Study finds rent on the rise in Columbus - WTVM.com-Columbus, GA News Weather & Sports

Study finds rent on the rise in Columbus

(Source: WTVM) (Source: WTVM)
COLUMBUS, GA (WTVM) -

Local renters might be digging deeper in their pockets after a new study from housing website ABODO finds Columbus in their top-ten list of cities with the highest rising rent rates.

There were some recent expectations that our housing market would take a hit after downsizing of the Third Brigade at Fort Benning, but new research suggests the downsizing has had little effect on the rental market for now.

The ABODO study released just days ago, puts Columbus seventh in the country for rising rent rates in recent months. They've spiked nine percent, according to the study.

"The U.S. rental market saw historically low levels during the mortgage financial boom and has been steadily shifting back to the norms since that happened, so this is kind of like a boom-bust cycle," said Sam Radbil, ABODO representative.

Leaders with the Greater Columbus Chamber of Commerce say a variety of local factors could be to blame.

"We a lot of transient populations with Fort Benning, we've got millennial students, so I think the fact that we've got people going to rental type options, yet there hasn't been a lot of new construction, that pressure may be why there's a little bit of price appreciation at this point," said the Chamber's CEO Brian Anderson.

Nearby Atlanta also gained attention in the study, but ranked ninth on the opposite end of the spectrum, with a two percent decrease in rent rates.
Despite the seemingly concerning findings about rent in the Fountain City, local chamber administrators say it's most likely temporary.

"It could be a spike, it could be all type of factors that make it a moment in time, but I think if you look at the overall affordability in Columbus, there's a lot of options whether you're renting or purchasing," said Anderson.

Columbus Chamber officials also add that some places with increased demands but limited availability to expand like the Uptown region, can see the biggest price increases for rental opportunities.

You can see the full ABODO study here.

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