Cincinnati rents have been rising throughout the past year, and not just in Cincinnati but rent increases have been occurring across the entire state, according to a recent report from Apartment List.
Of the largest 10 cities that Apartment List has data for in Ohio, 9 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, Columbus is the most expensive of all Ohio’s major cities, with a median two-bedroom rent of $960; of the 10 largest cities in the state that the company has data for, Hamilton, where a two-bedroom goes for $820, is the only major city to see rents fall year-over-year (-0.2%).
Lorain, Lakewood, and Cincinnati have all experienced year-over-year growth above the state average (2.2%, 1.9%, and 1.4%, respectively).
Cincinnati rents increased significantly over the past month
Cincinnati rents have increased 0.5% over the past month, and have increased slightly by 1.4% in comparison to the same time last year.
Currently, median rents in Cincinnati stand at $640 for a one-bedroom apartment and $850 for a two-bedroom. Cincinnati’s year-over-year rent growth leads the state average of 1.1%, but trails the national average of 1.5%.
Covington rents increase sharply over the past month
Covington rents have increased 2.4% over the past month, and are up slightly by 1.2% in comparison to the same time last year.
Currently, median rents in Covington stand at $700 for a one-bedroom apartment and $920 for a two-bedroom. Covington’s year-over-year rent growth leads the state average of 1.1%, but trails the national average of 1.5%.
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 $850 is below the national average of $1,180. Nationwide, rents have grown by 1.5% over the past year compared to the 1.4% increase in Cincinnati.
While Cincinnati’s rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.9%), Atlanta (+2.4%), and Denver (+2.0%).
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.
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, the company starts with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, Apartment List uses a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
This approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. This methodology also allows the company to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. These reports are intended to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. The work is covered regularly by journalists across the country. The company is continuously working to improve methodology and data, with the goal of providing renters and landlords with the information that they need to make the best decisions.