Sharing some numbers from my Q3 2026 Columbus multifamily review.

Renters absorbed just over 8,000 units over the past 12 months, the highest in five years. That still covers only about 78% of the record 10,333 units delivered in the same period. Demand has been strong for three years running. It just hasn't kept pace with construction.

The gap of roughly 2,300 units is landing in two places. New Class A lease-ups are competing on concessions. Older Class B products then feel it, because renters can move up to a newer unit at a discount.

The pipeline is turning. Units under construction dropped to about 7,300, down from roughly 9,000 the prior quarter, and 2027 deliveries are forecast to fall 44%. Everything already under construction still has to lease up, though, so I'm not expecting meaningful rent growth through much of 2027. Relief is in sight, but it isn't here yet.

For those operating Class B in Columbus, are you seeing stronger demand lately? or still weak as the past couple of years?