An influx of more than 6,700 apartment units is set to the hit the Columbus, Ohio, market throughout 2025, marking the third consecutive year that this market has seen multifamily inventory growth of roughly 3%.
That’s just one piece of positive news from Marcus & Millichap‘s second quarter 2025 Columbus Multifamily Market Report.
“Columbus continues to demonstrate resilience amid elevated construction activity, with tightening vacancy and sustained rent growth reflecting the market’s strong fundamentals,” said Grant Fitzgerald, vice president and regional manager with Marcus & Millichap.
In other news, Marcus & Millichap reported that the Columbus market’s multifamily vacancy rate declined by 60 basis points year-over-year to 5% as of March of 2025. That is the lowest this rate has been since early 2023.
Effective apartment rents in the market rose to an average of $1,359 a month, supported by strong Class-B and Class-C property performances, with both classes exceeding 4% rent growth.
Suburban markets like Dublin and Reynoldsburg, Ohio, benefited from easing development and steady demand, especially for mid-market housing, Marcus & Millichap reported.
The report also said that investment demand remains firm in areas near Ohio State University and Northeast Columbus, where consistent rental demand and limited new supply continue to attract capital.
“Strong employment gains and resilient rental demand across key submarkets continue to reinforce investor confidence in Columbus’ multifamily sector,” Fitzgerald said.
