandemic. With work-from-home becoming the norm rather than the exception, telecommuting means that areas which might have been overlooked previously are finding an influx of newcomers looking for affordable houses—which, in turn, then drives up the costs of renting or purchasing a home. Georgia is also a state that has a law preventing cities or counties from putting a cap on rental rate increases; this means even a month-to-month lease, as simple and easy as it is, can put renters in a bind when their landlord decides it’s time to put the house on the market. With the cost of first and last month plus a security deposit on an average one bedroom that can run upwards of $5,000, which can be prohibitively expensive for many locals.
As a renter, it’s always important to know your rights and to maintain a good working relationship with your landlord. Now more than ever, take the time to review your rental agreement and make sure everything is in good order. Reach out to a local Property Manager in Pooler, Rincon or Richmond Hill to help assist with locating a rental home. A full-time property manager / Realtor can assist with the rental trends in Effingham, Chatham and Bryan counties.
Michelle and Molly practice Real Estate and Property Management full time and can assist with any questions you may have and with your relocation to the Low Country area.
Pooler | Bloomingdale | Ellabell | Pembroke | Guyton| Rincon | Springfield | Richmond Hill
Chatham County | Bryan County | Effingham County
Coastal Georgia Real Estate and Rental Homes
Proudly Serving : Fort Stewart (Hinesville) and Hunter Army Airfield (HAAF Savannah)
Michelle M Tucker | !Daley Real Estate | GA Real Estate License #297541
Molly Retcher | !Daley Real Estate | GA Real Estate License #421118