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Columbus Apartment Rental Market Getting More Expensive

Home Forums General Columbus Discussion Columbus Apartment Rental Market Getting More Expensive

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  • #91167

    News
    Participant

    Columbus rents rising

    By: Jim Weiker

    The Columbus Dispatch

    April 11, 2012 12:04 PM

    Two new reports add numbers to what most central Ohio renters already know: Rents are rising and rentals are getting harder to find. Columbus-area rents have risen nearly 13 percent over the last year, according to the real-estate information and listing firm Zillow. The average central Ohio rent is $984 a month, though it rises to more than $1,500 a month in some areas such as German Village and parts of Dublin and Worthington.

    READ MORE: http://www.dispatch.com/content/blogs/on-the-house/2012/04/rising-rents.html

    #492088

    cheap
    Member

    in this town,you have to get in your car & look around,and not rely on the dispatch & the internet

    i know where some nice 2br 2ba townhouses w/garage are for less than $700 a month in a decent part of town,and they don’t advertise at all.

    #492089
    Walker Evans
    Walker Evans
    Keymaster

    cheap said:
    i know where some nice 2br 2ba townhouses w/garage are for less than $700 a month in a decent part of town,and they don’t advertise at all.

    Anecdotes are not the same things as Averages.

    #492090

    ZHC
    Member

    that should be bullish news for more build!

    #492091

    people211
    Member

    I would love to see some developments aimed at singles, particularly young singles just starting out, whose paychecks aren’t the most impressive. Its kind of hard finding decent housing when you can’t stand the idea of roommates.

    #492092

    mrpoppinzs
    Member

    The article doesn’t really give a basis for what is rented. $984 would be great if that were for a single person renting a house, but a one bedroom studio – not so much.

    Obviously location plays a big factor. At one time I was paying $750 for an apartment near 3th and High. I assume that would go a lot further even in places like Grandview and Clintonville.

    #492093

    peter
    Participant

    what most central Ohio renters already know: Rents are rising

    Sorry ’bout it.

    :p

    Seriously though, this is actually great news as ZHC alluded to above. Higher rents translate directly into more construction and a denser downtown. And, there are still pllllllenty of affordable places to live in and around Columbus.

    #492094

    people211
    Member

    peter said:

    what most central Ohio renters already know: Rents are rising

    Sorry ’bout it.

    :p

    Seriously though, this is actually great news as ZHC alluded to above. Higher rents translate directly into more construction and a denser downtown. And, there are still pllllllenty of affordable places to live in and around Columbus.

    Affordable = ?

    #492095

    lifeontwowheels
    Participant

    people211 said:
    Affordable = ?

    Depends how you define affordable and where you are looking.

    #492096

    bucki12
    Member

    people211 said:
    Affordable = ?

    I have a friend who rents a whole house in the Hilltop for less than $500 a month. It isn’t Victorian Village, but it isn’t bad and it is not too out of the way.

    #492097

    Oak
    Participant

    All of the new apartment construction is based on the current market conditions and a hope that the conditions (demand is greater than supply) will continue so that rents will stay strong. The market is so strong that if the LeVeque can convert office space they must see something for at least a few years into the future. However there will be a tipping point where there will be more market supply than demand and rents will start to soften. When Zillow gives those averages, those are based on self-report rents from apartment community corporations and realtors. There is a whole “shadow market” in the residential rental industry (mostly individual owners and mom/pop operations) where you can actually get a better value.
    Just like the newly fashionable “eat local” movement, I think that people should “live local” too; meaning that by living in a rental home that is owned and managed locally you’re putting your money back into the local economy, as opposed to a national management company.

    #492098
    Walker Evans
    Walker Evans
    Keymaster

    $1500/mo will get you nearly 3000 sqft of rental space over here in the KLD. ;)

    https://www.columbusunderground.com/urbanliving/property/luxurious-townhouse-in-olde-towne-east/

    #492099

    SusanB
    Participant

    I rent out 2 bedroom houses anywhere from $550 to $650 a month and they are really nice. Don’t have anything right now though, demand is strong and my places are a good deal- people don’t move out very often. I might have a small 2 bedroom house available this summer- maybe August, if anyone is interested. A/C, 1 1/2 bath, wood floors, dishwasher, claw foot bathtub, 90% eff HVAC, fenced yard. I will post it with pictures on Walker’s new site when it becomes available. But yeah, I have noticed an uptick in demand lately….just anecdotal but it’s working for me :)

    The last place I rented I just posted on my FB page and had many people interested and rented it almost immediately.

    #492100

    leftovers
    Member

    We are looking for a house, but continue to rent in the meantime. We wanted to rent near the SN and demand definitely seemed to side with the landlord. Some of the apartments near High St were crazy expensive considering their condition. Location still seems to be the biggest factor as far as rentals go.

    On a side note, for $1500 a month in the KLD I would really be tempted to buy something instead of rent. If you have the money, there is a huge buyers market in realestate.

    #492101

    cbus11
    Member

    I imagine location is by far the prime determiner of rental price and demand.

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