Columbus rent up more than 20%, report finds

COLUMBUS, Ohio (WCMH) -- Columbus rent is up more than 20% since this time last year, according to a national rent report.

Columbus is ranked 73rd as the most expensive rental market in the U.S. in October, according to a report from the national rental platform Zumper. Compared with 2021, the price of a one-bedroom in Columbus is up 21.6% at $1,090 with the price of a two-bedroom up 18.2% at $1,300.

New York takes first place with a median of $3,790 for a one-bedroom, while Boston is second with $3,000, San Francisco third also with $3,000, Miami fourth with $2,660 and San Jose, California, fifth with $2,540.

In Ohio, Cleveland is ranked 57th at $1,250 for a one-bedroom. Cincinnati is ranked 81st at $1,000 and Akron ranked at 100 with $690.

Although up from last year, rent prices are continuing to decrease across the nation after reaching a peak in April, the report said. Nationally, the median price for a one-bedroom is flat over last month and the two-bedroom median fell 0.4%.

“We’re seeing pandemic trends begin to unwind, and unwind quickly, as renters hunker down in anticipation of a recession,” Zumper CEO Anthemos Georgiades said in a release.

Georgiades said the market experienced an unprecedented rise in rent prices driven by the economy, low interest rates and a spike in demand after vaccines for COVID-19 began to roll out. Now, with inflation and higher interest rates, Georgiades said Americans are reluctant to make major economic decisions.

In the housing market, Columbus Realtors found the average sales price for a home in October was $327,768, dropping more than $3,500 from $331,287 in September. The shift represents a four-month decrease since the market hit this year's peak in June at $354,380.

The shifts in the market come after inflation led to increased mortgage rates, with the Federal Reserve boosting rates for the fourth time this year. The Columbus market is also ranked among the top 10 U.S. cities where homes sell the fastest.