MARKET SNAPSHOT

Savannah q1 2026

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AVERAGE RENT

$1,637 Q1 2026

OCCUPANCY RATE

90.3% Q1 2026

NET ABSORPTION

1,573 T4Q

ANNUAL RENT CHANGE

-4.2% Q1 2026

ANNUAL OCCUPANCY CHANGE

-230 BPS

UNIT COMPLETIONS

4,340 T4Q

KEY TAKEAWAYS

Trailing 12-month deliveries of 4,340 units have outpaced absorption of 1,573 units by a wide margin, sustaining lease-up competition and occupancy pressure — though quarterly absorption has remained positive, signaling that underlying demand remains intact.

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The construction pipeline has contracted 40% over four quarters to 2,020 units (5.0% of inventory), and trailing 12-month starts have declined to 2,085 units, signaling Savannah is past peak supply pressure and moving toward a more balanced forward delivery profile.

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Effective rents declined 4.2% year-over-year to $1,637, with stabilized occupancy at 90.3% — down 230 basis points annually — though the quarterly pace of deterioration has moderated sharply, suggesting the market may be approaching a near-term inflection point.

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MARKET OUTLOOK

Savannah is navigating the back half of an elevated supply cycle, with the most acute delivery pressure now likely behind it. The pipeline has contracted 40% over four quarters to...

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