While rental rates are certainly on the rise in Columbus, the city still remains a more affordable place for apartment-dwellers when compared to the more expensive rates all across the country. According to a new list from Forbes.com, Columbus is ranked as the #3 city for renters in the United States, moving up from fifth place last year.
The list from Forbes is compiled using four main metrics from national rental data: average rents during the fourth quarter of 2015, vacancy rates, the average percentage of household income spent on rent, and the year-over-year change in rents rates.
The current average monthly rental rate in Columbus is $822 per month, and that rate has climbed 4.4 percent over the past year. Apartment vacancy rates are currently 4.5 percent, and the average share of household income spent on rent is a low 17 percent.
If rental rates continue to rise in Columbus, the city may begin to lose its stature as an affordable place to live, although new apartment development continues to add more supply to the rental market to help offset the increased demand and keep prices from rising even faster. Last month, Zillow.com reported that Columbus is the #1 apartment development market in the country.
Other Ohio cities in the new Top 10 list at Forbes include Cleveland (#7) and Cincinnati (#4), while the list is topped by Indianapolis, where the average monthly rent is $786.
To read the full report and see the full list, visit www.forbes.com.
If you’re interested in touring dozens of new apartment buildings in Columbus, you can join us for the upcoming Urban Living Tour on Sunday, May 15th. More details on tour stops can be found HERE and advance ticket sales are HERE.
Rendering via Jeffrey Park.