Cincinnati rents have declined 0.3% over the past month, but have increased slightly by 1.7% in comparison to the same time last year, according to the latest report from Apartment List.
Currently, median rents in Cincinnati stand at $651 for a one-bedroom apartment and $855 for a two-bedroom. Cincinnati’s year-over-year rent growth leads the state average of 1.3%, as well as the national average of 1.5%.
Rents rising across cities in Ohio
Throughout the past year, rent increases have been occurring not just in the city of Cincinnati, but across the entire state. Of the largest 10 cities that we have data for in Ohio, 9 of them have seen prices rise. The state as a whole logged rent growth of 1.3% over the past year. Here’s a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, Columbus is the most expensive of all Ohio’s major cities, with a median two-bedroom rent of $967; of the 10 largest cities in the state that we have data for, Youngstown, where a two-bedroom goes for $729, is the only major city to see rents fall year-over-year (-0.7%).
- Lorain and Cincinnati have both experienced year-over-year growth above the state average (2.3% and 1.7%, respectively).
Cincinnati rents more affordable than many large cities nationwide
As rents have increased slightly in Cincinnati, a few large cities nationwide have also seen rents grow modestly. Cincinnati is still more affordable than most large cities across the country.
- Cincinnati’s median two-bedroom rent of $855 is below the national average of $1,191. Nationwide, rents have grown by 1.5% over the past year compared to the 1.7% increase in Cincinnati.
- While Cincinnati’s rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Dallas (+2.0%), and New York (+1.7%).
- Renters will find more reasonable prices in Cincinnati than most large cities. For example, San Francisco has a median 2BR rent of $3,133, which is more than three-and-a-half times the price in Cincinnati.