Multifamily real estate properties fill an important housing role in communities like Columbus. Rental properties in this niche can serve everyone from a group of friends to a multi-generational family all living under one roof, and everyone in between. They are also good properties to add if you want to enhance and diversify your real estate portfolio.
Ranging from duplexes and townhomes up to high-rise apartment buildings, multifamily real estate encompasses a broad range of housing unit types that share an important component in common – they all offer a single building within which multiple residential units reside under the same roof.
Why Invest in Multifamily?
Here in Columbus the thriving metropolitan area is a good place in which to invest partly because of Ohio State University’s presence but also because of the numerous other professional and recreational opportunities it offers. Some people who come to the area are temporary residents and so being able to secure quality rental units is important for them.
Investors like you can fill this gap and reap the benefits of investing in multifamily, such as:
- Yielding a bigger cash flow – multifamily units provide multiple revenue streams and only a single property investment from you.
- Reducing the impact of vacancies – if you have just a single unit, a single vacancy can be a big ding on your income until you fill the unit again. Multifamily alleviates some of the impact resulting from vacancies because, ideally, you still have some units occupied even while you are turning over others.
- Improving scalability – a quick way to grow your rental property income is to expand your income stream. Investing in multifamily is a clear path to doing so. By investing in one property, you are able to generate income from multiple tenants.
For more about the economics of owning and managing small multifamily units in Franklin County, be sure to read Part 1 and Part 2 of this topic on our blog.