1736 Magazine - Fall 2018

profiles, occupancy, absorption and rental rates
that built a strong case for much-needed living
space in our city center and can be used to actively
market housing opportunities to developers.
We realized downtown Augusta needed to tell
its residential story: What makes it a great place
to live? Who is the target resident? What do they
want in housing – and what are they willing to
pay?
So what makes downtown Augusta a great place
to live? According to Noell analysis:
• Proximity to work: Downtown is a short
drive to the medical district, whose excess of
20,000 jobs make it a major economic hub
for the region. Health care/social assistance
is by far the city’s largest industry, and 23
percent of the jobs pay over $40,000 per
year. Just under half of downtown residents
(45 percent) work in Augusta city limits and
about a quarter of them (27 percent) work in
the medical district.
• Shopping: Downtown already is home to a
variety of eclectic retailers and independent
restaurants. Shopping centers with grocery
stores and mass-merchandise retail can be
found within a 12-minute drive.
• Night life: Living close to restaurants and
bars is a key factor for many renters. Downtown
has spent years becoming a vibrant
entertainment scene and boasts some of Augusta’s
most highly rated eateries according
to yelp.com.
• Scenic beauty: Downtown neighborhoods
enjoy, walkability, unique architecture and
a strong connection to the Savannah River,
including cycling and pedestrian trails.
• Cultural amenities: Major shows, concerts
and art exhibits are common at downtown
facilities such as the city’s Augusta Entertainment
Complex, as well as the historic
Imperial and Miller theaters and open-air
venues such as the Augusta Common.
Who is our audience? According to Noell profile:
• Working professionals: Singles between the
ages of 20 and 50 will make up half of those
choosing to live downtown. With an income
range between $35,000 to $100,000, this
group will prefer studio and one-bedroom
apartments that rent between $900 to $1,500
per month.
• Professional couples: Couples between 25
and 50 years, both married and dating, account
for 30 percent of potential downtown
renters. This group wants short commutes
and proximity to downtown amenities, but
also the flexibility to move if they have children.
With annual incomes in the $75,000-
to $150,000-range, they prefer at least one
bedroom units with large living room spaces
and are willing to pay $1,250 to $2,250 per
month.
• Empty nesters: This age group is between
50 and 65 years and are mature professional
couples whose children are out of the house.
They will account for about 10 percent of
the urban housing market. Most are fairly
affluent and many are seeking an in-town
rental close to work and cultural amenities
to complement the second home they have
elsewhere. They earn between $100,000 to
$200,000 per year and prefer one to two
bedrooms with a large living room space
costing up to $2,500 per month.
• Students/roommates: This group, primarily
Augusta University students or recent graduates
looking to live close to campus, will
comprise 10 percent of the market. Though
some in this 18- to 35-demographic are
income-constrained, others will be working
entry-level or higher jobs, earning a (combined)
$50,000 to $75,000 per year. They
prefer studios and two-bedroom apartments
priced in the $1,400 to $1,875 per month
range.
This is good news for housing developers who
are interested in our city center and are willing to
make an investment. There are ample opportunities
to add rental housing, including new infill
development, the repurposing of class-C office
space and large vacant buildings that once housed
department stores.
In the pre-war era, downtown Augusta was the
heart of the community because of the diversity
of uses it offered. That trend is returning, and the
steady increase of downtown residents will once
again create a vibrant city center that benefits
everyone and will significantly reward the city as a
whole. •
1736magazine.com u 51