SCR - Market Insights

Licking County Multifamily Sales Report – May 2026

1. Executive Summary

   May 2026 produced 3 unique valid multifamily sale transactions in the Licking County Auditor data reviewed, totaling $2,654,500 in valid sale volume.

   Columbus Metropolitan Statistical Area (MSA) fundamentals remain positive but competitive: demand is present, yet new supply and elevated vacancy continue to restrain pricing power.

   Shumaker Commercial Real Estate (SCRE) continues to view entitlement activity, population growth, infrastructure expansion, and path-of-growth development as more meaningful leading indicators than any single month’s transaction count.

2. Transaction Analysis (Licking County)

   Valid Multifamily Sales: 3
   Total Dollar Volume: Approximately $2,654,500
   The month was concentrated in Heath and Newark. The largest transaction was the $2,160,000 multi-parcel transfer involving 1260 and 1256 Green Valley Drive in Heath and 290 National Drive in Newark.  The lowest valid sale was 33 Jefferson Street in Newark at $112,500, a two-family platted lot transaction.

   Limited transaction volume during a single month should not be interpreted as deterioration in market fundamentals. Multifamily demand drivers continue to be influenced by regional employment growth, housing demand, and ongoing investment across western Licking County and the Columbus Region.

3. Columbus MSA Market Context

   The Columbus Metropolitan Statistical Area remains a growth market, but Q1 and May reporting continue to show that the growth story is no longer enough by itself. Matthews reported Q1 2026 average asking rent of $1,400 per unit, 0.7% annual rent growth, 10.2% vacancy, 1,200 units absorbed, and 1,600 units delivered. That combination supports a disciplined conclusion: demand is present, but supply is still setting the near-term tone.

   Colliers also noted that Columbus market rent growth has not turned negative while the market continues absorbing record deliveries. For Licking County, this supports the suburban path-of-growth thesis, but it also argues against aggressive rent-growth assumptions on new underwriting.  Columbus’ continued job growth supports apartment demand and lease-up activity remains healthy despite elevated supply.
   
   

4. Ohio and National Multifamily Contect

   CRE Daily’s late-May reporting, citing Apartments.com and CoStar Analytics, stated that U.S. apartment rents rose 0.2% in May, while elevated supply continued to limit rent growth. That is directly relevant to Central Ohio: stabilized properties may continue to perform, but newly delivered assets and lease-up communities are likely to use concessions and measured pricing strategies.

   OHFA’s February 2026 approvals included The Ashford at Central Park in Heath, with up to $33.5 million in Multifamily Housing Revenue Bonds and a 4% LIHTC reservation for 122 affordable assisted-living units. This keeps Heath on the forward watch list for both senior housing and broader housing infrastructure demand.

5. April Watch List Follow-Up

   Heath Hills Development: No final action during May; remains a key June watch item.
   Newark Lease-Up Activity: Newly delivered units continue lease-up efforts.
   Heath Central Park: Continued planning and infrastructure activity.
   Intel Housing Demand: Western Licking County remains a primary growth corridor.
   Infrastructure Monitoring: Water, sewer, and transportation improvements continue to support future development.

6. Market Interpretation (SCRE Perspective)

   May’s lower transaction count reflects limited supply and selective liquidity, not weakening fundamentals.
   
   SCRE believes market participants should continue monitoring development approvals, infrastructure expansion, and lease-up performance rather than focusing exclusively on transaction counts. The long-term thesis for Licking County remains intact: continued population growth, path-of-growth development, infrastructure investment, and proximity to Columbus continue to support multifamily demand.

7. June 2026 Forward Watch List
   • 1. Heath Hills City Council activity.
     2. Newark apartment lease-up and occupancy trends.
     3. Additional multifamily entitlement activity in Newark and Heath.
     4. Intel-related housing demand impacts in western Licking County.
     5. Licking Regional Water District and infrastructure expansion projects.
     6. Johnstown–New Albany corridor residential growth and multifamily implications.