Apartment Booms Continue In Columbus, Should Homeowners Be Worried?

Monday March 16, 2015 6:42 PM UPDATED: Monday March 16, 2015 6:49 PM

Though spring has not yet arrived, everywhere you go, it seems you'll see construction - especially apartments. One expert says it's in response to changing lifestyles, a change that may create a new problem.

A giant crane cuts a huge arc across the sky above Grandview. Men are busy building below it. The new apartments are rising skyward.

The greater Columbus building boom began as the recession ended in 2012.

"I think it's good," commented local resident Harry Harbin. "There's a lot of people moving to Columbus."

Three years and 5,000 apartments later, the construction shows no sign of letting up.

"It's actually accelerating," said Rob Vogt, a partner in Vogt Santer Insights, a company that specializes in real estate feasibility studies. "We see close to 5,000-6,000 units right now in the pipeline. That will probably have a huge impact on the Central Ohio housing market in the coming couple of years."

Vogt said much of the thirst for new rental housing is driven by the millennial generation. He said many twenty-something residents have too much college debt to qualify for a home loan. Others currently have no interest in home ownership.

"These are folks who aren't getting married, they're not getting into relationships, they're staying single longer," he explained.

He said they also love the idea of walking to work, restaurants, and entertainment.

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Apartment Booms Continue In Columbus, Should Homeowners Be Worried?