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Market Report

Columbus Multifamily Market

2024 Investment Forecast

Regionally High In-Migration Stokes Job Growth,
Benefiting Local Top-Tier Assets

The presence of tech firms in Columbus grows. Central Ohio has received substantial corporate investments since the onset of 2022. The groundbreaking of Intel’s two chip factories in New Albany, the first of which is expected to be production-ready by 2025, solidified Columbus’ standing as an emerging tech market. Companies like Amazon, Google and Microsoft have since planned either new data centers in the area or expansions for existing sites. The growing tech presence in Columbus is expected to drive job growth, particularly in high-skill positions, both this year and beyond. In 2024, total local employment will expand 50 basis points faster than the average pace observed over the past two decades. Columbus will also add the most new residents through in-migration of any major Midwest market in 2024. As companies move in, the metro will continue to post elevated job and population growth, benefiting fundamentals across apartment tiers. Luxury rentals, in particular, are set to benefit from the housing needs of these new, well-compensated residents. Although elevated construction will place upward pressure on vacancy near term, the metro is positioned for prolonged demand growth going forward.

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