Invest In Apartment Buildings In Franklin County, OH

What Drives Rental Demand In Franklin County

Rental demand in Franklin County comes from 260,976 renter households, which is 47.2% of occupied housing (ACS 2020–2024). The renter count grew 9.5% from the 2015–2019 survey, faster than the population's 3.3% gain. That means part of the new demand came from people who already lived here and chose to rent.

Median household income in Franklin County, OH is $75,176, up 22.6% over five years. Resident employment rose 3.1% and the unemployment rate was 4.6% in the latest survey. Rent has risen faster than income (33.7% versus 22.6%), so more tenants are stretched. Well-run older buildings that rent below new construction tend to hold up best in that setting.

Renters are a large minority in Franklin County. Buildings close to employers and main roads usually see the steadiest demand.

Rents, Vacancy And Supply In Franklin County

Median gross rent in Franklin County, OH is $1,302 a month, up 33.7% from $974 in the 2015–2019 survey (U.S. Census ACS 2020–2024). Few markets grew rent faster over the period. We still underwrite slower growth from here, because rent spikes tend to cool once new supply catches up.

Rental vacancy is 3.8%, which is tight. Vacant units in Franklin County tend to lease quickly. 46.3% of renters spend 30% or more of their income on housing. That is close to the national picture, where roughly half of renters do, so rent increases need to track local wage growth.

About 26.2% of homes in Franklin County are in buildings with 5 or more units, roughly 156,255 homes. That count rose 14.1% over five years, a sign of meaningful new apartment construction that newer buildings will compete with. The median home was built in 1979, so many apartment buildings date from the 1970s and 1980s. That vintage is a common target for value-add renovation. For comparison, HUD's fiscal year 2027 Fair Market Rent for a two-bedroom unit in the Columbus, OH HUD Metro FMR Area is $1,602 a month.

Franklin County By The Numbers

We track 14 Ohio counties. Franklin County places 2nd for median gross rent, 1st for renter share and 3rd for five-year rent growth. That puts its rents near the top of the group, so tenants here are already paying more than in most nearby markets. Compared with the 2015–2019 survey, Franklin County now has about 42,688 more residents, 22,642 more renter households and 19,309 more homes in buildings with 5 or more units. Growth in renter households and new apartment homes has been roughly in balance.

Cities In Franklin County At A Glance

We follow 9 cities in Franklin County. The largest is Columbus, with a median gross rent of $1,295 a month.

Franklin County Compared With Ohio

Franklin County's median gross rent of $1,302 is above the Ohio median of $1,034.

Can Tenants Afford Franklin County Rents?

The median rent in Franklin County works out to $15,624 a year, about 20.8% of the median household income of $75,176. Under the common 30% guideline, a household needs about $52,100 a year to cover that rent comfortably. That's a heavier load than the Ohio average of 17.4%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $328 a month ($3,936 a year), while median household income rose $13,858 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,602, is 23% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Quick Facts: Franklin County Rental Market

These are the core numbers for Franklin County, OH, each from the Census Bureau's American Community Survey.

• Franklin County, OH has 1,333,048 residents, up 3.3% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Franklin County, OH is $75,176, up 22.6% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Franklin County, OH is $1,302 a month, up 33.7% over five years (U.S. Census ACS 2020–2024).
• 47.2% of households in Franklin County, OH rent, about 260,976 renter households (U.S. Census ACS 2020–2024).
• 26.2% of homes in Franklin County, OH are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Franklin County, OH is 3.8%, and 46.3% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Franklin County, OH was built in 1979 (U.S. Census ACS 2020–2024).

What We Look For In Franklin County

In Franklin County we focus on apartment buildings with 5 or more units. Some are stabilized and well run. Others have below-market rents or deferred maintenance that a better operator can fix. Either way, the deal has to make sense on current numbers.

Property taxes are a big line item for any Ohio apartment building. We estimate the tax bill as it will be after the purchase, because a sale can trigger a reassessment in many places. Ohio has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Ohio reflect winter storm and frozen-pipe claims, so we get a quote before we make an offer.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Due Diligence For Apartment Syndications In Franklin County

Before you invest in an apartment syndication in Franklin County, with us or anyone else, the local data points to a few questions worth asking.

• What vacancy does the plan assume? Rental vacancy in Franklin County is 3.8%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 33.7% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Franklin County was built in 1979, so roofs, plumbing and electrical systems deserve their own line items.
• How will the building compete with new supply? Homes in 5+ unit buildings in Franklin County rose 14.1% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Franklin County Apartment Syndication Works

A syndication splits the work from the capital. As general partner, Skyline sources and buys the building, sets the business plan and runs it with a property manager. Limited partners invest money, own part of the property and receive reports, but they don't manage anything day to day.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

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