

Soaring costs and insufficient inventory continue to plague Columbus' housing market, but renters can feel good about one rare silver lining.
What's happening: Median rent dropped more here (5.7%) and in Cincinnati (6.8%) than in any other major U.S. city between August and September, Axios' Nathan Bomey reports.
- Nationwide, median rent fell for the first time in 2022 on a month-to-month basis between those months (2.5%).
Why it matters: The decreases nationwide are "a hopeful sign that the rental market is stabilizing" after a run of steep increases, per a new Rent.com report.
Reality check: Rent in Columbus is still 3.2% more expensive than this time last year, so don't pop the bubbly and celebrate just yet.
- Nationwide, prices were up 8.8% over the last year, however, so 3.2% might not be too bad.
Zoom in: Across Ohio, rent is up 8.1% from last year. Between August and September, month-to-month, rent didn't change.
🗳️ What we're watching: Columbus voters are considering a $1.5 billion, five-part bond issue package at the midterm polls Tuesday. One of the components is $200 million toward expanding the city's affordable housing initiatives.
- This follows a $50 million bond for affordable housing approved in 2019.
What's more: Housing activists are pushing for more affordable rental units and released the latest report detailing the problem earlier this year.
The bottom line: As a renter or buyer, there's often little to get excited about when it comes to Columbus' red-hot housing market.
- So while the Rent.com report isn't groundbreaking, we'll take what we can get.

Get more local stories in your inbox with Axios Columbus.
More Columbus stories
No stories could be found

Get a free daily digest of the most important news in your backyard with Axios Columbus.