Employers in Columbus are adding to their work forces. This has led to a growing number of households in the Columbus, Ohio, market.
And when the number of households increases? That inspires developers to add apartment units to an area, which is exactly what’s happening in Columbus today, according to the latest research from Marcus & Millichap.
According to Marcus & Millichap’s third-quarter multifamily research report, developers will complete 2,600 new apartment units in the Columbus area by the time 2106 ends. Developers already completed 1,100 units in the first two quarters of the year.
This follows a year in which developers added 2,900 apartment units to the Columbus market.
Despite the new units, Marcus & Millichap predicts that the multifamily vacancy rate in the Columbus area will drop 30 bases points by the time 2016 ends, hitting 4.2 percent.
The main reason for Columbus’ multifamily boom remains the area’s steadily improving unemployment rate. Marcus & Millichap reports that employers will boost jobs in the metro area by 15,000 in 2016. That’s an increase of 1.4 percent from last year. In 2015, employers in the Columbus area added 20,200 jobs.