Despite a slight downtick last month, apartment rental rates have continued to rise in Columbus. According to a new report from Apartment List, the year-over-year rental rate growth in the metro area has increased by 5.6% since March of 2022.
According to the report, the median rent in Columbus is $1,040 for a one bedroom apartment and $1,253 for a two bedroom unit.
“For comparison, the median rent across the nation as a whole is $1,152 for a one bedroom and $1,320 for a two bedroom,” states the report. “The median rent in Columbus is 9.2% lower than the national average, and is similar to the prices you would find in San Antonio and Philadelphia.”
While the year-over-year growth has placed Columbus as the #16 market where rent is rising fastest, it still remains highly affordable overall. Apartment List ranks it as the #71 most expensive large city in the US based on those figures.
“The national median rent price ticked up 0.3% in February,” explained Chris Salviati, Housing Economist with Apartment List. “This signals the start of the rental market’s annual upswing, and based on historical seasonal patterns we expect prices will continue to rise for several more months. But market conditions could prevent runaway rent inflation like we saw during the busy seasons in 2021 and 2022.”
After a nearly flat year in 2020, where rents only rose in Columbus by 1.7%, two explosive years followed in 2021 (an 11.8% increase) and 2022 (a 6.2% increase).
For more information, visit www.apartmentlist.com/rent-report/oh/columbus.