ZIP 31419 is both a Zillow ZIP market identifier and a Census ZCTA match. A ZCTA is a statistical area, not identical to a USPS delivery ZIP. At the June 2026 endpoint, direct ZIP ZORI is $1,590 per month: a typical observed asking-rent index blended across rental types, rather than a quote for an available home. For wider context only, the Savannah city context rent is $1,807, the Chatham County context rent is $1,781, and the Savannah, GA metro context rent is $1,820. Each broader measure is above the ZIP index, which documents a cross-scope difference but does not supply a reason for it or establish the rent of any specific property.
Cooling is visible in the historical path rather than in a single current observation. The exact same-month ZORI change was −0.76% over one year, while its annualized same-month changes were +1.17% across three years and +5.92% across five years. Recent direction therefore breaks from the longer positive path. Annualized monthly-return variability was 2.74%, maximum drawdown was −1.96%, and coverage was 100%. Transparent national discovery ranks among history-eligible ZIPs were 2,403 for momentum, 1,124 for stability, and 2,154 for the balanced measure, where lower ranks are higher. These are backward-looking measurements, not forecasts or investment recommendations. The recorded variability and recent reversal support treating the current index as a dated benchmark, not as evidence that its direction will persist.
Source definitions explain why rent measures do not line up exactly. The matched Census ZCTA ACS 2024 five-year survey reports median gross rent of $1,403, with a $36 margin of error, for occupied renter homes and includes selected utilities. Zillow ZORI is 13.3% above that survey median, but the figures describe different universes: an asking-rent index versus occupied renter households. The FY2026 local HUD FMR/SAFMR two-bedroom standard is $1,680, making ZIP ZORI 94.6% of that reference. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent. None of these measures is a substitute for another, and wider city, county, and metro figures remain context rather than ZIP-level evidence.
The bedroom ladder is a modelling device built from the local HUD relationship, not a record of observed rents by bedroom count. The bedroom estimates scale ZIP ZORI using the local HUD ladder; they are modelled estimates, never measured bedroom rents. Ordered from studio through four bedrooms, the monthly modelled estimates are $1,377, $1,451, $1,590, $2,115, and $2,411. Their spacing reflects the administrative HUD ladder used in the calculation rather than a ZIP-level sample of advertised studios, apartments, or larger homes. The estimates can organize comparisons across bedroom categories, but they cannot identify the asking price, physical characteristics, lease terms, or availability of a particular unit.
The income view adds a separate affordability screen while remaining distinct from household outcomes. The $63,600 figure is the annual income implied by placing current annual ZORI at a 30% rent share. Matched-ZCTA median household income is $69,635, and the simple asking-rent-to-income calculation is 27.4%. This 30% screen is arithmetic, not advice and not an applicant qualification rule. Separately, 5,089 renter households were reported at or above that burden screen, representing 51.3% of renter households. That burden measure is an ACS survey result about occupied renter homes; it does not prove that any available unit is affordable, unaffordable, priced comparably, or accessible to a particular household.
Housing stock and vacancy provide aggregate conditions, not a live availability count. The matched ZCTA contains 25,098 housing units, with an overall vacancy rate of 9.75% and 800 units classified as vacant for rent. The recorded structure mix includes 15,470 single-family units and 1,398 units in large multifamily structures. Overall vacancy also includes other vacant uses, so it cannot establish that a specific unit is currently marketed, what its terms are, or whether its asking price resembles ZORI. Likewise, the stock mix describes counted units rather than the number, quality, location, or rent of listings available at the ZORI endpoint.
Limits matter most when moving from an area indicator to a property decision. ZORI is a blended asking-rent index, ACS is a survey estimate with sampling uncertainty and a different reference period, and HUD is an administrative standard. The ZCTA match does not change the boundary distinction from a USPS delivery ZIP, and city, county, and metro measures should remain wider context. Concrete property-level checks are the advertised asking amount, bedroom configuration, lease duration, utility treatment, move-in timing, fees or concessions, and whether the home is actively listed. Does the decision at hand require a current property quote, a survey median for occupied homes, or an administrative benchmark?
