Q2 2015 Columbus Ohio Rental Market Update
Here is some info that I received from All Property Management:
Q2 2015 Columbus Rental Market Update
Fortunately for local rental property owners, Columbus has continued to avoid the fates of many of its fellow Rust Belt cities by not suffering massive population and property value losses. In fact, Columbus is the most attractive Midwestern city for rental real estate investment and is the 10th most attractive city in the U.S. as a whole. It jumped an impressive three spots in the Rental Ranking Report’s regional rankings in Q2 2015 and a whopping 20 spots in the national rankings.
Columbus rents jumped a whopping 9.90 percent between Q2 2014 and Q2 2015, the tenth-highest rent variance in the U.S. during that time period and almost twice as large as the national average. Columbus’s moderately low vacancy rate of 5.50 percent and median age of inventory of 52 days, both almost 20 percent lower than their respective national averages, further indicate how strong demand for housing currently is there.
The demand for Columbus housing will likely continue to increase; building permits have only been issued for several thousand housing units in Columbus so far in 2015, not nearly enough to keep up with the metro’s population growth. This can only lead to higher demand for existing rental units and, in turn, higher rents.
All credit to them for this info.