Cincinnati Multifamily Market
Demand Surge Prompts Rent Reversal
as Downtown Makes Up Lost Ground
Tightening vacancy contributes to rising rents downtown. Cincinnati has welcomed new households consistently over the past decade. The metro continued to see elevated net in-migration through the pandemic, and is predicted to welcome 6,500 new residents in 2022. Household expansion, expected at 0.9 percent this year, matching 2021's two-decade high, means more residents are looking for apartments at a time when vacancy is tight and rents are rising. Given recent price hikes in the housing market and a preference toward the flexibility of apartments, the renter pool remains strong. Central Cincinnati, in particular, saw a pronounced drop in vacancy over the past year, as area offices reopened and more activity returned to the core.