Columbus Rents Slip

The Columbus Dispatch - Jim Weiker - 13 Oct 2016

In a rare sign that the Columbus rental market may be cooling, a study released today showed rent for a one-bedroom Columbus apartment dropping this fall.

According to the apartment listing service ABODO, the median rent for a one-bedroom unit fell from $937 in September to $843 in October, a 10 percent decline that was the third-largest drop in the nation.

While other services continue to show Columbus apartment rent on the rise, the report suggests for the first time that the rocketing Columbus apartment market may be returning to earth. The study is based on 2,882 listings in the city of Columbus.

ABODO spokesman Sam Radbil said the construction of new apartments over the past few years in Columbus is finally starting to soften rent increases.

“We anticipate that the rent price boom might begin to slow in large cities like Columbus, because of the large increase in multifamily construction,” he said. “The development and construction of new rentals will ultimately bring more units to market for local renters and limit the demand and minimize leverage that landlords currently hold.”

In its analysis, Zillow concluded that Columbus rents have risen 2 percent over the last year and will rise 2.8 percent over the next year. The latest report from the rental service Apartment List concluded that the median price for a one-bedroom Columbus apartment is $790, 2.2 percent up from a year ago.