A new report was released yesterday from real estate database company Zillow, revealing the top 10 US markets for apartment development, and Columbus clocked in at first place on the list. While the national recognition for the city is certainly noteworthy, the author of the release unfortunately mislabels the Columbus MSA — a region of over two million people — as a college town.
“While Columbus may not be on everyone’s go-to list of hot markets, this college town is clearly undergoing an apartment building boom, and new units are going quickly,” said Zillow Chief Economist Svenja Gudell, who has obviously mistaken the enrollment of 64,000 students at OSU as making up a larger demographic beyond the 3.2 percent regional population that it actually entails. “Growth in apartment rents overall has been strong in Columbus. Whether they can maintain this pace of new apartment construction, or if this new supply is adequate to meet demand going forward, remains to be seen. But for now, Columbus has earned its top-ranking as an apartment hot spot.”
Zillow notes that the apartment rent appreciation in Columbus has been six percent in the past year, with 77 percent of apartment units being rented within the first three months. While the folks at Zillow might assume that the demand for apartments is driven entirely by OSU undergrads, the hottest markets for new apartments ranges from suburbs like Hilliard, Dublin and New Albany, to urban neighborhoods like Italian Village, Fifth by Northwest and Downtown Columbus where apartment occupancy rates are incredibly strong at 96 percent.
Other cities in the Top 10 list include Seattle, Denver, Portland, Austin and Phoenix.
To view the full report from Zillow, CLICK HERE.
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.