If someone were to ask what the hottest apartment markets in the country were, the usual suspects would probably jump to mind: Portland, Seattle, Denver, Austin, and Dallas. And you wouldn’t be completely wrong in thinking about these cities. But here is something you might not expect; none of those cities are number one on the list. You might say, That’s because San Francisco is obviously at the top. Not this time. The hottest apartment market in the U.S. is not located in San Francisco, or California, or even the West. The hottest apartment market in the country is Columbus, Ohio.
That’s right, according to Zillow, the capital of Ohio is building and renting apartments faster than anywhere else in the country. In creating the list, Zillow looked at the share of rental apartments built in 2011 or after, the share of apartments built within the last year that rented within three months of construction, and rent appreciation of apartments over the past year.
Columbus is seeing 77 percent of its new apartment units being rented within 3 months of construction and has seen rent appreciate 6.0 percent over the past year. Las Vegas, which is number 10 on the list, is the only city where more apartments are being rented within three months of completion, as 80 percent are filled within that time period. San Jose experienced the largest rent appreciation of the cities on the list with an 8.8 percent increase.
Other cities on the list include Tampa, Orlando, and Phoenix. For the full list and the breakdown of the statistics, follow the link below.