Trailing 12-month deliveries of 7,667 units have outpaced absorption of 4,796 units, sustaining lease-up competition — yet continuing positive absorption and a decelerating pace of occupancy decline suggest the market is stabilizing rather than deteriorating further.
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The under-construction pipeline of 11,051 units (4.8% of inventory of 229,235) has contracted 19% over four quarters, pointing toward moderating deliveries ahead. Trailing 12-month starts of 7,543 units indicate developer activity is cycling through, not expanding.
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Average effective rents of $1,358 per unit reflect a 1.6% sequential rebound and 0.2% annual gain — the first positive quarter-over-quarter reading in three periods — with nine of 13 submarkets posting positive year-over-year rent growth in Q1..
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MARKET OUTLOOK
Columbus sits in mid-cycle, with a contracting but still-elevated pipeline, stabilizing rents, and occupancy that has...
