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Market Report

Columbus Multifamily Market Report

3Q 2022

Intel-Fueled In-Migration Ups Suburban Demand;
Record Enrollment a Boon for University District

Anticipated employment surge to bolster renter demand. Following Intel Corp.'s January 2022 announcement that it would begin construction on two semiconductor factories in the metro, Columbus officials have begun discussing residential development strategies to accommodate the anticipated influx of positions. Construction employment was already on the rise before work at the New Albany site began in July, and Intel estimates 7,000 construction positions will be created over the course of the build. With unemployment in the metro already at historic lows, the labor required to build the plants and fill the thousands of supporting roles expected to be created will necessitate the recruitment of residents outside of the metro. The influx of both construction jobs and higher-paying tech positions foreshadows strong demand for rentals across property tiers. Suburban areas that offer quick commutes to the site are positioned to meet this demand.
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