Augusta is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Augusta are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Augusta are slightly higher than the national average. Augusta apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Augusta.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Augusta are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.53% - 5.77% |
| 7 Year Fixed | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Augusta.
The city of Augusta in Richmond County has a population of 197,888. The median rent in Richmond County for a 2 bedroom is $883. The median Augusta resident is 34 years old with a yearly income of $22,283. The average family has 3.52 members and a median household income of $42,592. Augusta has a 22% higher education rate. The unemployment rate in Augusta is 9.0%.
47.9% of Augusta households are renters.
37% median household income spent on rent.
Bedrooms |
Richmond County 1 |
Georgia 2 |
National 2 |
|---|---|---|---|
| Studio | $689 | $670 | $737 |
| 1 bedroom | $767 | $698 | $813 |
| 2 bedroom | $883 | $840 | $1,015 |
| 3 bedroom | $1,200 | $1,103 | $1,325 |
| 4 bedroom | $1,529 | $1,302 | $1,521 |
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