Increase in Vacant Properties in Augusta

More popularly known for hosting one of the most prestigious golf tournaments in the world, the Masters Tournament, Augusta is currently ranked among the 10 least expensive cities to rent a home in the United States.

Currently, according to the city’s census data, Augusta has a population of 200,512 inhabitants, which is decreasing annually in a disproportionate manner and becoming one of the factors attributed to the increase in vacant properties.

Real estate market experts claim that another factor that has contributed to the increase in unoccupied properties, in addition to the population decline, is the completion of the construction of a power plant, which has led people who worked there to return to their hometowns.

Therefore, the lack of demand means that the city of Augusta now has an excess of properties, especially those intended for rent. Despite the offers and great opportunities provided by investors in large apartment complexes and various market agencies, the city still has a wide variety of vacant properties throughout the city.

In the previous month, due to reports from agencies and companies in the real estate sector, the city entered the market with a large number of new properties not registered for decades, which caused a significant supply problem affecting the city’s economy and many property owners.

To further clarify the issue, different real estate agencies and platforms dedicated to finding properties for people looking to rent a home have been investigated and consulted, and their results conclude that this type of market is currently below the national average and that the supply of housing in Augusta is far above local demand. They also point out that this problem is particularly affecting the Sun Belt area where the supply

Although among the advantages of Augusta having a large number of available rental homes is that finding a home according to the user’s taste is easier, the truth is that this is becoming increasingly worse for the owners of those homes who have to continue making payments on their mortgage, taxes, and other expenses generated by the property. Their greatest fear is having to face a foreclosure process that would make them lose their property.

Therefore, both official administrators and people working with rental properties are creating strategies or measures that can create a stabilization between supply and demand.

Available Foreclosures:

Augusta: 15 homes available.

By Elias DaSilva | October 14, 2024.