Columbus Multifamily Market Report
Elevated In-Migration and State-High
Homeownership Costs Backstop Demand
Company expansions spur population growth. Columbus expects to receive the highest number of new residents from net in-migration of any Midwest market in 2023. Growing demand for housing in the metro, paired with rising mortgage rates, has put pressure on the cost of a single-family home. At the onset of 2023, the average monthly mortgage payment on a median priced home was $2,400, the highest among major Ohio markets by nearly $400. By comparison, renting has become an increasingly more cost-efficient option. Elevated supply additions across the last decade have alleviated some pressure on vacancy, but the first quarter of 2023 noted a record-high count of occupied units. Companies that have announced or begun plans to expand into the metro during the next five years — such as Intel in New Albany or Hyperion on the westside of Columbus — are also likely to draw new residents, supplementing the renter pool long-term.