","findings":[{"body":"At the June 2026 endpoint, ZIP ZORI was $1,590. The same-month record showed a 0.76% decline over one year after annualized gains of 1.17% across three years and 5.92% across five years. That sequence is cooling relative to the longer recorded path, not a forward projection.","title":"Cooling interrupts the longer rent path"},{"body":"ZORI, ACS, and HUD answer different questions. ZORI is a blended asking-rent index; the ACS ZCTA measure is a survey median for occupied renter homes with selected utilities; HUD FMR/SAFMR is a bedroom-specific administrative standard. The $1,403 ACS median and $1,680 HUD two-bedroom standard therefore cannot be treated as competing asking quotes.","title":"The rent benchmarks describe separate universes"},{"body":"The $63,600 income figure is simply annual rent arithmetic at a 30% screen, not tenant advice or a qualification threshold. Matched-ZCTA median household income was $69,635, while 5,089 renter households were reported at or above the burden screen. The burden result describes survey households and cannot establish affordability for a particular available unit.","title":"Income screening and rent burden are distinct measures"},{"body":"Overall vacancy was 9.75%, with 800 units recorded vacant for rent, but these aggregates do not identify a unit that is currently advertised or its terms. Housing stock was weighted toward 15,470 single-family units versus 1,398 large multifamily units. Property-level availability, price, fees, utilities, and lease conditions remain unobserved here.","title":"Vacancy does not equal live rental availability"}],"risks":["The ZORI observation is a blended ZIP-level asking-rent index rather than a rent quote for a specific dwelling, so it may not match an advertised unit’s bedroom count, lease term, included utilities, fees, concessions, or availability date.","The Census ZCTA is a statistical geography that matches the label but is not identical to a USPS delivery ZIP. ACS values are survey estimates for occupied homes and include sampling uncertainty, distinct timing, and selected utility treatment.","An overall vacancy rate and the count of units vacant for rent do not establish that a particular home is available, comparable in condition, listed at the reported index, or suitable under any household’s budget or qualification circumstances.","The one-year decline, longer annualized changes, volatility, drawdown, and discovery ranks are retrospective ZORI measurements. They do not forecast future asking rents, property values, household outcomes, or the terms of a future listing."],"qa":[{"a":"It is Zillow’s typical observed asking-rent index, blended across rental types, at the ZIP market identifier’s June 2026 endpoint. It is not a median of occupied homes, a bedroom-specific observed listing series, or an advertised quote for a particular dwelling. The city, county, and metro values provide wider context only.","q":"What does the $1,590 ZIP rent figure represent?"},{"a":"They cover different evidence universes. ZORI tracks a typical asking-rent index, while ACS reports a five-year survey median for occupied renter homes and includes selected utilities. HUD FMR/SAFMR is an administrative standard set by bedroom size. A numerical gap among these measures is therefore definitional context, not proof that one source is wrong.","q":"Why do ZORI, ACS gross rent, and HUD standards differ?"},{"a":"They are modelled monthly estimates created by scaling ZIP ZORI through the local HUD bedroom ladder. They are not measured bedroom rents, listing averages, or quotes for individual homes. Their purpose is to preserve the local HUD size relationship around the ZIP index, while property-specific rent, condition, lease terms, and availability remain unknown.","q":"How should the bedroom estimates be interpreted?"},{"a":"The one-year decline is a backward-looking same-month ZORI observation, while the longer annualized changes remained positive. That divergence means recent direction breaks from the longer path. Volatility, drawdown, complete coverage, and discovery ranks describe prior observations; none measures future rent, property value, tenant outcome, or future listing availability.","q":"What is the significance of the recent cooling signal?"}],"sources":[{"key":"apartment_list_time_on_market","name":"Apartment List Time on Market — listing liquidity","release":"Apartment List 2026-07","pulledAt":"2026-08-08","url":"https://www.apartmentlist.com/research/category/data-rent-estimates"},{"key":"apartment_list_vacancy","name":"Apartment List Vacancy Index — rental vacancy","release":"Apartment List 2026-07","pulledAt":"2026-08-08","url":"https://www.apartmentlist.com/research/apartment-list-vacancy-index-methodology"},{"key":"census_zcta_facts","name":"Census ACS five-year — ZCTA housing and income","release":"ACS 2024 5-year ZCTA","pulledAt":"2026-08-08","url":"https://api.census.gov/data/2024/acs/acs5.html"},{"key":"hud_zip","name":"HUD USPS crosswalk and Small Area FMRs — ZIP rent 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