Big Lots, Nationwide Mutual Insurance, and Cardinal Health. Ohio State University, one of the largest universities in the nation is located here, and Wendy’s and White Castle have their corporate headquarters in the metro area.
Employment is expanding in the region, with the second quarter adding 16,300 positions, 10,800 of which came from the education and health services sector. These additional positions are pushing up the home prices in the area. In fact, home prices have increased to an average of $175,300, which is an increase of 45% from their low during first quarter of 2010. These higher prices are pushing the demand into rentals, which are also at the highest they have been in the last year at $1,265 per month as the average price. Some investors are finding that the high prices and competitive rents make for favorable investments.
Although the increased home prices, job growth, and renter demand are all positive indicators for investors, home prices aren’t at the peak levels they were at back in 2013. This means there is still plenty of upside market to capture, without heavy competition from investors. With gross rental yields generally around 11% in the metro, and some properties even seeing a higher yield, many investors are excited the opportunity for profits in Columbus.
Would you like to learn more about the investment potential in Columbus? HomeUnion®’s research services team has created a detailed report looking at a wide variety of local market indicators.