Cincinnati moves up the rankings of the nation’s most competitive rental markets
RentCafe, a national apartment search website, ranked Cincinnati as the 23rd (up from 24th), most competitive rental market in the U.S. at the start of 2023. RentCafe analyzed the 134 largest markets in the U.S. where data was available for its report.
RentCafe calculates a Rental Competitivity Index, or RCI, to show how competitive each rental market is based on five factors:
– the number of days apartments were vacant
-what percentage of rentals were occupied
– the number of prospective renters competing for an apartment
– what percentage of renters renewed their leases
– the share of apartments completed in a given year
At the start of 2023, Cincinnati’s RCI was 72 – a massive uptick from 2022’s RCI of 59.
That leap in RCI is attributed to two main factors: high lease renewals and demand.
RentCafe found the average Cincinnati apartment unit was filled in 34 days, or a little over a month, at the beginning of 2023. That’s slightly below the national average of 38 days.
An average of nine prospective renters were competing for each available apartment in Cincinnati.
Cincinnati was the overall most competitive rental market in Ohio for the start of 2023.
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