It’s no secret that rising interest rates and low home inventory have challenged Central Ohio home buyers. Another barrier to home ownership is the rising cost of rent. Since 2016, average rents in Ohio have increased by more than 50%.
Despite this, Central Ohio remains a relatively affordable place to live, compared to other major metros in the country. During 2022, the monthly rent on a 2-bedroom apartment in Central Ohio was $1,295. Nationwide, the average monthly rent on a 2-bedroom apartment was $2,105, according to Rent.com.
Like all real estate, the rental market is highly nuanced, with rents varying widely depending on the neighborhood, apartment size, amenities and so on. Affordable rents can still be found in the Columbus Metro – but you have to look harder for them. For those who have less-than-perfect credit, it can be difficult to obtain housing, especially when there are multiple applicants for the same apartment.
Central Ohio’s population growth will keep pressure on the rental market. The Mid-Ohio Regional Planning Commission shows Columbus as the only Midwest city to add over 100,000 residents in the last decade. It is estimated that the region’s population will triple by 2050.
Central Ohio’s population growth is supported by robust economic development, something that any area would be envious to have. It has been difficult for new housing development to keep up, and these growing pains do not have a simple solution.
In the meantime, Central Ohio tenants must juggle rising rents with other increased expenses. They must also find the means to save for a down payment, and control debt levels, if they aspire to become home buyers.
There is help available through Ohio housing programs. Franklin County renters who need assistance can find resources at Rentful614.com. If you are a home buyer looking for down payment assistance and financing options, we list resources in our free e-book, “How to Buy a Home like a Pro!” You can download it right now without any cost or obligation.
As Exclusive Buyer’s Brokers, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax