Columbus 2Q23
Multifamily Market Report


average rent


average occupancy rate


ytd sales volume


YoY rent change


yoy occupancy change

10 YTD

individual transactions

Supply & Demand


1,465 Units

YTD: 1,469

1,867 Units

YTD: 2,794

Annual Demand vs Completions

2023 YTD
  • Planned
  • Pre-Planned

Demand Trends

  • In Q2 2023, the Columbus apartment market rebounded, with renters absorbing over 1,400 net units - a notable turnaround after the negative trend in the latter half of 2022. This underscores the resurgence of the local apartment market.

  • Seven out of ten submarkets reported positive absorption. Notably, the Downtown Columbus/University District led the pack, seeing an absorption of 438 units.

Completion Trends

  • The Columbus apartment inventory expanded by 1,867 units in Q2 2023, with the Downtown Columbus/University District submarket contributing 702 units, making up 38% of the growth.

  • Developers are focusing on the impressive expansion of the Downtown submarket. Over the past four quarters, it has seen a remarkable addition of 1,376 units to its inventory. This is nearly double the number of units delivered to the Westerville / New Albany / Delaware region during the same period.

Demand Outlook

  • The Columbus apartment market, bolstered by factors such as the expanding Ohio State University and upcoming Intel microchip fab site, is expected to thrive in the coming quarters. These drivers will sustain demand despite the increased influx of new units.

  • Demand is expected to be concentrated in the Downtown Columbus/University District and Reynoldsburg/Far East Columbus submarkets, aligning with the locations of Ohio State University and Intel’s new fab.

New Supply Outlook

  • Building on its current momentum, the Columbus, OH apartment market anticipates a significant inventory growth of 6,685 units over the coming year.

  • Consistent with demand predictions, the Downtown Columbus/University District and Reynoldsburg/Far East Columbus submarkets are set to fuel this expansion, expecting to add 2,174 and 1,076 units respectively.

Demand Trends

  • In Q2 2023, the Kansas City apartment market experienced a resurgence in demand with renters absorbing over 1,200 net units, slightly below the seasonal average, but nonetheless highlighting the resilience of the Kansas City apartment market.


  • Eight out of 11 submarkets posted positive net absorption, with the South Kansas / Grandview submarket leading for absorbed units due to the opening and leasing commencement at two new Class A communities in Belton, which added 700 new units to the submarket.

Completion Trends

  • Q2 2023 saw Kansas City's apartment inventory expand by 1,240 units, with the South Kansas City / Grandview submarket contributing over half with 700 units.


  • This submarket's rapid growth has caught developers’ attention. Over the past four quarters 1,372 units have been added to the submarket’s inventory, significantly outpacing the Shawnee / Lenexa / Mission submarket's 544 units over the same time frame.

Demand Outlook

  • The overall Kansas City, MO-KS apartment market is projected to experience sustained demand over the next four quarters, with an anticipated absorption of 3,052 units. This underscores a steady market outlook for the upcoming period.


  • Central Kansas City and Olathe/Gardner submarkets are projected to be significant demand hotspots, with expected annual demands of 1,017 units and 1,031 units respectively.

New Supply Outlook

  • The Kansas City, MO-KS apartment market is set to further expand its inventory over the next four quarters, with a substantial increase of 3,809 units projected.


  • The Olathe / Gardner and Central Kansas City submarkets are poised to contribute significantly to the new supply, with anticipated additions of 1,224 units and 1,094 units respectively.

Occupancy & Rent Trends



Average Monthly Mortgage Payment


Average Monthly Rent

Occupancy trends

Despite a 2.1 percentage point drop in apartment occupancy over the 12 months ending in June, the Columbus metro area maintained a robust occupancy rate of 95.0%, demonstrating its resilience. Submarket variation was minimal, with occupancy rates between 94.3% and 95.5%. Furthermore, the second quarter brought a positive shift as Class B property occupancy increased by 20 basis points from the previous quarter, signifying a rise in demand for mid-priced housing. Given the projected demand surge, we anticipate a rebound in occupancy rates soon, reinforcing a positive market outlook.


Columbus showcased strong performance in the second quarter of the year, with rents rising 4.6% year-over-year to reach $1,308. The annual growth rate varied across submarkets, peaking at 11.5% in North Central Columbus and reaching a low of 2.8% in the Gahanna/Northeast Columbus area. When comparing asset classes, the growth was less disparate. Class C units, typically the most affordable, led with a 5.7% increase, followed by Class A at 5.0%, and Class B at 3.9%. Among the 10 submarkets monitored by RealPage, the Downtown Columbus/University District retained its position as the priciest, with rents surging to $1,638.

