Columbus Multifamily Market Report

Supply influx tests demand resilience. Columbus’ multifamily inventory will expand by roughly 3 percent for a third consecutive year in 2025 before an expected drop in deliveries during 2026. A substantial share of this year’s new supply will cluster Downtown. Heightened development here will likely keep vacancy above 7 percent in the urban core, though consistent demand from lifestyle renters should maintain tighter conditions at Class A properties than in Class B. Elsewhere, record completions near the New Albany-Westerville area may also slow local momentum after vacancy across all property classes fell below 5 percent over the year ended in March. Nevertheless, strong job growth to start 2025, supported by major investments from Intel and Honda, underscores Columbus’ potential to outperform even if the national economy slows.