Cincinnati rents remained steady over the past month so here is a look at the trends in the Cincinnati rental market, including comparisons to cities throughout the state and nation, according to a report from ApartmentList.com.
Cincinnati rents have remained flat over the past month, however, they have increased marginally by 0.7% year-over-year.
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 1.0%.
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, 9 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 Ohio metro cities that we have data for, 9 have seen rents rise year-over-year, with Fairfield experiencing the fastest growth (+3.6%).
- Florence, Lakewood, and Toledo have all experienced year-over-year growth above the state average (1.8%, 1.8%, and 1.4%, respectively).
Cincinnati rents more affordable than many large cities nationwide
As rents have increased marginally in Cincinnati, 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 1.0% over the past year compared to the 0.7% increase in Cincinnati.
- While Cincinnati’s rents rose marginally over the past year, some cities nationwide saw decreases, including Seattle (-2.4%) and Minneapolis (-0.5%).
- 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.
Methodology – Recent Updates:
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.Read more about new methodology below, or see a more detailed post here.
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.