Columbus, Ohio has quietly emerged as one of the most compelling real estate investment markets in the country — a fact that national institutional investors have started to recognize but that many private investors have yet to fully appreciate. The window for early-mover advantage in Columbus is narrowing, but it has not yet closed.
The Columbus Economic Story
Columbus is home to The Ohio State University (the largest university in the United States by enrollment), Nationwide Insurance, JPMorgan Chase’s national technology hub, Cardinal Health, Abercrombie & Fitch, and dozens of large regional employers across financial services, healthcare, and technology. The metropolitan area has added more than 100,000 jobs over the past decade — one of the strongest growth rates among large Midwest cities.
Intel’s $20 billion semiconductor manufacturing complex under construction in New Albany (a Columbus suburb) represents the largest economic development investment in Ohio history and will add thousands of direct manufacturing jobs and tens of thousands of indirect employment positions. The ripple effects on housing demand, commercial real estate, and local infrastructure are just beginning to be felt.
The Real Estate Numbers
Columbus median home prices remain well below national averages despite strong appreciation — a sign that housing has not yet detached from local income levels. Multi-family cap rates of 5.0–5.5% compare favorably to Denver (4.0–4.5%) and Austin (4.5–5.0%) for markets with similar or inferior fundamentals. Land values in growth corridors outside Columbus remain accessible compared to comparable suburban markets in similarly-positioned metros.
RIYT’s Columbus Portfolio
Columbus is RIYT’s largest single-market concentration, representing approximately 35% of our total portfolio. We have completed 14 investments in the Columbus metro — land assemblages, single-family portfolios, multi-family value-add, and net lease commercial — and have returned positive results to investors on every completed investment in the market.