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.

 

[su_button url=”http://www.bizjournals.com/columbus/news/2016/07/12/columbus-rents-grew-2nd-fastest-in-nation-since.html” target=”blank” background=”#e50403″ size=”6″]Read More[/su_button]

 

BROUGHT TO YOU BY

Unmute