Zillow ranks Columbus, Ohio, as its hottest apartment market in the country, the housing data firm announced April 5. Seattle, Denver and San Jose, Calif., round out the top four.
Zillow determined its rankings by looking at the percent of new apartment units built in 2011 or earlier, the percent of new apartment units built in the last year that rented within three months and the rent appreciation of apartments over the past year.
While Columbus may not be on everyones go-to list of hot markets, this college town is clearly undergoing an apartment building boom and new units are going quickly, Zillow Chief Economist Dr. Svenja Gudell says.
Growth in apartment rents overall has been strong in Columbus. Whether they can maintain this pace of new apartment construction, or if this new supply is adequate to meet demand going forward, remains to be seen.