The city ranked nationwide 24th out of 135 markets, as the most sought-after rental market in the fourth quarter of 2022, according to a report from RentCafe, a national apartment search website.
On a national level, there were an average of 14 people competing for each apartment unit, RentCafe found. In Cincinnati, that number was 15.
RentCafe also found that Cincinnati only had a 0.3% increase in apartment stock in 2022, even as demand surged. In addition to having an average of 15 individuals competing for an apartment unit in Cincinnati, 95.3% of apartments in Cincinnati were already occupied this year, further dwindling supply.
The apartment shortage and hot rental market are no surprise, as Cincinnati’s housing market was red-hot in 2022. The housing market was characterized by increasing average sale prices, shorter time on the market, and increasing federal interest rates. Combined, those factors have made purchasing a new home intimidating to some.
“There is a scenario where affordability improves as we move through 2023,” Rick Sharga, executive vice president of market intelligence at ATTOM, said in a news release. “Wage growth continues to be strong; home prices appear to have stabilized and are even going down slightly; and mortgage rates may have peaked for this cycle, and could go down gradually next year. If those conditions remain in place, the affordability picture is much brighter for a lot of potential buyers.”
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