Columbus Multiunit Residential Market Ranked 10th Nationally
A report by All Property Management http://www.allpropertymanagement.com/ , who is the largest group of property management companies in the United States, ranked Columbus and Central Ohio as the best market for landlords in the Midwest, and the 10th best in the country.
Columbus commercial real estate agents, me included, couldn’t be happier at the new level of activity and the net leased retail opportunities we’ll see in the future. The development in downtown is all mixed use so that means ground floor triple net retail.
Columbus area developers have added thousands of units over the last few years, which is driving much additional mixed use, triple net retail and restaurant space for lease in the Columbus area. We sure need it.
In spite of the new apartment supply coming online, there’s still a drop in Columbus vacancy rates into the range of 5.5%. Plus the Columbus multiunit market has seen a 25% rise in rents over the last four years and a 9.9% rise in the last year. It can’t get much better than this.
From personal experience, however, my advice to an investor, especially an out of town buyer would be to stick to class A and good class B units and complexes. Tenants here in class C buildings can be a major nightmare. If you buy class C you need to be local.
If you’re interested in becoming an owner, contact your favorite Columbus commercial Realtor or commercial real estate agent. I’m happy to help. Contact me, Scott Harris, Realtor at 614-905-6614