Report: Columbus' median rent price in May saw notable drop compared with last year

COLUMBUS, Ohio (WCMH) – In May, Columbus saw one of the largest year-over-year decreases in apartment asking rent prices compared with other large American cities, according to a recent report. 

The real estate company RedFin analyzed asking rent prices, or the initial advertised costs, in 44 of the country’s major metropolitan areas. The study found that the median price of asking rent fell in 28 cities – the most metros since 2023. 

“Apartment construction in America has been hovering near a 50-year high, and even though renter demand is strong, it’s not keeping pace with supply,” said Redfin Senior Economist Sheharyar Bokhari. 

The median asking rent price in the United States fell 1%, to $1,633, in May compared with the same time last year, the analysis found.

Columbus saw the third-highest asking rent price decrease of all the cities included in the report, at a 3.5% drop. The analysis found the median asking rent in Columbus was $1,427 last month.

The city that saw the largest year-over-year decrease was Austin, Texas, which saw a 8.8% drop and had a median asking price of $1,385. Austin was followed by Minneapolis, which boasted a decrease of 6.3%.

On the opposite end, Cincinnati saw the highest increase of year-over-year median asking rent price from May 2024 to May 2025, jumping 7.4%. The city’s median rent price sat at $1,460 in May. Tampa, Florida, saw the second-highest jump, with a 4.2% increase, and was followed by St. Louis, which had a 4% increase.