Lease price per square foot averages by zip code for Columbus

Lease price per square foot averages by zip code for Columbus

Robert EllisBusiness Member
Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes

I thought everyone might find this useful. Instead of going to rentometer or going on craigslist, or zillow, our real estate team uses a spreadsheet we created for analyzing potential rents. We analyzed over 1300 signed leases in 48 different zip codes to put these numbers together. There is something called "Rental Comparables" in Columbus for your units. We have zip code and Lease price per square foot. 

For example, if I had a 855 square foot townhome that leased for $1300 per month, that would be $1300 / 855 sq ft = $1.52 / square foot lease price. If I had a 1200 square foot unit, I could multiply the $1.52 * 1200 to get $1824 per month target rent. Basements, garages, bedrooms, townhome vs flat are other things that can make a difference, but we use this to analyze deals and I'm sure a lot of you could get some great use out of it. Here are all of the zip codes we've analyzed in Central Ohio / Columbus area. This is based on leases from the trailing 6 months. Sorted from highest to lowest Lease Price Per Sq Ft. 

These can be used to estimate rental amounts, see if your unit rentals are above or below the average market rent per square foot. Please understand this is a huge average of many leases for every zip code, but I am sure you all can find use of it. 

Zip CodeLease Price Per Sq Ft
43215$1.55
43214$1.21
43201$1.18
43212$1.09
43209$1.01
43221$1.00
43017$1.00
43085$0.99
43074$0.97
43202$0.97
43240$0.97
43035$0.96
43206$0.95
43054$0.94
43065$0.94
43016$0.93
43026$0.91
43082$0.88
43220$0.88
43235$0.88
43230$0.87
43064$0.87
43015$0.85
43081$0.84
43004$0.82
43119$0.82
43123$0.81
43130$0.80
43228$0.80
43224$0.80
43068$0.79
43040$0.79
43231$0.79
43229$0.79
43110$0.78
43147$0.77
43062$0.77
43207$0.74
43232$0.74
43125$0.74
43021$0.72
43213$0.70
43055$0.68
43204$0.65
43227$0.65
43203$0.64
43205$0.62
43223$0.61
14Reply
120 views

Most Popular Reply

Investor · Walnut Creek, CA · Member since 2016 · 5 posts · 5 votes
9y

Can't wait to play around with this. Thanks, Rob!

See this reply in the discussion

22 Replies

Jump to latestLatest
  • Concord, NC · Member since 2016 · 62 posts · 20 votes
    9y

    very cool! what a great resource, rob! thanks so much.  it'll be fun to see the discussion this creates as well.

  • Investor · Walnut Creek, CA · Member since 2016 · 5 posts · 5 votes
    9y

    Can't wait to play around with this. Thanks, Rob!

  • Investor · Columbus, OH · Member since 2013 · 47 posts · 85 votes
    9y

    Rob,, thanks for the great information. Would you say this translates over to larger multifamily?

  • Robert EllisBusiness Member
    OP
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    9y
    Originally posted by @Steve S.:

    Rob,, thanks for the great information. Would you say this translates over to larger multifamily?

     i would say it's a great starting point. if it's a specific building i'd be happy to give some advice. 

  • Wooster, OH · Member since 2016 · 38 posts · 19 votes
    9y

    Very useful reference!  Thank you Rob.

  • Flipper/Rehabber · Columbus, OH · Member since 2014 · 161 posts · 116 votes
    9y

    Rob- this is great. The one I'd probably the challenge the most is 43205 (Old Town East). I am seeing rent there for closer to $1/sq ft for rehabbed houses. 

    Any insight into 43211 (North Linden)? I have 2 properties there and I'm seeing about $.90 a sq ft. Granted, it's a much lower quality tenant pool. 

  • Robert EllisBusiness Member
    OP
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    9y
    Originally posted by @Brad Clarizio:

    Rob- this is great. The one I'd probably the challenge the most is 43205 (Old Town East). I am seeing rent there for closer to $1/sq ft for rehabbed houses. 

    Any insight into 43211 (North Linden)? I have 2 properties there and I'm seeing about $.90 a sq ft. Granted, it's a much lower quality tenant pool. 

     Brad, perhaps. I just reran again for that area in olde towne in near east columbus and i'm getting $0.71. Here are the properties and lease price per sq ft for each. Only 1 is above $1. Remember these are averages and a some are SFRs over 2000 sq ft. A lot are incorrect, like 30 miami is a huge single family chopped up into smaller units and the 1 bed leased for that much. 240 18th were both 1/2 duplexes of 2500 sq ft, so that's over $1 per square foot.  These are just quick averages. 

