If you’re interested in becoming a landlord, then Columbus is one of the top places in the country to get started. A new report from All Property Management (the largest online network of property management companies in the US) revealed that Columbus is the top market for rental property owners in the Midwest region, and tenth best overall in the country.
“This report gave Columbus this ranking primarily due to its stellar 9.9 percent year-over-year rental price appreciation, which was almost twice the national average for that metric during that period,” stated Andy Fulton, Inbound Marketing Manager at All Property Management. “Columbus also boasts a low vacancy rate and median age of housing inventory. Taken together, these statistics indicate that demand for Columbus rental housing is quite strong and will likely only continue to increase in coming quarters.”
Columbus, like many US cities, has experienced an apartment-building boom in recent years, adding thousands of additional rental units to the market to meet increased demand. Even with the rapid building that has taken place, average rental rates have continued to rise by a total of 25% in the past four years. Property owners and developers have had little trouble finding tenants to fill the new units either, with the Downtown area alone being able to maintain a 95% occupancy rate. The report from All Property Management says that the trend shows little sign of slowing:
“The demand for Columbus housing will likely continue to increase; building permits have only been issued for several thousand housing units in Columbus so far in 2015, not nearly enough to keep up with the metro’s population growth. This can only lead to higher demand for existing rental units and, in turn, higher rents.”
To read the full report, CLICK HERE.
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