Columbus expecting a sharp decline in apartment construction, study says

COLUMBUS, Ohio ( WCMH ) – While apartment construction is set to reach a record high nationwide this year, data shows Columbus did not rank among the cities with the most new units and is expected to experience a slowdown.

Apartment builders are on track to deliver 518,108 rental units across the United States by the end of 2024 – the most in a single year on record, according to an analysis by apartment search site RentCafe. This number marks a 9% increase compared with 2023 and a 30% jump from 2022.

RentCafe projects 4,212 units will be completed in the Columbus metropolitan area by the end of the year, surpassing Cincinnati, Cleveland, and Kansas City, Missouri. However, Columbus did not place among the top metros for new apartments in 2024, ranking at No. 28. The cities seeing the most new apartment units this year include New York, expecting 32,935 new units; Dallas (32,932); Austin, Texas (21,506); Phoenix (20,242), and Atlanta (18,520).

Columbus is expecting to see a large decrease in construction through 2028, according to RentCafe. The city is projected to see 19,593 new rentals from 2024 to 2028 compared with 24,825 from 2019 to 2024: a decrease of 5,232 units.

Also experiencing notable decreases are Houston, Texas, with a 28,187-unit decline, Minneapolis, Minnesota (minus-28,187), Dallas, Texas (minus-20,240), Atlanta, Georgia (minus-16,356) and Seattle (minus-14,993).

While 52% of the 369 metros analyzed are expected to experience a slowdown in construction during the next five years, a small Ohio town is anticipating a surge. The Youngstown metro is expected to see 6,449 new units within the next five years – an increase of 6,258 units – compared with 191 from 2019 through 2023.

Other cities expecting to see a large increase in apartments include New York, with an increase of 34,120 units; Phoenix (11,233); Raleigh, North Carolina (11,174); Charlotte, North Carolina (9,843), and Nashville, Tennessee (8,102).

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