Columbus Multifamily Report – April 2025
Despite the slow economy, advertised asking rents are outperforming the nation.
The Columbus multifamily market showed some positive signs across key markers, despite a slower start to 2025. Average advertised asking rents were up 0.4 percent, on a trailing three-month basis, to $1,337, outperforming the nation by 40 basis points. The latest Yardi Matrix forecast projects a 2.1 percent year-over-year hike for the metro this year. The occupancy rate for stabilized properties slid 10 basis points year-over-year through February, to 94.6 percent.
The metro’s employment market continued its downward path, clocking in at -0.2 percent year-over-year through December. The rate was 150 basis points below the U.S. figure. Only three sectors recorded net positive gains, led by education and health services, which added 4,700 positions. The area’s unemployment rate stood at 4.0 percent as of December and was 10 basis points below the national figure, according to preliminary data from the Bureau of Labor Statistics. Columbus is among the fastest-growing markets for data center hubs in the U.S. Major companies are investing in the metro, including Amazon Web Services, which recently received approval for a $1 billion data center campus. Construction will begin in August, with the development slated for delivery in 2027.
Developers added 7,294 units to the metro in 2024, making it the best year for deliveries in the past eight years. Completions accounted for 3.7 percent of existing stock, outperforming the national rate. Construction starts increased 38.9 percent year-over-year in 2024.
