Columbus, OH Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

‍
Columbus delivered a record 9,480 multifamily units in 2025, driving vacancy to a market high of 10.6%, up 140 basis points year-over-year. Yet demand matched the supply moment: net absorption totaled 5,844 units, the second-highest annual figure on record behind only 2021. Delaware County led both deliveries and absorption at 1,520 units each, illustrating how tightly supply and demand are moving together in the metro's outer submarkets. Effective rent held largely steady at $1,346 per unit, maintaining a range at or above $1,325 for eight consecutive quarters. With more than 11,000 units still under construction and 12,500 proposed, the pipeline remains active, and further vacancy pressure is possible if absorption moderates. Columbus's ranking as the seventh most livable U.S. metro in 2025 and a household growth rate of 1.0% provide a durable demand foundation as the market works through its most significant supply cycle in recent history.

‍About Cushman & Wakefield

‍
Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Columbus Q4 2025 multifamily MarketBeat covers vacancy, effective rents, net absorption, and construction activity across 26 submarkets to help owners and investors assess Greater Columbus market conditions. To read the full report, click here.