Columbus’ shocking rise: rent growth second in nation
One unpleasant side effect of being named the hottest apartment scene in the nation: the rent is too damn high.
According to a new report released by apartment-finding service Adobo.com, the average rent in Columbus went up 13 percent from June to July.
Let that sink in for a second: 13 percent in one month.
That means that an average one-bedroom apartment would have cost you $761 per month in June, and in July it would have cost you $857 per month.
Adobo attributes the skyrocketing rents to a shrinking vacancy rate–6.6 percent in 2016 compared with 7.4 percent in 2015. Fewer available apartments means higher prices for the ones on the market.
Furthermore, a spokesman for Adobo said the high number of millennials in Columbus would rather rent than own a house, driving up demand for apartments.
The city with the fastest rent growth in the country was Milwaukee, with a 15 percent rent growth.
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