Columbus Apartment Vacancy Hits Record High as Cosign Enters Market

The Columbus multifamily market is currently grappling with a significant supply-demand imbalance. Developers have delivered more than 9,300 units in the past year, with an additional 9,400 currently under construction. This surge has forced operators to rely on costly concessions, such as offering two months of free rent, as annual rent growth stalls at 0.8 percent.

To combat rising vacancy without relying solely on rental discounts, firms like Ardent Communities have integrated Cosign into their leasing workflows. The platform operates as a third-party guarantor, evaluating prospective tenants based on payment history and recent financial behavior rather than traditional credit scores. Jeff French, vice president of leasing operations at Ardent, noted that the service allows his team to approve applicants who are financially capable but lack a traditional cosigner. By shifting the focus toward actual payment capacity, operators hope to stabilize occupancy levels in a market that is currently absorbing new housing faster than it can adapt its screening criteria.