As fast as builders can put up new apartment buildings in Columbus, Ohio, renters are snapping them up. Zillow set out to find out which U.S. apartment markets are most competitive - where prices are rising and new units fly off the market. The Ohio state capital and college town topped our list.
To compile the list, Zillow looked at the share of rental apartments built in 2011 or after, the percent of new apartment units built in the last year that rented within three months of being built, and the rent appreciation of apartments over the past year. The Zillow economics team then crunched the numbers and found Columbus on top, followed by Seattle, with Denver and San Jose tied for third.
Apartment rents in the Columbus metro are up six percent over the past year, outpacing rents in much larger markets like Phoenix and Dallas. Columbus rental growth is also not too far behind popular rental markets like Seattle and Denver.
"While Columbus may not be on everyone's go-to list of hot markets, this college town is clearly undergoing an apartment building boom, and new units are going quickly," said Zillow Chief Economist Svenja Gudell. "Growth in apartment rents overall has been strong in Columbus. Whether they can maintain this pace of new apartment construction, or if this new supply is adequate to meet demand going forward, remains to be seen. But for now, Columbus has earned its top-ranking as an apartment hot spot."
| Ranking | Metro | New Apartments[i] as a % of Total Rentals | % of New Apartment Units[ii] Rented within 3 months | Apartment Rent Appreciation Over the Past Year |
| #1 | Columbus, OH | 5.0% | 77% | 6.0% |
| #2 | Seattle, WA | 3.9% | 69% | 6.2% |
| #3 (tie) | Denver, CO | 2.9% | 69% | 6.9% |
| #3 (tie) | San Jose, CA | 3.1% | 66% | 8.8% |
| #4 | Portland, OR | 1.7% | 72% | 8.6% |
| #5 | Tampa, FL | 2.8% | 72% | 4.4% |
| #6 | Orlando, FL | 2.1% | 69% | 6.5% |
| #7 | Phoenix, AZ | 1.7% | 71% | 5.5% |
| #8 | Austin, TX | 3.6% | 63% | 3.7% |
| #9 | Dallas, TX | 3.3% | 65% | 3.4% |
| #10 | Las Vegas, NV | 1.6% | 80% | 3.7% |
For more about the methodology used in this analysis, check out the Zillow Research post.
[i] New apartments built in 2011 or later.
[ii] New apartment units built within the past year.
via Zillow Porchlight | Real Estate News, Advice and Inspiration http://ift.tt/238slqS
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