{"id":7867,"date":"2024-05-08T08:21:00","date_gmt":"2024-05-08T08:21:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7867"},"modified":"2024-10-17T08:30:00","modified_gmt":"2024-10-17T08:30:00","slug":"columbus-multifamily-market-report-april-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/columbus-multifamily-market-report-april-2024\/","title":{"rendered":"Columbus Multifamily Market Report \u2013 April 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/columbus-multifamily-market-report\/\">Columbus Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Market Performs Despite Ebbs and Flows<\/h2>\n<p>The metro&#8217;s multifamily market showed a glimpse of resilience amid a fluctuating performance, according to the latest Yardi Matrix Columbus multifamily market report. Rents recorded a modest 0.2% uptick on a trailing three-month basis through February. Meanwhile, the national rate of growth remained in negative territory. Columbus rents grew to $1,270, clocking in significantly below the $1,713 national figure as of February, as reported in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily outlook<\/strong><\/a>. Only the metro\u2019s priciest submarket surpassed the U.S. average. And while occupancy in stabilized assets dropped 70 basis points over 12 months, it still recorded a relatively healthy 94.5% in February.<\/p>\n<p><iframe id=\"datawrapper-chart-BSVQp\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Columbus vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/BSVQp\/1\/\" height=\"405\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Columbus job growth continued its slowdown, at just 0.6% in 2023. The pace fell significantly below the U.S. average, with a loss of 6,500 jobs in trade, transportation and utilities, which weighed down the overall performance. Meanwhile, the December 2023 jobless figure was the lowest in more than a decade, according to preliminary data from the Bureau of Labor Statistics. At 2.7%, it was well below the national average of 3.7%. Columbus\u2019 diversifying economy is boosting construction activity across the metro. Projects include OhioHealth Corp.\u2019s $400 million expansion of Grant Medical Center. The Central Ohio Transit Authority also recently received $42 million to build a 9-mile bus rapid transit system along West Broad Street.<\/p>\n<p><iframe id=\"datawrapper-chart-771uF\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cleveland Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/771uF\/1\/\" height=\"423\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Mirroring the national trend, investment activity remained tepid in Columbus. In the first two months of the year, only two sizable multifamily transactions were recorded, for a total of $70 million.<\/p>\n<p>Read the full Yardi Matrix Columbus Multifamily Market Report: <a href=\"\/publications\/download\/file\/5488-MatrixMultifamilyColumbusReport-April2024\" rel=\"\"><strong>April 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Market Performs Despite Ebbs and Flows The metro&#8217;s multifamily market showed a glimpse of resilience amid a fluctuating performance, according to the latest Yardi Matrix Columbus multifamily market report. Rents recorded a modest 0.2% uptick on a trailing three-month basis through February. Meanwhile, the national rate of growth remained in negative territory. Columbus rents grew [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[3,511],"class_list":["post-7867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-columbus","tag-multifamily-outlook-2024"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Columbus Multifamily Market Report \u2013 April 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"While national rents continued their slide, Columbus rates rose by 0.2 percent on a T3 basis through February, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" 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