Cincinnati rents have declined 0.3 percent over the past month, but have increased slightly by 1.6 percent in comparison to the same time last year, according to the September report from Apartment List.
This is the second straight month that the city has seen rent decreases after an increase in July.
Currently, median rents in Cincinnati stand at $649 for a one-bedroom apartment and $853 for a two-bedroom.
Cincinnati’s year-over-year rent growth leads the state average of 1.2 percent, as well as the national average of 1.4 percent.
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 Apartment List has data for in Ohio, nine of them have seen prices rise.
The state as a whole logged rent growth of 1.2 percent 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 $966
- Of the 10 largest cities in the state, Youngstown, where a two-bedroom goes for $729, is the only major city to see rents fall year-over-year (-0.7 percent).
- Lorain, Cincinnati, and Springfield have all experienced year-over-year growth above the state average (2.3 percent, 1.6 percent, and 1.3 percent, 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 $853 is below the national average of $1,189. Nationwide, rents have grown by 1.4 percent over the past year compared to the 1.6 percent increase in Cincinnati.
- While Cincinnati’s rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.8 percent), Dallas (+1.8 percent), and Atlanta (+1.6 percent).
- Renters will find more reasonable prices in Cincinnati than most large cities.
Methodology – Recent Updates:
Apartment List says, “Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.”