COLUMBUS, Ohio — For the first time, the Building Industry Association's (BIA) popular home-building event, the Parade of Homes, is showcasing apartments.
The parade features single-family homes, condominiums, townhomes, and apartments across central Ohio.
In the past, the event has catered to home buyers, but while some are lucky enough to consider buying, renting is the only option for others.
"The housing market is in a really unusual place, and it's a very challenging place for home buyers and for renters," said Jeff Ostrowski, a Bankrate analyst.
"Mortgage rates have shot way up over the past couple of years. So, we were at super low mortgage rates back in 2020, 2021, you could get a mortgage for 3%, which is unheard of. And now mortgage rates are over 7%. They could be going to 8%.
He said the hunt can be just as tough for people who are looking to sign a lease.
"The apartment market very much favors landlords. There aren't a lot of vacancies. Rents have been going up and up and up. Rents might have finally plateaued a bit, but that's really making it tough for those renters who are trying to save for a down payment," Ostrowski said.
The 2023 "featured community" is Quarry Trails. The mixed-use neighborhood is among a natural, unmanicured Metro Park that sits on 607 acres. Quarry Trails has 293 apartments and 520 condos.
The Parade of Homes is a complimentary event; tickets are not required. Perspective buyers and renters are invited to tour nearly 60 homes through Oct. 8. The parade runs from noon to 6 p.m.