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The construction and expansion of apartment complexes in Columbus has alleviated a lack of available units brought on by explosive job growth here in the past two years.
Citywide, apartment complexes with at least eight units have a vacancy rate of 7.5 percent, according to a recent survey by the Columbus Department of Community Development. In total, 313 of 4,199 units at 43 apartment complexes were available for rent.
A healthy, functional vacancy rate for an apartment complex is deemed to be 5 percent by industry standards, said Carl Malysz, Community Development director. He said via email that that the private sector has responded to consumer demand, and he expects the overall vacancy rate to approach a stable 5 percent in the next year.
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