While Columbus Metro apartment rents aren’t as lofty as some cities, they have been rising sharply. An ApartmentGuide study shows double-digit rent increases on a year-over-year basis for Columbus apartments of all sizes.
The study compared average rents around the country from the second quarter of 2019 to the second quarter of 2020. Despite the pandemic and a spike in unemployment, average rents have increased in most U.S. states, especially for 2-bedroom apartments and studio units.
Columbus Rent Prices as of Summer 2020
Here’s how apartment rents in Columbus stack up, based on second-quarter 2020 data:
- Studio average rent = $1,138.40, increase of 22.96%
- 1-bedroom average rent = $1,130.43, increase of 12.84%
- 2-bedroom average rent = $1,346.15, increase of 13.95%
When compared to other cities in the U.S., the rent jumps in Columbus rank as follows:
- 6th highest in U.S. for studio apartment rent increases
- 10th highest in U.S. for 1-bedroom apartment rent increases
- 9th highest in U.S. for 2-bedroom apartment rent increases
Meanwhile, developers have been adding apartment supply to the Columbus Metro. About 1,000 new units are coming to market in Downtown Columbus this summer, with hundreds more in the works for the Short North, Brewery District, Franklinton and Italian Village areas. The added inventory should help balance demand, which in turn may slow future rent hikes.
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Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
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