Cincinnati rents have increased 0.4% over the past month, and have increased slightly by 1.0% in comparison to the same time last year, according to a new report.
Currently, median rents in Cincinnati stand at $640 for a one-bedroom apartment and $840 for a two-bedroom. Cincinnati’s year-over-year rent growth leads the state average of 0.6%, but trails the national average of 1.1%, according to the report from ApartmentList.com.
Rents rising across cities in the Cincinnati metro
Throughout the past year, rent increases have been occurring not just in the city of Cincinnati, but across the entire metro.
Of the largest 10 cities that we have data for in the Cincinnati metro, 7 of them have seen prices rise. Ohio as a whole logged rent growth of 0.6% over the past year.
Here’s a look at how rents compare across some of the largest cities in the metro
- Looking throughout the metro, Fairfield is the most expensive of all Cincinnati metro’s major cities, with a median two-bedroom rent of $1,090; of the 10 largest cities in Ohio metro that we have data for, Toledo, Hamilton, and Cleveland, where two-bedrooms go for $770, $860, and $800, respectively, are the three major cities in the metro to see rents fall year-over-year (-0.5%, -0.4%, and -0.3%).
- Fairfield, Lakewood, and Florence have all experienced year-over-year growth above the state average (3.9%, 1.6%, and 1.5%, respectively).
Cincinnati rents more affordable than many large cities nationwide
As rents have increased marginally in Cincinnati, a few large cities nationwide have seen rents grow more quickly. Cincinnati is still more affordable than most large cities across the country.
- Cincinnati’s median two-bedroom rent of $840 is below the national average of $1,180. Nationwide, rents have grown by 1.1% over the past year compared to the 1.0% increase in Cincinnati.
- While Cincinnati’s rents rose marginally over the past year, the city of Seattle saw a decrease of 1.3%.
- 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, we start 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, we use 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.