If you are a foodie at heart, you already know Savannah is home to many of the country’s best recipes. You also know that it’s where we can find Paula Deen, her restaurant, and the set (her house) of her current show on the Food Network. If you are thinking of moving to Savannah or already live there, you might want to know if the rates of rent have really increased recently.
The rents in Savannah, Georgia have increased over the past couple of years. The annual increase is about 8.4% and the average monthly rent is about $866 – anything under $900 can often be appealing to people in most areas. In fact, if rent comes in under $900, many people might consider relocating right away!
Though the vacancy rate hasn’t increased proportionally with the rate increase, Savannah has a vacancy rate of about 6.3%. That’s down a little from the 6.7% back in 2009. So, why has the rent increased this much in Savannah? Why do people continue to move in and out of the city with these hikes?
First of all, people are still moving to Savannah because the unemployment rate remains relatively low – it’s an average of about 8.8%. There are organizations still hiring, which include Memorial University Medical Center, Momentum Resources, and the Savannah Area Chamber of Commerce.
So, even though the rents have increased in Savannah lately, there is still room to grow!