4 Things to Know About The Columbus Real Estate Market in 2018
As we push into 2018, numbers and predictions about the Columbus real estate market are being released based on surveys, studies and other reports.
Here are four things that investors should know about Columbus real estate in 2018:
#1) The Market is Expected to Do Well in 2018
The 2018 real estate forecast released by Trulia listed Columbus as one of the “10 markets on the move” for 2018. This listing is based on many measures, including job growth, property affordability, the percentage of population under 35 years old and the frequency of searches on their real estate listing.
Central Ohio was also ranked number 8, and Cincinnati ranked number 10, as markets “to keep an eye on” in 2018.
#2) New Construction is Expected to Boom
A 2018 construction forecast released by the Associated General Contractors of America indicates that the number of new projects and hiring will grow throughout the year in Ohio. 75% of construction firms nationwide said they plan on hiring in 2018, and Ohio firms expect more new multifamily projects in Columbus to be built. Increases in new multifamily properties will only be outpaced by new hospital and sewer projects.
#3) Job Growth Will Help With Property Values and Sales
Columbus beat out its job growth projections in 2017. It also outpaced the rest of the state of Ohio and the country. Economists are predicting a repeat of this strong job growth in 2018. Columbus is expected to add a total of 19,400 jobs this year, a 1.8% increase from its current job total of 1.08 million. These job increases and growth in the economy bode well for real estate prices, rent prices and the number of buyers looking to invest in or own properties.
Columbus is also on the short list of 20 U.S. cities that Amazon is considering for its second headquarters. If the metropolitan area wins the bid for the new location, Columbus can expect to see even larger job growth than expected.
#4) Population Growth and Occupancy Rates Look Strong
Columbus remains the fastest growing city in Ohio, and its occupancy rate in 2017 held steady at around 96%. It’s population grew from 860,090 in 2016 to 872,266 in 2017, and it’s expected to continue this growth in 2018. Many of the people migrating to Columbus are young and from the millennial generation, thanks to Columbus’ thriving job market, the presence of Ohio State University and the sprawling downtown area.
Find Properties Today
With more young people moving to the area, the demand for rent will definitely continue to rise throughout 2018. If you are looking for new investment and multifamily properties, contact Brown Multifamily Advisors today.