Columbus and Central Ohio Multifamily Update

Columbus and Central Ohio Multifamily Update – Vacancy Rate Falling

Posted October 16, 2012

In Apartments, Columbus, Commercial, Ohio

Reis Reports announced that the 126,022 unit Columbus / Central Ohio multifamily market vacancy rate had fallen to 6.1 percent by the end of the second quarter 2012, which is the latest quarter we have numbers for. That’s down 30 basis points over the prior quarter and down a whopping 190 points from second quarter 2011. Given that the vacancy figure above was the end of the second quarter, we’re probably down in the high 5 percent range now.

Reis also forecasts that new construction between 2012 and 2016 at over 6,000 units, but net absorption at 8,524 units over the same time period will push vacancy down to 5 percent.

Rents are also on the rise with a 1 to 1.2 percent increase over the quarter and 2.6 to 3.4 percent over the next year.

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