Columbus and Cleveland See Highest Multifamily Permits Since 2019 as U.S. Approvals Fall 13 Percent

Columbus and Cleveland recorded their highest multifamily housing permit approval rates since 2019. Las Vegas, Oklahoma City and Birmingham, Alabama, also reported increases in approvals. Insider reported the figures from the July Realtor.com Renter Report.

Overall U.S. multifamily housing approvals stand 13.1 percent lower than five years ago. New York City, Seattle, Austin and Washington, DC each posted five-year lows in permit approvals. Columbus's Zone In plan is projected to add up to 88,000 new homes over the next decade.

The median asking rent in the Columbus metro area reached $1,180 in the most recent month, down 1.5 percent from a year earlier. New York City approved a rent freeze on rent-stabilized units. Mayor Zohran Mamdani's plan calls for building 200,000 new homes during his term.