# Columbus, Ohio — Target Market

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**Status: On the watch list.** A large, diversifying Midwest capital with a major semiconductor bet underway — strong long-run drivers, but a supply wave we’re waiting out.

## The numbers (data as of July 2026)

| Metric | Value | Source |
|---|---|---|
| Jobs y/y | +0.2% | BLS CES, May 2026 (prelim) |
| Population y/y | +0.96% | Census Vintage 2025 |
| Rent-to-income | 20.6% | Zillow NRAR, May 2026 |
| Supply pipeline | Cresting | ~11,000 units under construction |

## Why Columbus

Columbus is one of the Midwest’s most dynamic metros: the Ohio state capital, home to Ohio State University, and the site of a multibillion-dollar semiconductor investment drawing suppliers and construction employment.

Its economy spans insurance and financial services, logistics, healthcare, and tech, with steady population growth. The long-run demand story is among the best in the region.

## What we’re watching

The reason we’re patient here is supply.

- **Pipeline.** Roughly 11,000 units are under construction — a large wave still cresting, which pressures rents and lease-up in the near term.
- **Timing.** We’d rather underwrite here after the current deliveries are absorbed, when the long-run demand story isn’t competing with a supply glut.

## How this fits our box

20–50 units, B/C, 1985–2010 vintage, value-add, $2M–$8M — priced so a light reposition clears the gates: positive leverage from day one, ≥$100/unit/month in real cash flow, debt-service coverage we won’t stretch. Every sponsor calls their underwriting conservative; we’d rather [show you the gates](https://hermance.capital/learn/how-to-vet-a-sponsor) than claim the adjective.

*General market information, not investment advice or an offer of securities. Describes the metro, not any specific property. Refreshed quarterly.*