Bexley Posts Highest Rental Yield Among Columbus Suburbs for Investors

Bexley posted the highest rental yield among Columbus suburbs in the second quarter, reaching 7.1 percent on single-family homes according to data compiled by the Columbus Realtors multiple listing service.

Steady job growth at nearby employers and limited new apartment construction have kept demand high for existing houses that investors can convert to rentals. The suburb sits inside the I-670 and I-71 loop, giving tenants quick access to downtown offices without the higher prices found closer to the Short North.

Local anchors driving tenant demand

Properties within four blocks of East Main Street near the Franklin Park Conservatory continue to lease within 12 days of listing. The Bexley City School District’s new after-school STEM program at Montrose Elementary has also drawn families who prefer single-family rentals over apartments farther east. Investors report that homes on South Parkview Avenue and Elmwood Avenue command monthly rents between $2,050 and $2,300.

Columbus Metropolitan Housing Authority data released June 28 shows Bexley’s vacancy rate at 3.2 percent, the lowest among the 12 suburbs surveyed. That figure compares with 5.8 percent in the Hilltop and 4.9 percent in Linden.

Price and yield details

Median sale prices for investor-purchased homes in Bexley reached $368,000 in the quarter ending June 30. At an average monthly rent of $2,180, the resulting yield tops the 5.9 percent recorded in Clintonville and the 5.4 percent in German Village over the same period.

Buyers entering the market now should review the Columbus Board of Realtors investor packet for the latest financing programs tied to energy-efficiency upgrades before making offers on properties listed through the multiple listing service.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.