COLUMBUS, Ohio — It’s well known the cost of living in Columbus has increased. Both the cost of purchasing a home and the cost of renting are on the rise.
Last year, Franklin County saw record increases in property values. On average, they increased by 41%.
Rental website Zumper released its “National Rent Report” on Feb. 27. It ranks 100 cities across the U.S. based year-over-year increases and monthly rent.
When sorted by year-over-year increases for a one-bedroom apartment, Columbus and Cleveland make the top five.
- Syracuse, New York - 22.1%
- Chicago, Illinois - 20.6%
- New York, New York - 18.3%
- Columbus, Ohio - 16.5%
- Cleveland, Ohio - 15.5%
According to Zumper’s data, a one-bedroom averages $1,130 per month. A two-bedroom averages $1,330. While the price of a one-bedroom saw a significant year-over-year increase, the price of a two-bedroom apartment actually decreased slightly, down 1.5%.
Columbus city leaders are aware of the growing affordability problem. In 2022, the Columbus Housing Strategy was announced. The city invested $250 million toward affordable housing. That same plan calls for building more of all kinds of housing to try and keep up with demand.
Looking nationally, average one-bedroom rents decreased slightly by 0.7% and two-bedroom units increased by 0.7%
There were a few places where one-bedroom rent decreased. Winston-Salem, North Carolina saw the largest year-over-year decrease; the city saw average rent decreases by 19%. A one-bedroom apartment now averages about $850.
📺 10TV+ is available for free: Stay up to date on what's happening in your community with a 24/7 live stream and on demand content from 10TV — available on Roku, Amazon Fire TV and Apple TV.
📧 Subscribe to the Wake Up CBUS newsletter featuring the best stories, personally curated by members of our staff and delivered via email by 6 a.m., Monday through Friday.