Columbus seeing cheaper rent — but not by much
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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.