The Cincinnati rent decline had been 0.2% over the past month, but rents have been relatively flat at 0.3% in comparison to the same time last year while Ohio as a whole logged rent growth of 0.5% over the past year, according to ApartmentList.com.
Currently, median rents in Cincinnati stand at $640 for a one-bedroom apartment and $840 for a two-bedroom.
Throughout the past year rents have remained steady in the city of Cincinnati, However, other cities across the entire metro have seen rents increase.
Of the largest 10 cities in the Cincinnati metro, 9 of them have seen prices rise. Ohio as a whole logged rent growth of 0.5% over the past year.
Third straight month of Cincinnati rent decreases
This is the third straight month that the city has seen rent decreases after an increase in June.
Cincinnati’s year-over-year rent growth lags the state average of 0.5%, as well as the national average of 0.9%.
Fairfield most expensive in Cincinnati metro
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 the metro, Hamilton, where a two-bedroom goes for $860, is the only major city to see rents fall year-over-year (-0.4%).
- Fairfield, Cleveland, and Florence have all experienced year-over-year growth above the state average (4.0%, 1.5%, and 1.5%, respectively).
Cincinnati rents more affordable than many large cities nationwide
Rent growth in Cincinnati has been relatively stable over the past year – some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. 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 0.9% over the past year compared to the stagnant growth in Cincinnati.
While rents in Cincinnati remained moderately stable this year, similar cities saw increases, including Phoenix (+2.6%), Atlanta (+1.4%), and San Francisco (+1.1%); note that median 2BR rents in these cities go for $1,050, $1,190, and $3,110 respectively.
Renters will find more reasonable prices in Cincinnati than most large cities. For example, San Francisco has a median 2BR rent of $3,110, which is more than three-and-a-half times the price in Cincinnati.
Methodology – Recent Updates:
Apartmentlist.com writes “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. 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.”