The List: Most Expensive Neighborhoods for Apartment Rentals
National apartment search site Abodo released a Columbus rent report earlier this week that examines the average cost of renting apartments in the thirteen hottest neighborhoods and suburbs within the region. And while a lot of new development in areas like The Short North and Downtown are commanding higher than average rates, the highest costs on average for both one and two bedroom units are actually found in the suburb of Worthington. There, the average one-bedroom apartment will cost you $820 per month, while your average two bedroom rental costs $1,074 per month. Meanwhile, the cheapest “hot market” for both one and two bedroom apartments, is the suburb of Gahanna.
The Columbus region as a whole was also recognized earlier this week as having the #1 apartment development market in the country right now — due to an influx of market supply, as well as the region’s demand for new rentals keeping up with the supply. According to Zillow, around 77 percent of new apartment units are leased within their first three months after construction is completed. Abodo mentions that around 3,700 new rentals were added to the Columbus region in 2015, with 2,200 more coming online in 2016.
In addition to having one of of the most expensive rental markets in the region, Worthington was also recognized last year by Realtor.com for having the 2nd hottest for-sale real estate market in the entire United States.
For a look at how each of the thirteen neighborhoods and suburbs stack up, we’ve broken down their finding based on both one bedroom and two bedroom units, ordered from most expensive to least expensive averages:
- $820/mo — Worthington
- $797/mo — Westerville
- $791/mo — University District
- $785/mo — Short North
- $780/mo — Brewery District
- $779/mo — Victorian Village
- $775/mo — Tie: Downtown / Hilliard
- $773/mo — Italian Village
- $770/mo — Arena District
- $761/mo — German Village
- $759/mo — Dublin
- $656/mo — Gahanna
- $1,074/mo — Worthington
- $1,004/mo — Tie: University District & Hilliard
- $993/mo — Downtown
- $981/mo — Short North
- $980/mo — Victorian Village
- $976/mo — Tie: Arena District & Westerville
- $965/mo — Dublin
- $963/mo — Brewery District
- $962/mo — Italian Village
- $948/mo — German Village
- $804/mo — Gahanna
To view the full report, CLICK HERE to visit www.abodo.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.