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Market Report

Cincinnati Multifamily Market

2024 Investment Forecast

Institutional Capital Drawn to Multifamily Options
Amid Tight Local Housing Market

Collection of factors to aid demand for luxury units. The metro’s number of active home listings has held below the 3,000-mark for an extended period of time. This dynamic, higher mortgage rates and record local home prices are contributing factors that are discouraging current homeowners from trading up. Reduced stock has also increased competition for available options, limiting prospects for first-time homebuyers. The tight single-family market in Cincinnati bodes well for Class A apartment demand as developers are slated to complete more than 2,000 units for the fourth time in five years. Upcoming deliveries are concentrated in Butler County and Southeast Cincinnati, but the Class A vacancy rates in these two areas are some of the lowest among local submarkets. Additionally, Cincinnati’s overall luxury vacancy was below its long-term average at the onset of 2024, suggesting most of these new rentals should be well received. This will allow overall vacancy to hold below 5 percent through the end of this year. Longer term, in-migration over the next five years will equate to 20,000 arrivals on net. Combined with a steady rate of household formation, both factors are positive signals for overall apartment fundamentals moving forward.

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