How Savannah Homeowners Can Benefit From Current Real Estate Trends
How Savannah Homeowners Can Benefit From Current Real Estate Trends
Savannah's economy is flourishing with bustling port activity, flourishing tourism industry and diverse economic foundations all helping to support its housing real estate market.
Investment opportunities exist for real estate investors who invest in Savannah rental properties, thanks to its high occupancy rate and consequent demand.
1. Strong Demand for Suburban Areas
Savannah offers numerous residential areas that appeal to those seeking a tranquil, low-maintenance lifestyle with access to local schools and amenities at an attractive cost of living. These neighborhoods also provide homeowners with peace of mind knowing that the schools will stay closed year round!
Affordability is of critical importance for prospective homebuyers and real estate investors. Since 2012, Savannah residential market prices have experienced steady increases; this trend has substantially reduced long-term risks while yielding substantial capital gains.
Ardsley Park in Central Savannah is a family-friendly neighborhood featuring historic houses and pedestrian-friendly streets that make it easier for children to walk to school while parents stroll past shops they like. Another alternative is Guyton, an affordable suburban neighborhood north of Savannah offering affordable houses on large lots.
2. Increased Demand for Airbnb Rentals
Savannah has become an attractive vacation spot, drawing thousands of tourists each year who come to experience its historic charm and breathtaking waterfront scenery. This has spurred demand for Airbnb rentals in Savannah.
Savannah boasts a diverse and robust economy, providing employment in industries including tourism, military, port operations and health care. Savannah also benefits from having an affordable cost of living that draws people here for work; these individuals can afford to live here without significant budget restraints.
Mashvisor's Investment Property Calculator estimates that an Airbnb rental in Savannah could yield a monthly cash-on-cash return of up to $3,400 – making it a highly viable asset choice for real estate investors looking to diversify their real estate portfolio with high performing assets.
3. Increased Demand for Historic Homes
Savannah's long and rich history have made it an attractive tourist and real estate investment destination, drawing both tourists and investors looking for unique properties alike. Savannah's historic district's tree-lined streets and antebellum architecture draw buyers searching for unique properties.
Organizations like the Historic Savannah Foundation have been making strides toward helping protect homes in Savannah's historic district by investing both their own money and finding private investors willing to do so. By doing this, they are restoring historic houses that might otherwise be demolished into vacation rentals or residential units for use.
Not only can being designated historic give property owners pride, it can also bring financial advantages like freezing property tax rates for eight years and taking advantage of federal historical preservation tax credits to cover renovation costs – making historic homes an excellent investment choice for Savannah-bound homebuyers looking for an authentic experience.
4. Strong Demand for Condos and Apartments
Savannah is known for its robust economy and thriving rental property market, creating strong demand for condo and apartment rentals that could serve as investment properties to generate passive income streams.
Since 1990, Savannah's housing costs have outstripped wages. A single person must work two and one half full-time jobs just to afford one bedroom apartments in Savannah.
As a result, locals have increasingly turned to Airbnb rentals as an affordable alternative. This trend has resulted in increased occupancy rates for short-term vacation rentals, spurring more investors to focus on this type of investment strategy. Meanwhile, building permits for small apartments and boutique buildings with two to four units have spiked across Savannah according to Point2. This suggests that supply has caught up with demand.
5. Strong Demand for Townhomes
Savannah's diverse economy and vibrant tourism industry has contributed to an active rental market, offering real estate investors an excellent opportunity for passive income generation. Offering everything from historic neighborhoods to contemporary residences on Skidaway Island, Savannah provides housing solutions suitable for every interest and budget.
Quality, affordable housing is essential to economic prosperity in Savannah and a critical need that the Task Force recognizes. To address this need, they have proposed increasing and sustaining Housing Savannah activities for 15,000 households earning up to 80% of Savannah's median income by 2032 through private and public funding leveraging from Savannah businesses; more details of their plan of action are outlined in an attached document.
Savannah ga real estate agents
How Savannah Homeowners Can Benefit From Current Real Estate Trends Savannah's economy is flourishing with bustling port activity, flourishing tourism industry and diverse economic foundations all helping to support its housing real estate market. Investment opportunities exist for real estate investors who invest in Savannah rental properties, thanks to its high occupancy rate and consequent…