Columbus, OH

Market Update

Columbus continues to exhibit positive demographic trends, with a population of approximately 2.23 million as of the fourth quarter of 2026, reflecting a year-over-year growth rate of 2.07%. This upward trajectory follows a steady increase from about 2.15 million in 2021. The region's median household income stands at $82,938, supporting a robust economic environment. Employment figures indicate a strong labor market with 1.15 million individuals employed and an unemployment rate of 3.8%. Additionally, net migration has contributed significantly to population growth, with 25,862 new residents, while the renter share is recorded at 37.8%, underscoring the demand for housing in the area.

In the multifamily sector, the HUD Fair Market Rent for a two-bedroom unit is set at $1,771, which is notably lower than the asking rent of $1,445 for similar units. Year-over-year multifamily rent growth is reported at 5.3%, indicating a healthy upward momentum in rental pricing. The median gross rent remains stable at $1,359, suggesting that while rents are increasing, affordability may still be a concern for some renters, particularly in light of the rising costs relative to income levels.

Capital market activity in Columbus has been robust over the trailing 24 months, with 566 transactions totaling approximately $411.7 million and a median price per unit of $153,700. The multifamily cap rate is currently at 7.42%, which is about 38 basis points higher than the national median of 7.04%. This positioning reflects a market that is slightly less competitive than the broader national landscape, particularly in terms of pricing per unit, which is approximately 23% lower than the national median. Overall, the Columbus market demonstrates solid fundamentals, though ongoing monitoring of affordability and migration trends will be essential for future assessments.