Columbus’ multifamily market softened in Q4 2025 as a historic wave of new supply continued to outpace demand, pushing vacancy to 9.9%, its highest level in more than two decades and roughly 150 basis points above the national average. Rent performance weakened alongside rising availability, with average asking rents around $1.4K per unit and quarterly rent growth effectively flat at approximately 0.4%, marking a sharp deceleration from prior years. Elevated vacancy has been driven largely by a surge in mid-priced, Class B deliveries, concentrated in suburban submarkets such as Delaware County, which has increased competitive pressure and expanded the use of concessions.

 

While fundamentals remain challenged near term, the slowing construction pipeline and a sharp expected decline in deliveries in 2026 point to improved balance over the longer term.

 

Key Findings

• The metro’s vacancy is pushed to a two-decade high following a wave of newly delivered units, despite nationally-outperforming demand.
• Net absorption for the year reached its highest total since the 2021 record, meanwhile net delivered saw a 41% increase over the prior year.
• Delaware County has sparked mover interest, leading the state in population growth while accounting for 20% of 12-month deliveries and 26% of the market’s net absorption. The county’s proximity to the job force is the driving force behind the growth in population.

 

Columbus Multifamily Supply & Demand Dynamics

Source: CoStar Group, Inc.

 

Columbus Demographics

Source: CoStar Group, Inc.

• Unemployment Rate: 4.6%
• Current Population: 2,254,225
• Households: 907,429
• Median Household Income: $84,105

 

Columbus is Ohio’s state capital and the largest city in the state. The metro spans ten counties and houses roughly 2.2 million residents as of 2025, making it one of the region’s fastest-growing markets. Population growth continues to outpace state, regional, and national averages, driven by strong job creation and business expansion, particularly in Delaware County and other high-growth suburban markets. The economy is highly diversified, supported by stable, non-cyclical sectors such as government, education, and healthcare, alongside financial services, insurance, logistics, and advanced manufacturing. Columbus’ strategic location and robust infrastructure have positioned it as a national logistics hub and a magnet for large-scale investment. Most recently highlighted by Intel’s $20 billion semiconductor campus, Honda’s EV battery investment, and Anduril’s planned defense manufacturing facility, reinforcing the region’s long-term economic resilience and growth outlook.

 

Top Employers in Columbus, OH

Source: CoStar Group, Inc,

• Ohio State University
• OhioHealth
• Nationwide
• Cardinal Health

 

Population, Labor Force, & Income Growth

Source: CoStar Group, Inc.

 

Columbus Multifamily Construction

Multifamily construction activity in Columbus remains elevated but is clearly moderating following several years of record development. Net deliveries reached a new high of approximately 9,100 units over the last 12 months, a 26% increase year over year, contributing to near-term supply pressure. Despite this surge, the number of units under construction has fallen to roughly 10,000 units. This is still well above the national benchmark of 2.7%, but marks a five-year low for the market. Development has been highly concentrated, with Delaware County and Upper Arlington each accounting for about 20% of recent deliveries. Elevated financing costs and a softening demand outlook are curbing new starts, and with a sharp pullback in deliveries expected in 2026, construction activity is poised to retreat from recent highs and gradually ease supply pressures across the market.

 

Units Construction Starts

Source: CoStar Group, Inc.

 

Units Under Construction

Source: CoStar Group, Inc.

 

Columbus Multifamily Sales

Multifamily investment activity in Columbus strengthened in 2025 despite softer operating fundamentals, with transaction volume through the first nine months reaching approximately $400 million, nearly double the prior year. Private buyers continue to drive the market, accounting for nearly 60% of sales over the past 12 months, as institutional investors remain selective and owner-users play a growing role in deal flow. Investment has largely targeted value-add and recently delivered assets, with notable transactions including Morgan Properties’ acquisitions at Easton and Central Park Apartments and the sale of downtown’s Gravity 2.0 Phase II assets. Pricing and cap rates vary widely by submarket and asset quality, with smaller Class B assets trading at higher yields east of Columbus, while assets near Ohio State University command cap rates 200 to 300 basis points lower.

 

Looking ahead, elevated vacancy may temper near-term value-add strategies, though new deliveries in high-growth suburban areas are expected to create renewed sales opportunities in 2026.

 

Columbus Multifamily Sales Volume

Source: CoStar Group, Inc.

 

By the Numbers

Q4 2025 | Source: CoStar Group, Inc.

• Sales Volume: $155M
• Price Per Unit: $143K
• Cap Rate: 6.7%
• Vacancy Rate: 9.9%
• Rent Growth: (0.1%)
• Asking Rent Per Unit: $1.4K
• Units Under Construction: 10K
• Units Delivered: 2K
• Units Absorbed: 1.2K