|Specialty||# of Agencies|
|Single House or Condo||5|
|Home Owners Association||5|
|Total Local Companies||13|
The average rent for a 3 bedroom house in Columbus, OH is $1,098.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Columbus, OH Rental Market Overview
Increased Employment Opportunities Fuel Demand for Columbus Rentals
While job growth remains inconsistent throughout the state of Ohio, landlords and rental property owners in Columbus continue to fare better than many Midwest metropolitan areas largely due to the continuation of expansion projects by IBM, Ohio State University and the hotel and medical services sectors. According to the U.S. Bureau of Labor Statistics, unemployment in the Columbus metropolitan statistical area was 6.9% for 2013, while the national average remained at 7.9% and Ohio's state average was 8.4% for the same time period. The Marcus & Millichap 2013 National Apartment Report (NAR) ranked Columbus at 33 out of 44, eight places up from their 2012 rating. The combination of improving employment options and increased demand for older Class B/C Columbus rental properties were key considerations in their scoring. Marcus & Millichap noted that there were still distressed assets on the market, especially as some owners are forced to divest their holdings.
Entry Opportunities Come at Varying Costs
On paper distressed properties always look appealing, but older properties usually require renovations and capital infusions before these units can effectively compete with newer rentals. The 2013 NAR noted that more than 1,100 new rental units were completed in the Columbus metropolitan area last year, which is more than any amount in the past five years, and that the vacancy rate is around 5.5%, which is down from the nearly 10% in 2009, but still significantly higher than other cities that ranked higher in their report. Like any significant investment, if you're going to add rental property assets in Columbus you probably need to consider a myriad of economic factors, the sort of stuff that doesn't just show up in annual reports and indexes. What you probably need is a real estate professional with firsthand knowledge and experience in your desired markets. That's why many private landlords and small investors consult with property management companies. A Columbus property manager often oversees a group of clients with varying assets, and the experience provides significant insight into the local market. In addition to providing marketing, tenant screening and maintenance coordination, property management companies often handle real estate transactions, which is one reason why many property management companies staff full-time real estate professionals. Find out what a Columbus property management company can do for you. Review our listing of companies and then request your free information today.