Multifamily activity across Columbus is navigating a period of elevated supply pressure, with a surge of new deliveries pushing vacancy to a two-decade high even as demand remains solid. Through the first nine months of the year, net absorption reached 4,800 units, the strongest pace since 2021, yet record deliveries of 7,300 units drove vacancy up to roughly 9.7% in the third quarter, above the national benchmark.

 

Still, Columbus continues to outperform peer markets, with 12-month absorption at 2.6% of inventory. Demand is supported by strong job growth, particularly in professional and business services, and by population gains in areas like Delaware County, which captured more than a quarter of recent absorption. Although rent growth has softened amid higher vacancy, construction starts have fallen to a four-year low, positioning the market for gradual stabilization as future supply recedes.

 

Key Findings

• Despite positive absorption levels, supply continues to outpace demand, pushing Columbus’ vacancy rate to 9.7% in Q3 2025.
• Population growth in Delaware County and job gains in professional and business services continue to drive renter demand.
• Sales activity is strengthening, with $400 million in transactions through the first nine months, nearly double the prior year. Private buyers lead the market, accounting for about 60% of volume.

 

Columbus Multifamily Supply & Demand Dynamics

Source: CoStar Group, Inc.

 

Columbus Demographics

Source: CoStar Group, Inc.

• Unemployment Rate: 4.6%
• Current Population: 2,252,322
• Households: 906,290
• Median Household Income: $83,834

 

Columbus’ resilience is aided by its foundation in sectors like government, education, and healthcare. The presence of employers like Nationwide Insurance, Cardinal Health, and LBrands reinforces stability, while continuing to attract new companies to the metro. Recent investments have accelerated this momentum, most notably Intel’s $20 billion semiconductor project in New Albany and Honda’s $237 million commitment to establish Ohio as its North American hub for electric vehicle production. These initiatives are fueling job creation, expanding high-tech manufacturing, and boosting construction activity, with payrolls more than 10% above prior levels.

 

Vast job opportunities and a low cost of living make Columbus a leading Midwest metro. 

Source: CoStar Group, Inc.

 

Population, Labor Force, & Income Growth

Source: CoStar Group, Inc.

 

 Columbus Multifamily Construction

Columbus’ multifamily construction pipeline remains active, with net deliveries hitting 9,200 units in the 12 months ending Q3 2025. Development is heavily concentrated in Delaware County and Upper Arlington, each accounting for about 20% of recent additions. Delaware County, the metro’s fastest-growing area, continues to attract builders due to strong population gains and proximity to major employers. Activity also remains robust in Southern Columbus and Downtown, which together represent over a third of units underway. Although construction levels remain above pre-pandemic norms, elevated capital costs are beginning to cool development, with a sharp slowdown in deliveries expected by 2026.

 

Units Construction Starts

Source: CoStar Group, Inc.

 

Units Under Construction

Source: CoStar Group, Inc.

 

Columbus Multifamily Sales

Investment activity in Columbus strengthened notably this year, with $400 million in transactions through the first nine months, nearly double last year’s pace. Although Q3 2025 sales dipped to $87 million, quarterly volume remained 32% above year-ago levels. Private buyers have accounted for nearly 60% of activity, while institutional investors stayed selective. Owner-users have also become more active, filling gaps left by larger capital sources. Value-add strategies continue to shape acquisitions, highlighted by notable trades like Morgan Properties’ purchase of two Columbus assets and the $78 million sale of Gravity 2.0 buildings downtown. Looking ahead, elevated vacancy may temper near-term value-add opportunities, but new suburban deliveries could spur additional listings in 2026.

 

Columbus Multifamily Sales Volume

Source: CoStar Group, Inc.

 

By the Numbers

Q3 2025 | Source: CoStar Group, Inc.

• Sales Volume: $87.3M
• Price Per Unit: $142K
• Cap Rate: 6.7%
• Vacancy Rate: 9.7%
• Rent Growth: 1.4%
• Asking Rent Per Unit: $1.4K
• Under Construction: 8.9K units
• Delivered: 2.8K units
• Absorbed: 1.5K units