Cincinnati Rents Increase For Third Straight Month

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Cincinnati rents increased significantly over the past month going up 0.6%, and are up slightly by 1.7% in comparison to the same time last year, according to Apartment List.

Currently, median rents in Cincinnati stand at $650 for a one-bedroom apartment and $860 for a two-bedroom.

This is the third straight month that the city has seen rent increases after a decline in March. Cincinnati’s year-over-year rent growth leads the state average of 1.3%, as well as the national average of 1.6%.

Cincinnati Rents Increase For Third Straight Month

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, all 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 $960; of the 10 largest Ohio cities that Apartment List has data for, all have seen rents rise year-over-year, with Cincinnati experiencing the fastest growth (+1.7%).
  • Columbus is the only other city besides Cincinnati to experience year-over-year rent growth (1.3%) above the state average (1.3%).

Cincinnati is 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 Rents Increase For Third Straight Month

Cincinnati is still more affordable than most large cities across the country.

  • Cincinnati’s median two-bedroom rent of $860 is below the national average of $1,190. Nationwide, rents have grown by 1.6% over the past year compared to the 1.7% rise in Cincinnati.
  • While Cincinnati’s rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.8%), Dallas (+1.9%), and Atlanta (+1.8%).
  • Renters will find more reasonable prices in Cincinnati than most large cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than three-and-a-half times the price in Cincinnati.

Covington rents have increased 1.3% over the past month, but have remained steady at 0.2% in comparison to the same time last year. Currently, median rents in Covington stand at $720 for a one-bedroom apartment and $950 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in March. Covington’s year-over-year rent growth lags the state average of 1.1%, as well as the national average of 1.6%.

Cincinnati Rents Increase For Third Straight Month

Covington rents increase sharply over the past month

Rents rising across cities in Kentucky

Throughout the past year, rents have remained steady in the city of Covington, but other cities across the entire state have seen rents increase. Of the largest 10 cities that we have data for in Kentucky, all of them have seen prices rise. The state as a whole logged rent growth of 1.1% 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, Fairfield is the most expensive of all Kentucky’s major cities, with a median two-bedroom rent of $1,100; of the 10 largest Kentucky cities that we have data for, all have seen rents rise year-over-year, with Frankfort experiencing the fastest growth (+2.6%).
  • Fairfield, Cincinnati, and Lexington have all experienced year-over-year growth above the state average (2.3%, 1.7%, and 1.7%, respectively).