Cincinnati rental market 15th most competitive according to RentCafe

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Cincinnati’s rental market is mirroring the region’s housing market so far this year, a new report found, with few units available and an ongoing high demand for apartments.

The report found competition for each apartment in the Cincinnati region is hotter than the national average. There are an average 11 individuals competing for an apartment unit in Cincinnati, which is above the national average of nine prospective renters for each unit.

Available apartments in Cincinnati tend to come off market in an average 42 days – one day faster than the national average of 43 days.

Like the Greater Cincinnati housing market’s scarce level of inventory, there aren’t many new apartments in the region to meet the demand. Rental unit stock only ticked up .3% during that same January-March timeframe.

Cincinnati was also the hottest market in the state of Ohio. Its Rental Competitivity score of 86 topped Toledo’s score of 74, Dayton’s 68 and Columbus’ 43.

At the same time, Cincinnati’s housing market has remained white-hot throughout the entire year. Like apartments, the days on markets for houses in the region is much shorter than the national average, and not enough new homes are being brought on the market to keep up with demand.

https://www.bizjournals.com/cincinnati/news/2023/07/19/cincinnati-rental-market-high-competition-2023.html

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