Columbus Apartment Rental Market Getting More Expensive
October 29, 2015 10:16 am at 10:16 am #1099491
As someone who just graduated from OSU less than 2 years ago, I really disagree with this. In fact, the situation is almost the complete opposite. Yes, the rents of many of the houses on campus are well over 1K, but that rent is typically split among 3, 4 or, in my case, 5 roommates, so I never actually paid more than $375/mo anywhere I lived.
Sounds like prices haven’t gone up all that much in that area then. I haven’t lived in the OSU area in nearly 15 years, but I recall paying between $200/mo (for the crappiest place ever) and maybe $350/mo tops for something nicer while having 2 or 3 roommates. Of course, there were lots of better options, but most people I know went for affordability over all else.
The sticker shock for me was jumping to $500/mo to live in the Brewery Disrict with roommates circa 2003, which was a better option than a Short North 1 bedroom for $600/mo at that time. ;)November 3, 2015 8:44 am at 8:44 am #1100129
Well we are talking about an “average”. If you suddenly start building lots of 1800 sq ft apartments that rent for $1500/mo. in a city that is full of cheaper apts, then that would bring up the average price, no?November 11, 2015 1:53 pm at 1:53 pm #1101460
There Are Plenty of New Apartments Being Built—Just Not Affordable Ones
GILLIAN B. WHITE
While the post-crisis, housing-market turmoil has mostly subsided, the impact of the crash on the rental market is ongoing. Simply put, rent has been skyrocketing in just about every American city.
Since many younger Americans continue to shun homeownership, both because of financial barriers and because of decreased faith in the value of owning a home of one’s own, the rental market is getting more and more packed. With few people phasing out of renting and lots of people looking to rent their first place, vacancies around the country are low—on average around 7 percent of rental properties are open, which is low by historical standards.
READ MORE: http://www.citylab.com/housing/2015/11/there-are-plenty-of-new-apartments-being-built-just-not-affordable-ones/415401/November 12, 2015 4:23 am at 4:23 am #1101540
I assume that would go a lot further even in places like Grandview and Clintonville.November 12, 2015 8:43 am at 8:43 am #1101552
I saw some $600 apts with a pool up by Graceland Shopping Center.November 13, 2015 2:20 pm at 2:20 pm #1101878
Wow, we’ve crossed the $3k/month threshold for rent thanks to The Julian, 250 High, and The Fireproof. A testament to the demand, each of those units has been leased.November 13, 2015 2:37 pm at 2:37 pm #1101883
I saw that article and thought it was kind of silly. Rents over $3000/mo have been around for awhile.
The LeVeque Tower penthouse was available for rent for $4500/mo in 2008:
Schwartz Castle was available for rent for $5900/mo in 2008:
A quick search on Trulia for rentals over $3000/mo shows 39 results. Granted, some are multi-bedroom student-centric houses on/around campus, but others are just really nice places:
Drop the price to $2000/mo and you get 118 results, some in various suburbs too.November 13, 2015 3:26 pm at 3:26 pm #1101890
^Good points Walker… Those made the headlines though because they were seen as so unique, having more mass-produced 3k/month rentals still struck me as a bigger fete for the city’s evolution. And more importantly I hope the suburban masses and/or critics take note that there is 100% absorption downtown at higher price points.November 13, 2015 4:01 pm at 4:01 pm #1101899
As is always the case they will over build, there is not an endless supply of people in these wage ranges. That’s before considering that we are in fact in an unpresidented age of odd monetary policy whose effect is still not known. I’m amazed that for the most part in our culture it’s as if the crash never happened. Even when metric after metric says that the average American is eating a shit sandwich for years to come we have this exuberance and willingness to outlay unpresidented % of wages on housing. I just wonder (as do other folks I know in real estate) if these apartment complexs end up being crap traps after a recession of any depth.
Multi family units are the hottest trade around. (Due to a lack of ability to find returns on money anywhere else) demographics play a part in this but only to a point.November 13, 2015 5:23 pm at 5:23 pm #1101913
Wow, we’ve crossed the $3k/month threshold for rent thanks to The Julian, 250 High, and The Fireproof. A testament to the demand, each of those units has been leased.
Wait until COTA reroutes all the buses down Front Street. The price will drop again.November 13, 2015 7:46 pm at 7:46 pm #1101927
this is why folks want to build up.November 13, 2015 8:13 pm at 8:13 pm #1101928
Once a saturation point is hit and “overbuilding” truly begins happening, then rental prices will level off and even decline a little bit. Which will be good news for renters looking for more affordability.
In the meantime… Columbus continues to grow by over 25,000 people per year. There’s no “sky is falling” situation going on here. The only thing new is that there’s big growth happening in urban neighborhoods instead of having 100% of growth happening in suburbs as was the case throughout the second half of the 20th century.November 13, 2015 8:59 pm at 8:59 pm #1101935
I’m curious if any of the new complexes are taking sec8 tenants. Anyone know the answer? With the demand I doubt it….. Curious though.November 14, 2015 12:16 pm at 12:16 pm #1101977
So I wanted to ask again. Does anyone know if any of the new complexes are accepting section 8 vouchers. I’m very interested to know.November 14, 2015 12:56 pm at 12:56 pm #1101980
If it weren’t for low income housing in downtown the population would’ve been near nil when the Mayor kicked off the live downtown initiative years ago instead of around 3k. The huge towers in the Market Mohawk area and numerous apartment buildings scattered throughout downtown all contribute to that spectrum, whether dedicated or just voucher-friendly. My guess is there are more units in that demographic and price range than the high-end however the shiny new buildings get more attention.
Beyond the Columbus Metropolitan Housing Authority, private investment from National Church Residences led to two incredibly well-designed residential projects in downtown proper within the past few years, totaling 200 units. Community Housing Network just wrapped up construction on Hawthorne Grove Apartments on Rich St. as well, a 40 unit apartment project, and not to mention great infill, that took out a surface parking lot.
So that adds up to about 240 brand new low income housing units within the past couple years downtown… That’s roughly equivalent to 3 brand new North Bank Condo towers in terms of units.
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