Cincinnati rents have increased 0.3 percent over the past month, and have increased marginally by 0.8 percent in comparison to the same time last year, according to the January report from Apartment List.
Currently, median rents in Cincinnati stand at $651 for a one-bedroom apartment and $855 for a two-bedroom.
This is the second straight month that the city has seen rent increases after a decline in October. Cincinnati’s year-over-year rent growth lags the state average of 1.3 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 have data for in Ohio, 8 of them have seen prices rise. The state as a whole logged rent growth of 1.3 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 $970; of the 10 largest cities in Ohio that we have data for, Youngstown and Cleveland, where two-bedrooms go for $725 and $777, are the only two major cities in the state to see rents fall year-over-year (-1.0% and -0.3%).
- Lorain, Hamilton, and Columbus have all experienced year-over-year growth above the state average (3.3%, 2.0%, and 1.8%, respectively).
Cincinnati rents more affordable than many large cities nationwide
As rents have increased marginally 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 $1,192. Nationwide, rents have grown by 1.4% over the past year compared to the 0.8% increase in Cincinnati.
While Cincinnati’s rents rose marginally over the past year, many cities nationwide also saw increases, including Phoenix (+3.8%), Dallas (+2.2%), and Seattle (+1.8%).