Columbus, OH Multifamily Market Report Q2 2026
Columbus Outgrows Its Supply Wave as One of the Nation’s Fastest-Growing Metros
Demand
Columbus’ rate of absorption is outpacing new supply. Q2 net absorption of 3,120 units ran nearly double the quarter’s 1,814 completions, pulling vacancy down 64 bps from Q1 to 4.20%, even though it is still up 30 bps from a year ago. That resilience lines up with the metro’s broader growth story: Columbus added more than 21,000 residents in 2025, one of the largest population gains of any U.S. metro and roughly double the national rate. Rent growth cooled to 1.6% YoY in Q2 from 2.3% in Q1, but the forecast points to reacceleration to 4.6% by year end as the tightest submarkets, led by North Central Columbus at 3.3% vacancy, run out of room.
Supply
Units under construction fell to 9,070, just 4.1% of inventory and the lowest share since 2020, down from a 6.3% peak in 2024, while TTM completions of 6,964 units held roughly flat with the prior year. Fundamentals point to why: citywide construction starts are projected to drop sharply in 2026 after two straight years of record deliveries, as builders pull back from an oversupplied cycle. Reynoldsburg/Far East Columbus and Gahanna/Northeast Columbus still carry the heaviest pipelines at 7.4% and 7.1% of inventory, but at the market’s current absorption pace the remaining supply clears in under three quarters.
Investment Market
Capital is moving back into Columbus ahead of the operating recovery. TTM deal volume reached $1.36B, up 12.6% YoY and the highest trailing-twelvemonth total since the 2022 peak, while Q2 volume of $365.3M jumped 32% from the same quarter last year. Pricing kept climbing even as growth cooled: price per unit hit $127,437, a new cycle high and up 1.3% YoY, while cap rates held steady near 6.31%, down slightly from 6.35% a year ago.
Buyers underwriting deals today appear to be pricing in the population and job growth story more than the current quarter’s softer rent comps. Strong economic and demographic fundamentals continue to reinforce long-term investment demand.
