MARKET SNAPSHOT
Columbus’ construction cycle peaked in 2025, with completions reaching a new high of 9,100 units (+29% YoY), and new supply heavily concentrated in Delaware County and Upper Arlington, which together accounted for roughly 40% of total deliveries over the past 12 months.
Despite the pipeline falling to a four-year low, Columbus construction activity remains historically elevated, with 10,050 units underway (as of Dec. 2025)—well above the national benchmark of 2.7%.
Rent growth is expected to remain under pressure into early 2026, but Columbus is positioned for a moderate rebound as non-cyclical employment anchors absorption and a sharp 50% year-over-year decline in deliveries reduces supply-side pressure later in the year.
Columbus enters 2026 in a transition phase as the market works through the back end of an outsized supply cycle...