How has the pandemic affected the central Ohio region?

Question

How have my fellow buckeyes seen the coronavirus affect our market? Do you see any trends relating to our micro-economy? I want to see what everyone in the central Ohio region says about this? I spend most of my study time on houses in northern Columbus and the hocking hills region but really want to hear about Ohio as a whole.

Account Closed · Answer

@Drew Lamb

I can only speak into Northwest Ohio. While I have certainly noticed the impact with some tenants, there hasn't been anything that has stopped me, or slowed me down from continuing to grow. In fact, I just told someone the other day how grateful I was to live in a state like Ohio and not New York or California or Washington!

Peter Lohmann · Answer

Rent collection is close to normal for us.

Leasing activity has actually increased.

Remington Lyman · Answer

The only negative thing I have noticed in Columbus, Ohio is rentals near the university

Robert Ellis · Answer

In terms of inventory we are at record lows still. 1.5 months supply for single family in columbus and 2.8 months supply for multifamily in columbus. still a strong sellers market. i don't think we will see the impact, if any until the fall when forbearance is over and banks can start foreclosures again.

Ryan Mainwaring · Answer

What impact have you seen on rentals near Ohio state?

Airbnb has been hit pretty hard in Columbus but occupancy is still around 40% which I hear is better than hotels.  My long term rentals have felt no impact.  Real estate typically lags the economy by a quarter or so and with the quantitative easing the government is doing aka printing money the real impact of covid19 has not been felt yet.

Zeke Liston · Answer

There was a time where I noticed the market slowing down a bit but I would say it's pretty close to, if not completely, back to normal. I am currently in contract on 4 doors in Columbus @Drew Lamb!

Remington Lyman · Answer

It is just taking longer to rent up my long term rentals and I am having to lower the prices.

Ryan Mainwaring · Answer

We are 70% as well with our property manager but with 50% reduced pricing to what we usually get this time of year.  The 40% number is Columbus market as whole, I should have clarified that.

Drew Lamb · Answer

@Remington Lyman yeah those houses near the university can get pretty expensive. Having them vacant or having to drop rent prices would be a killer!

Reece Iovine · Answer

I own one campus rental and a few in neighborhoods surrounding downtown. I have seen no impact to my college rental. It leased up very quickly this year with multiple interested groups. However I only own 1 campus rental so small sample size.

I own B&C rentals and still am receiving a lot of interest on re-leasing. So far so good, but could still see a pull back in the coming quarters...

How has the pandemic affected the central Ohio region?

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