    Address Lease Price / sq ft
    240 18th Street $0.45
    244 18TH Street $1.68
    30 Miami Avenue $0.16
    1645 OAK Street $0.92
    997 Oak Street $0.57
    133 Monroe Avenue $0.88
    1824 Rich Street $0.53
    848 Franklin Avenue $0.52
    1182 Bryden Road $0.71

    43211 i ran again and I got an average of $0.81 per square foot. There were relatively small single family homes (5 only). 

    Address Lease Price / sq ft
    1578 Blake Avenue 0.930059524
    1170 26th Avenue 0.688863375
    2266 Gerbert Road 0.737463127
    1178 26th Avenue 0.647058824
    1582 Blake Avenue 1.078869048
  • Flipper/Rehabber · Columbus, OH · Member since 2014 · 161 posts · 116 votes
    9y

    Definitely good information. Perhaps OTE is truly on the up and up and rents are still low, but purchasing completed houses is high. 

    My properties in North Linden are 800 sq ft ($675 a month) and 700 sq ft ($650 a month). I can send you addresses if you'd like (or auditor site of course). 

  • Robert EllisBusiness Member
    OP
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    9y

    @Brad Clarizio  675/800 would be $0.84 per square foot and the other is $0.93 lease price per square foot so you are doing pretty good. no need for the addresses. just for informational purposes. I use these numbers every day when analyzing properties. 

  • Flipper/Rehabber · Columbus, OH · Member since 2014 · 161 posts · 116 votes
    9y

    I find that having them in fully renovated shape pulls the extra numbers. In a house so small, I can redo the entire thing for under 10k. I bought both under 12k 5 years ago and have rented them every month since for those prices. Both I'm in under 20k.

    Thanks again for the useful data. Your team seems to be doing great work. 

  • Columbus, OH · Member since 2015 · 11 posts · 3 votes
    9y

    @Robert Ellis Does this work for duplex or triplex properties?

  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    9y

    Fallacious assumption is pricing is linear AND has no consideration for amenities or local conditions.

  • Investor · Bentonville, AR · Member since 2014 · 759 posts · 379 votes
    9y

    @Jeff B. Little harsh...I think he realizes that this isn't the end all be all. Don't you think showing it by zip code does have some consideration for local conditions?

    @Robert Ellis Cool information, have no desire to invest in Columbus but nice of you to put that out there for others.

  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    9y
    Originally posted by @Zach Quick:

    @Jeff B. Little harsh...I think he realizes that this isn't the end all be all. Don't you think showing it by zip code does have some consideration for local conditions?


     Take my zip code and two MFUs on the same street - - I have lockable garages and the other doesn't - - in fact, none of them in the area do.  Pricing per sqft is a gross over simplification.  Using it as a "first order approximation" might lead to fishing in a good pond however.

  • Robert EllisBusiness Member
    OP
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    9y

    @Jeff B. that's all it's meant for. Informational only. 

  • Property Manager · Columbus, OH · Member since 2012 · 309 posts · 275 votes
    9y

    Robert, thanks for sharing this data. Out of curiosity, how far back in time does your data go? Ie, are these all leases from 2013 onward, or what. That might be interesting to know as some of these neighborhoods are rapidly appreciating, while others are flatlined or worse.

  • Columbus, OH · Member since 2017 · 8 posts · 3 votes
    9y

    Wow Robert! This is great info, I was actually thinking of putting something together like this when looking at a deal and quickly just by the zip code get a "general Idea" of the ARV by square feet. I know yours is for renting but it should still be useful for flippers right?

  • Robert EllisBusiness Member
    OP
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    9y
    Originally posted by @Peter Lohmann:

    Robert, thanks for sharing this data. Out of curiosity, how far back in time does your data go? Ie, are these all leases from 2013 onward, or what. That might be interesting to know as some of these neighborhoods are rapidly appreciating, while others are flatlined or worse.

     no more than 12 months. if you want the data refreshed i can for like previous 90 days

    this is also a starting point. not an end all be all for running numbers on i'd say. 

  • Robert EllisBusiness Member
    OP
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    9y
    Originally posted by @Paul Medina:

    Wow Robert! This is great info, I was actually thinking of putting something together like this when looking at a deal and quickly just by the zip code get a "general Idea" of the ARV by square feet. I know yours is for renting but it should still be useful for flippers right?

     I could create one by zip code for flippers as well if you think that would be well received. i think school district might be better. it's a little tougher for sold price though

  • Columbus, OH · Member since 2017 · 8 posts · 3 votes
    9y

    Well, I know I would definitely use it whether it's by zip or by school district, so surely others would too. Either way thanks for the info!

  • Investor · Doha, Qatar · Member since 2016 · 11 posts · 6 votes
    9y

    a helpful reference thank you. would love to see a similar one to cleveland and toledo

  • Real Estate Agent · Dayton OH (dayton, oh) · Member since 2016 · 194 posts · 123 votes
    9y
    Very cool that you shared this!
Join the conversationCreate a free account to reply, vote on answers and follow this thread.