Submarket Rent & Occupancy

SubmarketAverage OccupancyAnnual Occupancy ChangeAverage Monthly RentAnnual Rent Change
Downtown Columbus/University District94.3%-2.2%$1,6385.1%
Gahanna/Northeast Columbus95.2%-1.9%$1,2942.8%
Grove City/South Columbus94.9%-2.4%$1,1715.3%
North Central Columbus95.5%-1.9%$1,02111.5%
Reynoldsburg/Far East Columbus95.1%-1.5%$1,2102.9%
Southeast Columbus94.4%-2.7%$1,0006.4%
Upper Arlington95.3%-2.4%$1,3424.0%
West Columbus95.4%-1.0%$1,1846.1%
Westerville/New Albany/Delaware95.0%-2.3%$1,4443.0%
Columbus, OH95.0%-2.1%$1,3084.6%

Units by Submarket Delivering in 2023


Units Under Construction


Units UC Delivering In the Next 4 Quarters

Percentage of Units Under Construction

Downtown Columbus/University District - 4,029
Dublin/Hilliard - 886
Gahanna/Northeast Columbus - 884
Grove City/South Columbus - 1,434
North Central Columbus - 0
Reynoldsburg/Far East Columbus - 1,384
Southeast Columbus - 353
Upper Arlington - 651
West Columbus - 117
Westerville/New Albany/Delaware - 1,749

Percentage of Units Delivering Next 4Q

Downtown Columbus/University District - 2,174
Dublin/Hilliard - 886
Gahanna/Northeast Columbus - 369
Grove City/South Columbus - 983
North Central Columbus - 0
Reynoldsburg/Far East Columbus - 1,076
Southeast Columbus - 166
Upper Arlington - 325
West Columbus - 117
Westerville/New Albany/Delaware - 589

Sales Activity

Data from Real Capital Analytics shows that individual conventional multifamily transactions in Columbus, OH, totaled approximately $212.5 million in the first half of 2023. Despite a 41% year-over-year drop in volume, this figure aligns with pre-pandemic transaction averages, indicating that investors continue to pursue and close deals. While a rapid rise in interest rates has softened sales activity nationwide, Columbus has remained resilient, closely mirroring pre-pandemic sales volume trends. In fact, Columbus’ trade volume is about 25% above its five-year historical average for this period, underscoring the market’s relative stability. Examining the investor landscape, private investors maintain their position as the dominant market players, accounting for all individual transactions in the first half of the year.

  1. Champion RE Services
  2. TruAmerica Multifamily
  3. Cantor Comm’l RE Lending
  4. Ares Management
  5. Harbor Group Int’l
  1. Preferred Living
  2. Celmark Development Group
  3. Solove Real Estate
  4. Charles Street Investment Partners
  5. Dietz Property Group


YTD Transaction Volume

Y-O-Y Change

Individual Transaction Count

Price Per Unit

Annual Price Change

* Trailing 4Q average PPU

* Preliminary Data from RCA – Individual transaction $2.5M +


In May 2023, the job market in the Columbus, OH Metro area exhibited remarkable strength, as reported by the Bureau of Labor Statistics (BLS). The addition of 16,200 new positions showcased a job growth rate of 1.4%, surpassing the rate of 1.0% reported in March. Various sectors within the region experienced substantial job gains, with the Mining, logging, and construction sector leading the way by adding 6,100 new jobs, representing an impressive 12.6% annual increase. Following closely behind was the leisure and hospitality sector, which saw the addition of 4,700 jobs, expanding by 4.4%. In terms of unemployment, Columbus’s rate remained low at 3.0% in May, a decrease of 10 basis points from the previous year and well below the national average of 3.4%. These statistics underscore the resilience of Columbus’s economy, characterized by its diverse range of industries.


May Annual Jobs Created


May 23 Employment growth


May 23 Unemployment rate
3.4% us may rate

Top 5 Employment Sector Annual Change

<br>Mining, Logging & Constr.

Change from May 2022
to May 2023: 6,100

Percent Change: 12.6%

<br>Leisure & Hospitality

Change from May 2022
to May 2023: 4,700

Percent Change: 4.4%


Change from May 2022
to May 2023: 3,800

Percent Change: 2.1%

<br>Other Services

Change from May 2022
to May 2023: 2,800

Percent Change: 6.7%

<br>Education & Health Services

Change from May 2022
to May 2023: 2,500

Percent Change: 1.6%

Hover over circles to view data
SectorChange from May 2022 to May 2023 Percent Change
Mining, logging, and construction6,10012.6%
Leisure and hospitality4,7004.4%
Other services2,8006.7%
Education and health services2,5001.6%
Professional and business services00.0%
Trade, transportation, and utilities-1,200-0.5%
Financial activities-1,800-2.1%

Major Economic Developments

$20B Microchip Fab Announced By Intel

3,000 New Jobs

$20B Investment

New Albany Location

$135K Avg. Salary of Positions Created

2025 Operational by 2025

Hyperion To Open
Global HQ

$60M In Annual Payrolls

700 Jobs Generated

$296M Investment

65 Acre Campus in Columbus

a white square with a blue logo on it

Meta To Expand
Local Campus

$500M In New Investment to their
Existing Campus

$1.5B Total Invested by Meta
into Columbus

100 Jobs Created

New Albany Site of Existing Campus

Market Outlook

Columbus has consistently demonstrated solid rental performance, underpinned by a steady economy, even amidst recent economic fluctuations. Despite a temporary dip in demand during the latter half of 2022, the market is projected to rebound, with RealPage forecasting renters to absorb 7,500 units over the next four quarters. This will surpass the new unit inventory expected to be available over the same period. Of the 11,500 housing units currently under construction, 6,685 are slated for delivery by the end of Q2 2024. Factors such as high occupancy rates, strong annual rent growth, and moderate yet consistent apartment completions contribute to a positive outlook for the Columbus market.

Sources: RealPage; BLS; MSCI; Columbus Business Journal; Columbus Chamber of Commerce.

To Gain Further Insights Into The Columbus Market Please Reach Out To Our local Team

Picture of Brian Hall

Brian Hall

Senior Advisor