MARKET SNAPSHOT

Savannah Q3 2026

AVERAGE RENT

$1,523 Q3 2026

OCCUPANCY RATE

89.6% Q3 2026

NET ABSORPTION

2,588 T4Q

ANNUAL RENT CHANGE

-7.0% Q3 2026

YoY OCCUPANCY CHANGE

-120 BPS

UNIT COMPLETIONS

2,559 T4Q

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KEY TAKEAWAYS
Annual absorption has surged 77% from a year ago, pushing renter demand slightly ahead of new supply for the first time since 2022.
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Occupancy held at 89.6% this quarter, while effective rents fell 7.0% year over year to $1,523 as concessions continue to weigh on pricing.
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Construction starts are down by roughly a third, and the active pipeline has fallen well below its 2023 peak, pointing to lighter deliveries through 2027.
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MARKET OUTLOOK

Savannah is showing early signs of turning the corner. After several years in which new deliveries outpaced renter demand, annual absorption has caught up with new supply, starts have dropped to their lowest level in more than four years, and occupancy held steady this quarter after a prolonged decline....

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David-Huey

David Huey

Senior Director

david.huey@mmgrea.com

New-Hire

Parker Geiger

Senior Director

parker.geiger@mmgrea.com

Trey Butler

Trey Butler

Associate Advisor

trey.butler@mmgrea.com

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