Columbus, OH Multifamily Market Report | Matthews | Q4 2025

Market Overview

Columbus delivered near-record multifamily supply through Q4 2025, but the market absorbed the pressure without a fundamental breakdown. Vacancy held at 5.7% as roughly 2,800 units were absorbed during the period, and rent growth, while decelerated from prior years, remained positive at approximately 3.7%. Units under construction declined toward 7,900 as starts pulled back, signaling the peak has passed. Investment activity responded in kind, with sales volume reaching approximately $703.6 million and cap rates settling at 6.1%. Ohio State University anchors roughly 15% of the market, and Delaware County's outsized population growth continues to generate durable demand as the pipeline thins.

About Matthews

Matthews Real Estate Investment Services is a national commercial real estate brokerage and advisory firm serving multifamily owners, investors, and developers across major U.S. markets. Their Columbus, OH Q4 2025 multifamily market report tracks vacancy, rent growth, cap rates, and sales volume to help clients assess market conditions and refine investment timing. To read the full report, click here.