At the June 2026 endpoint, ZIP 31405’s Zillow Observed Rent Index (ZORI) was $1,674 per month. ZORI is a typical observed asking-rent index blended across rental types, rather than a transaction price or a single-property quote. Its exact same-month annualized changes were -3.53% over one year, +0.68% over three years, and +5.67% over five years. The latest decline therefore breaks from, rather than confirms, the positive longer path. Annualized monthly-return variability was 3.85%, maximum drawdown was -3.70%, and coverage was 98.89%. Transparent national discovery ranks among history-eligible ZIPs were 2,684 for momentum, 2,515 for stability, and 2,832 for balanced performance, where lower ranks are higher. These backward-looking measurements are neither forecasts nor investment recommendations; the high-variability designation means one current index snapshot merits measured confidence. The series can benchmark market movement, but it does not reveal changes in the mix of listed homes.
Relative price is the immediate cross-market tension. The ZIP asking index sits below the Savannah city context rent of $1,806.68, the Chatham County context rent of $1,781, and the Savannah, GA metro context rent of $1,820. Each comparator is a wider geographic context, not a ZIP observation or a substitute for a listing in this ZIP. The directional gap holds against all three scales, but it does not say why the gap exists or which unit type drives it. It is particularly important not to blend those area-wide benchmarks with ZORI’s mixed rental-type construction, because their main use here is comparative context. The comparison is a location-scale reference, not an explanation of tenant demand, property quality, or landlord behavior.
Source definitions explain why the current readings should not be treated as interchangeable. In the matched Census ZCTA, the ACS 2024 five-year survey puts median gross rent at $1,492, including selected utilities, while the current ZORI level is 12.2% higher. That survey covers occupied renter homes; it is not an asking-rent index. In this packet, the five-digit 31405 label is both the Zillow ZIP market identifier and the matched Census ZCTA; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. Separately, the FY2026 local HUD FMR/SAFMR two-bedroom standard is $1,680. HUD’s bedroom-specific administrative standard is not asking rent; ZORI is 0.36% below the two-bedroom HUD reference. Different populations, included costs, and construction rules can create legitimate gaps without demonstrating error in any series.
Bedroom detail is available only as a modelled translation, not as observed bedroom rents. Scaling the ZIP ZORI by the local HUD ladder yields modelled monthly estimates of $1,450 for a studio, $1,528 for one bedroom, $1,674 for two bedrooms, $2,227 for three bedrooms, and $2,538 for four bedrooms. These figures preserve the local HUD bedroom relationship while anchoring it to the current ZIP index. They are modelled estimates, never measured bedroom rents, and cannot establish what a particular building, lease, amenity package, or utility arrangement will ask. The ladder is useful for a consistent size comparison only. It can show relative sizing at the ZIP level, not an observed distribution of rents within any bedroom category.
Income and burden provide a separate household screen, not a pricing verdict. The ACS ZCTA median household income is $65,710 with a $3,699 margin of error. At a 30% rent-to-income screen, the current asking index implies $66,960 in required annual income, or $1,250 above that median; equivalently, the index is 30.6% of the reported median income. This required-income screen is arithmetic, not advice or an applicant qualification rule. The ACS survey estimates that 3,635 of 7,274 renter households, or 50.0%, pay 30% or more toward rent. The burden result reflects surveyed renter households across the ZCTA and should be read with its stated sampling uncertainty. None establishes a particular unit’s cost burden.
The stock data show a sizeable settled housing base rather than a unit-by-unit availability list. The ZCTA has 17,059 housing units and an 11.0% vacancy rate. Single-family units outnumber large multifamily units, and occupied homes include both owner and renter households. Vacancies are separately recorded for rent, sale, and seasonal use, but those aggregate categories do not prove that a vacant home is currently marketed, suitable, affordable, or offered at the index level. Nor can the vacancy measure identify concessions, lease duration, bedroom count, or selected utilities. It is a useful capacity indicator, yet its categories do not translate directly into active listings or lease-ready inventory. Housing stock and vacancy describe the survey area’s composition, not the terms of a specific rental.
The remaining limits are operational. ZORI is a blended typical asking-rent index, ACS is a five-year occupied-household survey, and HUD is an administrative standard, so none verifies a property’s current quoted rent. A property-level review should match the advertised address to the stated ZIP market, confirm the observation date and bedroom count, read the lease term and required recurring charges, and identify which utilities are included. It should also distinguish a landlord’s actual asking rent from the modelled ladder and from survey gross rent. These checks preserve the separate evidence universes rather than treating a broader context or administrative benchmark as a unit quote. The principal unresolved question is whether the advertised unit’s complete monthly cost and configuration actually correspond to the comparison being made.