Apartments for Rent in Augusta, GA - Home Rentals | realtor.com® (2024)

FAQs

What is the price to rent ratio in Augusta GA? ›

With a price-to-rent ratio of around 11.13, owning a home is considerably cheaper than renting one in most parts of the city.

Augusta, Georgia's cost of living is 13% lower than the national average.

The number one cause of high rents and high home prices -- not just in metro Atlanta but across the state and across the country -- is too little supply," Wingfield said. But Bell said local governments should have a say in how much rents can and can not rise. "They know what's best for their communities.

Price-to-rent ratio of less than 15: It's cheaper and more affordable to buy versus rent. Price-to-rent ratio of 16-20: Leans towards renting as a better option over buying. Price-to-rent ratio of over 21: By renting you are making a much better personal finance choice.

The 1% rule states that a rental property's income should be at least 1% of the purchase price. For example, if a rental property is purchased for $200,000, the monthly rental income should be at least $2,000.

How to Calculate Price to Rent Ratio. Calculating the price to rent ratio is easy to do: Median Home Price / Median Annual Rent = Price to Rent Ratio. $120,000 Median Home Price / $11,000 Median Annual Rent = 10.91 Price to Rent Ratio.

It is calculated by dividing the sale price of a property by its annual gross rental income. A higher GRM indicates that the property is overpriced, while a lower GRM indicates that the property is underpriced. The best GRM is usually considered to be between 4 and 7.