Highlights:
- Limited deliveries in Columbus led to stable apartment market conditions during 2023, even as conditions softened substantially in many cities around the country.
- Robust rental demand in Columbus is supported by demographic expansion, a relatively low rate of homeownership, and a large student population.
- Market fundamentals were strongest in suburban neighborhoods with easy access to the urban core.
- Increased capital flows from outside the state and the country contributed to greater stability in the investment market.
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Additional Insights:
Apartment conditions in Columbus remained favorable through the end of 2023. Limited new deliveries, paired with favorable demand-side trends, led to stable market fundamentals in recent quarters.
The size of the apartment stock in Columbus increased during the past two years as construction activity accelerated. In contrast to many other markets, the recent deliveries in Columbus did not represent an unprecedented wave of new supply but were an extension of a long history of robust construction activity.
Stability is the Name of the Game, one of Lument’s two Q4 2023 market spotlights, was developed in partnership with Rosen Consulting Group, and gives an in-depth look at the Columbus market.
Each new quarterly national market report will be accompanied by market spotlights for two metros and will all be available on our site within the Insights section by selecting “Research,” where it joins other research-based materials, like our recently released multifamily investor sentiment survey report.
