SCR - Market Insights

Licking County recorded seven distinct multifamily transfer events during August 2026 after consolidating a repeated multi-parcel conveyance and excluding one September 2 record included in the duplex sales report. One transaction qualified as an Auditor-designated valid sale, producing valid sale volume of $230,000. Activity therefore declined from July’s three valid sales and remained concentrated in small residential multifamily assets.

1 valid sale from 7 distinct multifamily transfer events.

Valid sale volume: $230,000.

The only valid sale was a Newark triplex.

No valid commercial multifamily (5+ unit) sale was recorded.

SCRE Market Position: August reflects thin, selective liquidity rather than broad transaction depth. The month produced one valid small-multifamily trade, while every 5+ unit transfer was non-valid. Underwriting should remain asset-specific, debt-cost aware, and conservative on near-term rent growth.

Auditor-designated valid multifamily transactions; multi-parcel transactions counted once.

Method note: The “August ALL” export was used only for countywide context. Multifamily analysis is based on the separate Auditor categories. One September 2 duplex record was excluded, and two parcel rows tied to the same four-parcel exempt conveyance were counted as one transfer event.

Residential Multifamily (2–4 Units)

Residential multifamily accounted for four of August’s seven distinct multifamily transfer events and the month’s only valid sale. The valid transaction was a Newark triplex at 28 S Williams Street for $230,000.

28 S Williams Street, Newark — valid triplex sale at $230,000.

431 Lexington Avenue, Newark — $152,500 duplex transfer marked non-valid by the Auditor.

92–92½ Madison Avenue, Newark — $130,000 duplex transfer marked non-valid by the Auditor.

A four-parcel, zero-dollar exempt conveyance involving 664/668 and 670/672 Russell Avenue was consolidated as one non-valid event. The non-valid residential transfers should not be used as sale comparables without independent verification.

Commercial Multifamily (5+ Units)

The commercial multifamily exports contained three distinct August events: 83 Mound Court (4–19 units), 8617 Taylor Road (40+ units), and 5118 Walnut Road (retail and apartments). Each was a zero-dollar or exempt/split transaction marked non-valid by the Auditor and is excluded from valid count, volume, average price, and sale-comparable analysis.

The absence of a valid 5+ unit trade continues to limit local investment-sale pricing evidence. August’s only valid indication comes from a triplex and should not be generalized to larger apartment assets.

The latest available Columbus research continues to show positive demand but limited pricing power. Matthews reported Q1 2026 average asking rent of approximately $1,400 per unit, annual rent growth of 0.7%, vacancy of 10.2%, and positive net absorption. Colliers reported 0.37% year-over-year rent growth and projected approximately 9,160 units of 2026 deliveries, while starts were expected to fall to about 55% of 2025 levels.

For Licking County, the implication remains balanced: regional employment and population growth support long-term apartment demand, but owners and buyers should not underwrite aggressive near-term rent increases while Columbus-area properties absorb elevated deliveries. Smaller stabilized local assets may face less direct competition than large new communities, but operating expense and financing pressure remain material.

Nationally, August asking rents were essentially flat month over month at $1,751, while annual growth improved to 1.3%; the Midwest posted 2.2% annual growth. This supports a steady-demand thesis, but not aggressive rent-growth assumptions.

The Federal Reserve maintained the federal funds target range at 3.50%–3.75% at its July meeting, with no August policy meeting. Freddie Mac reported the average 30-year mortgage rate at 6.66% on August 27, and the bank prime rate remained 6.75% at month-end. Residential mortgage pricing is not a direct proxy for multifamily debt, but the direction confirms that borrowing costs remained elevated entering September.

Capital is available, but proceeds and pricing remain constrained by debt-service coverage requirements.

Small multifamily deals may still transact when basis, condition, and in-place income support conservative financing.

Commercial multifamily sellers should expect disciplined underwriting of cap rate, reserves, deferred maintenance, and achievable rent growth.

Trailhead Vista, Newark: Monitor lease-up pace, asking rents, concessions, and absorption at the 308-unit West Main Street/Thornwood Drive community.

Heath Hills / Granville Schools: M/I Homes withdrew its development plan; watch for any revised proposal or successor developer.

Central Park, Heath: Monitor infrastructure progress, development phasing, and the planned affordable assisted-living component.

Newark small-multifamily inventory: Watch whether August’s single valid triplex sale is followed by additional duplex/triplex liquidity in September.

Commercial multifamily liquidity: Continue watching for a valid 5+ unit sale that can re-establish local pricing evidence.

Johnstown–New Albany corridor: Continue monitoring housing demand and infrastructure timing tied to regional employment growth.