Pictured: A second-floor unit at Sky Central Apartments downtown. Corrie Schaffeld | CBC
Greater Cincinnati continues to be one of the nation’s most competitive rental markets thanks to the moderate pace of multifamily development, according to data from multiple research firms.
By Brian Planalp – Staff reporter, Cincinnati Business Courier
Apr 9, 2025
Cincinnati remains among the most competitive rental markets in the U.S., a situation likely to be compounded through 2026 by a comparatively tepid multifamily development pipeline.
RentCafe’s monthly rental activity report for March indicated Cincinnati is the second most sought-after city in the U.S. for apartment hunters. The ranking algorithm incorporates multiple data points on rental demand from the 150 largest cities in the country.
Cincinnati ranked first in page views – i.e., more hopeful renters viewed apartment listings in Cincinnati than anywhere else in the country.
Washington, D.C., ranked first on the overall list. The top five was rounded out by Cincinnati; Chicago; Kansas City, Mo.; and Atlanta.
A separate RentCafe ranking placed Cincinnati seventh among the most competitive U.S. rental markets to start 2025. The ranking analyzed data from Yardi Systems, a property management program used by firms nationally.
On average, 10 renters are competing for each vacant Cincinnati apartment, compared to the national average of seven. The average apartment in Cincinnati sits vacant for 42 days.
Around 66.7% of local renters are renewing their leases – three percentage points better than the U.S. average – and more than 94.7% of the region’s apartments are occupied, whereas the national occupancy rate stands at 93.3%.
Greater Cincinnati’s apartment vacancy rate has fallen each of the last six months while the national rate continues to rise.
After a sluggish winter, local rents in March were 3% higher than the same month last year, the ninth-largest jump among the 50 largest U.S. metros.
Looking forward, the region will see around 3,300 multifamily units completed in 2025, up 52.7% from the 10-year average but down around 13% units from 2024, according to an MMG Property Advisors forecast relying on CoStar data.
“While Cincinnati has experienced a surge in new developments, its overall inventory expansion, though significant locally, remains more moderate compared to many other major markets,” the MMG report reads. “Although the higher development levels have led to a slight increase in vacancies, the impact has been relatively minor compared to the supply expansions seen in other markets.”
Lower vacancy rates and an expected increase in net absorption is likely to drive rent prices higher through 2025. Annualized rent growth in Greater Cincinnati is forecasted to hit 3.7% by the end of the year.
Some 4,900 multifamily units are currently under construction, around 20% above the 10-year average but 16% below the 2022 peak.
Multifamily unit completions are trending down thanks to a lull in starts in late 2023/early 2024, and the trend is expected to continue into 2026.