According to a new report from Apartment List, the Columbus region permitted the construction of 6,673 new apartment units and 5,616 new single family homes in 2022, which ranks it as the 19th most active metro area for housing development in the US.
That number may not be enough to ease the supply and demand curve, given that the Columbus region has grown by an average of over 26,000 new residents per year for the past two decades, with no signs of slowing down.
“Today’s high interest rate environment has slowed single-family home construction, but apartment construction remains strong,” explained Rob Warnock, senior research associate at Apartment List. “Today there are nearly one million apartments under construction across the nation, more than at any point since 1970.”
Of the new permits in Central Ohio, approximately 50 percent of them are located within the City of Columbus while the other 50 percent are spread throughout the regions suburbs and exurbs.
“Across the nation’s 50 largest metros as a whole, there is a clear trend, on average, of core cities accounting for a greater share of new permitting since the Great Recession,” stated Warnock. “From 1990 to 2009, 20 percent of all permits issued in the top 50 metros were in the core cities of those metros; from 2010 to 2022, that share has jumped to 29 percent.”
With the Columbus metro area expected to surpass 3.15 million residents by 2050, the amount of new apartment and housing construction will have to continue to grow in volume to accomodate over 30,000 new residents per year.
To view the full report, visit www.apartmentlist.com/research/.