Market Highlights
Located in Central Ohio, Columbus is a key contributor to the state’s economy. The city is perhaps most well-known for being the home to The Ohio State University, the largest university in the state, but Columbus also touts a highly-diversified economy and educated workforce which has led to recent and rapid population growth.
Columbus Economy
The major industries in Columbus include:
- Automotive and Mobility – Regional economic output of $2.7 billion annually; 650,000 cars produced annually; home of Honda’s 4 million SF plant
- Fashion and Retail – Columbus ranks 4th among large U.S. cities for concentration of retail headquarters, highlighted by Abercrombie & Fitch, Bath & Body Works, and Victoria’s Secret
- Finance and Fintech – JPMorgan Chase is the region’s largest employer
- Food and Beverage – Notable brands include G&J Pepsi, Anheuser-Busch, and Mars
- Insurance and Insurtech – Insurance giant Nationwide is headquartered in Columbus
- Life Sciences – Ohio State University ranks in the Top 10 nationally for relevant doctorate completions
- Semiconductor Supply Chain – this sector sprang on the economic scene with Intel’s 2022 announcement of a $20 billion computer chip plant
Columbus Population
The Columbus, OH MSA has a current population of 2,180,271, with Franklin County accounting for over 60% of the population. Union County (10.39% growth, 2020-23), Delaware County (7.65% growth, 2020-23), and Pickaway County (4.14% growth, 2020-23) are the 3 fastest-growing counties. In fact, according to the Bank of America Institute, Columbus is the fastest growing city in the country, citing 1.1% population growth in the 2nd half of 2023 alone which is more than any other U.S. city.
The Columbus-Marion-Zanesville, OH CSA includes an additional 8 counties and adds an additional population of 466,646.
Columbus, OH Multifamily Analysis
Columbus is among the Top 5 markets in the country for multifamily rent growth, with a very strong 3.1% rent growth over the past 12 months bringing average rents in the MSA to $1,303. A record-breaking 8,600+ units were added to the market in 2023, while 2024 deliveries are anticipated to be roughly 5,500 units. Multifamily vacancy tightened for the first time in 2 years in Q1 of 2024 and is currently sitting at 7.7%.
The MSA is home to 1,195 multifamily communities of 50+ units and a total inventory of 213,732 units, with over 50% of the apartment market consolidated in the Northeast Columbus, Upper Arlington, and Dublin/Hilliard submarkets:
