Apartments have been flying up all over town to keep up with the masses flocking to Columbus to rent. But finally, we may be approaching a point where there are more apartments than tenants.
This era is suggested in market analysis by Colliers International Group Inc. The analysis used data from MPF Research to reveal a recent shift in the Columbus housing trend.
In 2017, there is a demand for 3,908 units however, 5,286 new apartments are expected to pop up online. In the past three years, an average of 3,328 units were posted online when the demand exceeded that at 3,601. In other words, this is the first year in a while when supply outweighs demand.
It’s great that everyone has a place to live and we even have a cushion in case our population balloons for some reason. And new high-end complexes shouldn’t be concerned about vacancies. While they may take a bit longer to occupy, Millennials and empty nesters are expected to fill the voids.