Columbus Multifamily Report – September 2024
A new airport terminal could significantly boost this city's local economy.
Despite economic volatility, Columbus fundamentals have been mostly solid. Advertised asking rents were up 0.2 percent on a trailing three-month basis, to $1,297, behind the U.S. rate of growth. However, Columbus gains continued to outperform on a yearly basis. Meanwhile, occupancy in stabilized properties was down 40 basis points year-over-year as of June, to 94.6 percent, driven by an uptick in upscale deliveries.
Columbus employment was up 0.8 percent in the 12 months ending in May, with 13,000 net jobs added. The metro’s growth rate was 50 basis points below the national average. Education and health services led gains, with 9,600 positions. The area’s unemployment rate stood at 4.8 percent as of June, 70 basis points below the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. A new terminal at John Glenn Columbus International Airport could boost Columbus’ local economy significantly. The $2 billion project, which is slated to break ground next year, will add 36 new gates.
A total of 2,097 units, or 1.1 percent of existing stock, came online this year through July, 30 basis points behind the national pace of completions. The metro’s five-year average clocked in at 4,818 units delivered yearly. Transaction activity remained slow, with just $314 million in assets changing hands, a far cry from the record-breaking volumes of 2021 and 2022.
