Columbus Market Insight
Columbus AKA Central Ohio is the home of the Ohio State University, Columbus is the 2nd fastest-growing metro area in the Midwest It is located in the center of Ohio and is the State Capital. The Greater Columbus region is today one of the nation’s most well-balanced and stable cities. Columbus Ohio Region is a growing metropolitan area of 2.1 million people. It is the 14th largest city in the United States and the 2nd largest city in the Midwest after Chicago. Columbus spans an eight-county region with 4,000 square miles.
Columbus consistently ranks among the nation’s best places to live, work, raise a family, and earn a quality education. Ranked as one of the top 10 best big cities in the country. No. 7 best place in the country to operate a business and No. 4 for most business-friendly in the country. Columbus, Ohio has a Triple-A credit rating from all rating agencies.
Columbus has 30 Plus nationally recognized colleges and universities including THE Ohio State University. 147,000 College and graduate students are currently enrolled in the region. Sizable Student Market Is a Boon to Investors who can rent to the large population of students here.
Central Ohio residents take pride in their communities and have a small-town charm with the amenities of a large cosmopolitan city. Although Columbus sports is probably best known for The Ohio State Buckeyes, the area is home to two major league sports teams: Columbus Blue Jackets (hockey) and the Columbus Crew (soccer). They both have their own arena and stadium, respectively. It is also home to AAA’s baseball league, the Columbus Clippers, who play in the new Huntington Ballpark in the Arena District.
Any city that is losing people will typically see property values decline. According to Insight 2050, Central OH is projected to grow by more than 500,000 people by 2050! Low cost of living, excellent schools, good recreational opportunities and a healthy economy attracts and keeps residents.
There is a high demand for older, renovated homes in established, walkable neighborhoods. The limited supply of family-friendly homes in these areas is driving up their prices. However, investors should keep in mind that the Columbus market is different from New York or Chicago. Historic districts do not have properties with 100+ units.
The tax abatements offered by the City of Columbus in downtown neighborhoods is also driving the demand for multi-family properties. The city is encouraging people to buy up properties and renovate them, whether to rent out or live in themselves. The City also has landlord-friendly laws and policies such as no laws regarding pets, payment grace periods or re-keying. It is also AirBnB friendly.
The Columbus Region will continue to grow because of its innovation, well-balanced economy and its centralized location.