Cincinnati’s monthly rent increases soar, rank among largest in U.S.

Cincinnati’s monthly rent increases soar, rank among largest in U.S.

Cincinnati continues to enjoy competitive rental prices, but year-to-year increases in monthly rents here rank among the steepest in the U.S., according to a new report.

Cincinnati renters endured the ninth-highest increase in monthly rents from May 2020 to May 2021 – 11.9% – out of the 50 largest U.S. metros in real estate listings website Realtor.com’s monthly rental report, released Wednesday.

Researchers examined rental data as of May 2021. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas.

Rents in 38 of the 50 largest metros hit new peak prices, climbing at an average pace of 9.1% year-over-year, while declines softened in the biggest U.S. cities. One-bedroom and two-bedroom units saw the highest prices in 27 months, and studio rents increased for the first time in 10 months

These metros reported the biggest year-to-year increases:

  • Riverside-San Bernardino, Calif.: 19.2%
  • Memphis, Tenn.: 17.2%
  • Tampa-St. Petersburg, Fla.: 16.9%
  • Phoenix: 16.8%
  • Sacramento, Calif.: 15.8%
  • Richmond, Va.: 13.6%
  • Atlanta 13.2%
  • Las Vegas: 12.2
  • Cincinnati: 11.9%
  • San Diego: 11.1%

Nationally, monthly rents rose 5.5% year-over-year to an average $1,527. Cincinnati’s median monthly rent is $1,149, good for No. 40.

Topping the list is San Jose ($2,795), followed by San Francisco ($2,715), Los Angeles ($2,581) and Boston and New York City ($2,400 each).

To read the full report, including methodology, click here.

LINK: