Columbus Rents Climbing Higher in 2020 - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Rents Climbing Higher in 2020

Columbus rents real estate Andrew ShowWhile 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.

Ready to say goodbye to your landlord? As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

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