Columbus Multifamily Market
Report

Growing job opportunities attract new residents. Fueled by its lower cost of living and expanding job market, Columbus is projected to record one of the largest population growth rates among major Midwest metros this year. Suburban areas near major business centers are expected to attract an outsized share of new residents. This includes northern areas like New Albany, spurred by the construction of Google and Amazon’s new data centers, along with Intel’s manufacturing plant. A growing logistics presence in southern neighborhoods like Lincoln Village and the Honda battery factory, set to open 30 miles southeast of Columbus proper this year, will also draw residents. Developers have pursued these economic centers, becoming most active in affluent northern suburbs like Dublin and Westerville. Property fundamentals here should remain sturdy amid deliveries, as a record number of completed units in the area last year failed to raise vacancy above 5 percent, supporting rent growth around 4 percent. In contrast, vacancy in the city center climbed above 7 percent last year, stalling rent gains — a trend likely to persist with over 2,000 units set for delivery here this year. Still, projects like the city’s $8 billion transit infrastructure investment could enhance the CBD’s long-term rental appeal.