Demand levels rise for Augusta rental property

Multifamily property rental demand in Augusta, Georgia, recently increased.

The Augusta, Georgia, downtown commercial market experienced a heightened level of rental demand in recent months,and this has made property availability scarce, according to The Augusta Chronicle.

The real estate demand in the area has actually outpaced new developments, and space is running out. Margaret Woodard, executive director of the city's downtown development authority, explained that there are multiple apartment developments underway, and there should be close to 30 new units by year-end.

"The demand for downtown housing has been rising nationally, and that’s also apparent in Augusta," Yahya Henry, real estate broker for Prudential Beazley Real Estate, told the news source. "Current downtown occupancy levels are about 98 percent."

Much of the demand may stem from an increase in consumers who want to live in a more centralized area, as the downtown section of Augusta has such amenities as restaurants, theaters and other social centers, the news source explained. Additionally, existing businesses have experienced more customers since the end of the recession, as more people are moving to the local area.

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