Columbus shows active churn across a large operator base — 407 active operators with only 105 reaching cohort eligibility signals a fragmented, independent-dominated market. Share movement is sharp in both directions, driven primarily by listing-volume swings rather than net new entrants displacing incumbents.

The continuing cohort of 76 operators shows aggressive share rotation. Coastal Ridge Real Estate leads institutional gainers with a near-doubling of listings (+115pp share), while Nomad Property Management and Carlton Equities each roughly tripled their listing counts. On the loss side, Blue Leaf Residential shed roughly 85% of its prior listing volume (-87pp share), and Peak Property Group and Soundview Equities each contracted sharply. The pattern reads as individual operator capacity swings — expansion and contraction within existing players — more than structural consolidation or fragmentation.

The 7-cell quadrant data did not populate with operator counts or performance metrics in this input, so cell-level comparisons are not available this cycle. The share and new-entrant data suggest a market dominated by SFR independents and small MF/BTR independents by operator count, with Coastal Ridge representing the most visible large institutional MF/BTR presence. Five new entrants cleared the 20-listing threshold, all independents, adding modest supply-side breadth.

Coastal Ridge Real Estate is the standout institutional mover — 2,925 T12 listings at +115pp share — and carries a three-market footprint including Dallas-Fort Worth and Indianapolis. Blue Leaf Residential warrants monitoring given its steep volume contraction from 597 to 84 listings. Among new entrants, ERA Real Solutions Property Management enters with 177 listings and also operates in Cincinnati, suggesting an Ohio regional buildout.